LJ International reported that its China retail division, ENZO, has just opened its 20th retail store in China, well-ahead of its goal of at least 40 retail stores by the end of 2006.
ENZO's better-than-expected initial performance in 2005 enabled the retail chain to beat its 2005 financial and store opening schedule by over a month.
The latest stores to open include outlets in Changsha, Chengdu and Beijing.
LJI's 8,000-square-foot mega-store at the Fisherman's Wharf development in Macau celebrated its soft opening on December 31, 2005 and is expecting its grand opening soon.
The ENZO unit now has one or more retail locations in China's largest population centers, including Shanghai, Beijing, Harbin, Qingdao, Shenyang, Ningbo, Chengdu, Changsha, Wuxi, Hong Kong, Macau, Shenzhen and Wuxi.
The current 20-store total puts LJI well ahead of other competing jewelry retailers based outside the People's Republic of China. Tiffany & Co., for instance, has just two stores in China.
LJI is now projecting overall sales of approximately $2 million from ENZO stores in 2005. This is up from earlier guidance of $1.5 million.