[SPEAKING MANDARIN]
The headquarters of Lao Feng Xiang is in Shanghai.
We have more than 70 retail stores in Shanghai,
and about 1,000 retail stores in the mainland.
Also there are 1,000 boutique stores.
So that amounts to more than 2,000 retail outlets,
a large part of the jewelry industry in China.
Shops are widely and evenly distributed.
[SPEAKING MANDARIN]
This time-honored brand has many advantages.
First, it has a long, 166-year history, from 1848,
the oldest among time-honored Chinese jewelry brands.
This means it has a profound cultural background,
and advantage in the industry.
China is an ancient civilization with deeply-rooted cultures,
including gold, jade and more.
Lao Feng Xiang shows superiority in this respect.
Its name, Lao Feng Xiang, has traditional Chinese cultural
features different from other brands named
after places or people's names.
Its three characters represent the
auspicious, beautiful and immortal Phoenix.
[SPEAKING MANDARIN]
Lao Feng Xiang jewelry has always
been popular with different generations.
We can cater not only to the needs of older people,
but also to those of young people.
Our products include the most popular gold jewelry,
with colored gemstones, diamond and jadeite
loved by the easterners, and pearls loved by women.
Our clients determine our product strategy.
Gold jewelry led the market in the past.
Now we have expanded our products from eight categories
to 10.
Each category has its target clients.
We have high-end, commercial, and low-end products.
We divide women into three types.
Wealthy women, office ladies, and young, fashionable girls.
They can all find their favorite products in Lao Feng Xiang.
[SPEAKING MANDARIN]
Lao Feng Xiang pays special attention
to creation, design and craftsmanship.
Innovation is important for jewelry.
We have a large number of designers,
including national arts and crafts masters, specialists,
and young designers.
They represent high-end design talents
in the Chinese jewelry industry.
That is why Lao Feng Xiang has so many well-designed products.
It is not only the material but also
the design that people are demanding.
A jewelry piece is also a work of art.
Lao Feng Xiang emphasizes the craftsmanship of jewelry.
The best jewelry must be handmade.
The filigree art of Lao Feng Xiang
has been designated an intangible cultural heritage
of China.
The crafts of Lao Feng Xiang play a leading role
in the industry.
When it comes to designs, we have nearly 10 national arts
and crafts masters, each with their own style.
For example, jewelry designs of female masters
are delicate, and reflect the temperament and qualities
of women.
Products of younger masters are of large scales,
with profound cultural background.
So our designs can satisfy the needs of different generations.
Our products have themes aimed at different clients.
Our products are adaptable.
Each designer has his or her own style,
so our products are able to satisfy market demands.
Our sales are at the top in the whole country.
They exceeded 25 billion in 2012.
The company's sales reached 25.5 billion.
We've had double-digit growth for 12 years.
We have an extensive structure that
includes 10 product categories, such as gold, silver, platinum,
diamond, jadeite, pearl, and colored gemstone jewelry.
We also have some souvenirs and handiworks.
A new product came to the market last year.
The frame of this pair of glasses
is 18-karat rose gold, with diamonds inlaid.
Glasses are a developing trend.
They're both practical and ornamental,
and can satisfy the desires of high-end consumers.
We have complete categories of products.
The brand value of Lao Feng Xiang
is increasing with the sales each year.
Sales are increasing due to the improvement in brand value,
as well.
Lao Feng Xiang was recorded in China's 500 most valuable
brands by Robert Mundell, father of the euro,
from the World Brand Lab.
The ranking of Lao Feng Xiang has risen from 197 to 166.
The brand value rose from 7.565 billion to 11.672 billion.
Our brand value and sales rise by a double-digit growth
rate each year.
Lao Feng Xiang has a complete value chain.
We have a research laboratory, design center, jewelry factory,
silver factory, souvenir factory, pawn shop,
and an auction house.
[SPEAKING MANDARIN]
The target clients of Lao Feng Xiang
are from different generations.
Consumption customs of young people
are different from those of the older.
For example, young people can just
use a computer to buy things without going outdoors,
so we have to adjust to meet their needs.
Lao Feng Xiang has developed some operating modes
with no stores.
We developed TV shopping and high-end marketing
several years ago.
We need to study young people's shopping habits in the future.
On the other hand, I think traditional stores can never
be replaced.
Business is an aspect of culture.
We cannot imagine a metropolis like Paris without any stores
at all.
Take Henglong Square in Shanghai for another example.
Stores can never be replaced, since they
are part of the business culture.
High-end clients enjoy the elegant environment
in the store.
E-commerce cannot replace stores.
Since the consumption habits of young people
are different from those of high-end clients,
Lao Feng Xiang must adjust to meet the demand.
Different clients need different service.
We sense broad market prospects.
For high-end clients, we will provide one-on-one service,
in suites of five-star hotels.
We will have traditional stores and online shops
at the same time.