PNJ awarded "Marketing Initiative of the Year" for spearheading Vietnam’s jewellery sector
PNJ, the only Vietnamese retailer with a strong presence in Asia to receive this award, emphasised the importance of tailoring marketing initiatives to match the ever-changing market.
Asia’s retail industry is experiencing a dynamic and rapidly evolving landscape. With changing consumer preferences and advancements in technology, the sector is undergoing a significant transformation. E-commerce also continues to gain traction, with online marketplaces and digital platforms offering convenience and accessibility, whilst brick-and-mortar stores are adapting by enhancing customer experiences.
Sustainability is likewise gaining prominence as consumers become more conscious of their purchasing decisions. Since Asia remains a key market for global retail players, the industry's future lies in embracing digitalisation, tailoring experiences, and aligning with sustainable practices to meet the evolving needs of today's consumers.
In recognition of companies that have not only overcome hurdles in the past year but also thrived and grew to improve their products and services, Retail Asia honoured these organisations, including Phu Nhuan Jewelry (PNJ), in the prestigious Retail Asia Awards held on 15 June 2023.
Retail Asia announced that PNJ is the only retailer in Vietnam with a strong presence in Asia to be awarded "Marketing Initiative of the Year" in the Retail Asia Awards.
“In the process of conquering the vision to be the most prestigious gold jewellery producing and retailing company in Asia, we are inspired by the customers’ desires to have new achievements,” Le Tri Thong, Vice Chairman and Chief Executive Officer of PNJ said.
In an interview with Retail Asia about this recently-earned award, Tran Nguyen Phi Long, Head of Retail Marketing at PNJ Group stressed the significance of “tailor-making” their marketing initiatives, keeping them up-to-date with the ever-evolution of today’s market, yet remaining adaptive to adjust any of their marketing campaigns for the ultimate goal of taking customers’ satisfaction and experience to new heights. Delving into the reasons behind this, he pointed out the difficulty of anticipating market trends, partly due to the volatility of the business landscape, which can construct a variety of factors effecting the jewellery sector in general and PNJ in specific.
According to Retail Asia, the Asian region is considered to be the key market for global retailers, so the future of the industry lies in digital transformation and adjusting experiences, combined with sustainable marketing strategies to meet the rising demands of customers.
The period from 2018 to 2022 witnessed the remarkable development of PNJ to become one of the top retailers in Vietnam. With the modern technology base, the PNJ network expanded to more than 400 stores throughout the provinces of Vietnam, and the business results recorded many new milestones despite the challenges in the macroeconomic environment. The total revenue of PNJ in 2022 was VND 33,876 billion, more than three times YoY. The net profit after tax was VND 1,811 billion, or 2.5 times YoY.
Recently, PNJ announced the accumulative revenue of the first five months of the year and net profit after tax of VND 14,281 billion and VND 970 billion, respectively. Thus, PNJ has completed more than 50% of its year business plan, achieving remarkable results in a challenging market environment.
As the retail industry continues to evolve, PNJ serves as an inspiration for other companies in Asia. By leveraging modern technology, adapting to changing consumer demands, and delivering exceptional customer experiences, PNJ exemplifies the path to success in the dynamic retail landscape.
The company’s accomplishments highlight the potential for retailers in Asia to excel through digital transformation, tailored experiences, and sustainable marketing strategies.
The Retail Asia Awards is presented by Retail Asia Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's exceptional products or initiatives in the retail industry, please contact Jane Patiag at [email protected].