One of the fastest-growing jewelry companies in the world, LJ International reported a single order of over $1 million from one of the largest mass merchants in the US and a longstanding LJI customer.
The customer cannot be named for competitive reasons.
This order, which will be recognized in the current first quarter ending March 31, 2006, represents the biggest ever single order the Company has received in its 19-year year history.
"This record order testifies to the increasing demand for LJI's core wholesale products, which are continuing to capture market share away from their smaller, highly-fragmented competitors who simply cannot handle volume orders without risking quality," said Yu Chuan Yih, Chairman and CEO of LJ International.
"As they have previously announced, their strategy for the coming three years is to continue to grow their global wholesale business while simultaneously expanding ENZO, their higher-margin and faster growing retail business in China.
He's pleased to report that they are already meeting or beating expectations in both these areas, as they indicated earlier this month when they increased their fourth quarter and full year 2005 revenue guidance," continued Yih.
Redeployment of Capital to Fund Fastest Growing Business Division
Approximately $93 million of LJI's projected 2005 revenue is expected to be derived from its wholesale business, for a year-over-year increase of at least 20 percent in that area.