U.S. luxury jeweler Hearts On Fire plans to sell its bridal and fashion diamond jewelry in China.
The company will open five stores in China by March 2015, including a flagship store in Shanghai and stores in Nanjing City and Hainan Island. Hearts On Fire was acquired by Hong Kong-based jeweler Chow Tai Fook in August for $150 million, according to Bloomberg.
“Our specialty diamond offering aligns with young Chinese consumers’ increasing preference for diamond over traditional gold jewelery, particularly in the bridal category,” a company spokesperson said. He added, “The brand’s premium luxury positioning also caters to the country’s expanding demographic of brand-aware middle-and-upper class buyers eager to spend on lifestyle purchases.”
The company will target mainly women between the ages of 25 and 45. To educate the market on diamonds, it will offer workshops and have specialists to show customers how to select diamonds.
Hearts On Fire’s entry into the Chinese market comes at an excellent time. The wedding industry in China is already worth over $50 billion, and that value is only expected to increase. Furthermore, diamond wedding rings are a fairly recent development for Chinese couples with only 30 percent of Chinese brides receiving an engagement ring compared to over 80 percent in markets such as the United States and Japan.
Company director Adrian Cheng said of the brand’s launch, “As demand for diamond jewelery continues to increase here, Hearts On Fire will become a household name, known not only for its extraordinary diamond cutting process, but also the luxury lifestyle that it represents.”
“Back home in the United States, Hearts On Fire has already been embraced as symbolic of the Hollywood and Red Carpet lifestyle,” said CEO Glenn Rothman. “We expect that this brand positioning and our retail strategy to deliver it will be very well-received here in Mainland China.”
image source: heartsonfire.com