{"id":18103,"date":"2022-08-16T12:25:21","date_gmt":"2022-08-16T12:25:21","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=18103"},"modified":"2022-08-21T19:00:08","modified_gmt":"2022-08-21T19:00:08","slug":"saudi-jewellery-brand-lazurde-reports-sar268-8-million-in-revenue-in-h1","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/08\/16\/saudi-jewellery-brand-lazurde-reports-sar268-8-million-in-revenue-in-h1\/","title":{"rendered":"Saudi jewellery brand L\u2019azurde reports SAR268.8 million in revenue in H1"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\nL\u2019azurde, a Saudi-based <a href=\"https:\/\/www.meretailnews.com\/2022\/07\/18\/regional-luxury-retail-market-will-value-22-2-billion-by-2024-says-report\/\">jewellery<\/a> manufacturer and retailer operating in the region, reported significant growth in the first half of the year, having recorded SAR268.8 million in revenue.<\/p>\n<p>Gross profit was valued at SAR172.9 million, marking an eight per cent increase from the first half of last year.<\/p>\n<p>Over the same period, net profit rose by 22 per cent, ultimately valuing SAR22.2 million.<\/p>\n<p>Net profit also increased from the second quarter of last year to that of this year, topping SAR8.5 million.<\/p>\n<p>Commercial and strategic initiatives implemented in 2020 were key to the growth recorded this year, said L\u2019azurde.<\/p>\n<p>Measures included selling affordable jewellery at higher profit margins and reducing working capital to decrease operating costs.<\/p>\n<p>The brand\u2019s wholesale revenue in <a href=\"https:\/\/www.meretailnews.com\/2022\/07\/27\/ksa-retail-market-rebounds-thanks-to-eased-restrictions-and-umrah-pilgrims-says-report\/\">Saudi Arabia<\/a> grew by 12.6 per cent from the first half of last year to that of this year, thanks to local souks purchasing gold by weight.<\/p>\n<p>Over the same period, the brand recorded a five per cent increase in operating revenue in Egypt.<\/p>\n<p>Across the greater region, operating revenue was valued at SAR117.1 million in the second quarter of this year.<\/p>\n<p>L\u2019azurde also attributed its business growth to increased revenue within existing stores, openings of new stores and more purchases on <a href=\"https:\/\/www.meretailnews.com\/2022\/08\/12\/uae-consumers-trust-security-of-digital-payment-facilities-and-want-to-learn-more-says-report\/\">e-commerce<\/a> platforms.<\/p>\n<p>The brand\u2019s e-commerce sales accounted for 5.4 per cent of its total revenue and 13.2 per cent of sales across its selling points.<\/p>\n<p>In the first half of this year, L\u2019azurde\u2019s e-commerce business made SAR14.6 million, marking a 25.48 per cent increase from its revenue of SAR11.3 in the first half of last year.<\/p>\n<p>The brand expects growth to continue in the coming months, amid plans to strengthen its omnichannel operations and offer customers new selling points and a more expansive product portfolio, said Selim Chidiac, CEO of L\u2019azurde.<\/p>\n<p>Last year, the Middle East\u2019s luxury market was valued at $9.7 billion, a 23 per cent increase from its $7.9 billion value in 2019 and a 24.6 per cent increase from its $6.8 billion value in 2020, according to the Chalhoub Group\u2019s <em>GCC Personal Luxury in 2021: A Story of Early Recovery and Growth<\/em>.<\/p>\n<p>The high-end jewellery market was valued at $3.9 billion last year, a 16 per cent growth from 2019, after recording a 19 per cent decline in 2020 amid the Covid-19 pandemic.<\/p>\n<p>The report estimates the jewellery market will grow eight per cent by the end of next year.<\/p>\n<p>The luxury goods market is estimated to reach $11 billion by the end of next year, rising at a compound annual growth rate of seven per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>L&#8217;azurde recorded SAR268.8 million in revenue in the first half of this year and SAR8.5 million in net profits in the second quarter of this year. 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