Fine jewelry manufacturer and distributor LJ International Inc., Hong Kong, said it has received an order for 50,000 pieces of jewelry, totaling $500,000, from a large U.S. retailer. LJI, in a statement, said it expects its orders with this retailer will continue to grow in the foreseeable future, particularly as it continues its expansion into the Chinese market, where it already has 29 stores in operation.
The name of the retailer was not disclosed but the company did say that the retailer recorded more than $247 billion in annual during the past year and reported $8 billion in earnings.
Today’s announcement follows closely on news that LJI expects its third quarter revenue and earnings to grow by a minimum 21% and 159%, respectively, year-over-year. The increase is partially due to recent new “customer relationships,” including a recent contract of approximately $800,000 in initial orders from ShopNBC. In August, LJI reported that it had just received over $600,000 in initial orders from the second largest electronic shopping channel in the U.S. The company says it now sells to the three largest electronic shopping channels in the U.S.