PGI Hosts the 2019 Platinum Advisory Council Meeting with Platinum Jewellery Industry Leaders in China
Shenzhen (2 August, 2019) PGI hosted the 2019 Platinum Advisory Council (PAC) Meeting with leading brands, distributors and retailers of the platinum jewellery industry for in-depth discussions on PGI's China strategy, as well as discussions on topics such as branding, marketing, and trends of the China's platinum jewellery market.
The PAC is composed of a group of industry leaders, and collaborates with PGI to develop and refine the strategy for China's platinum jewellery market. Representatives from distributors and retailers including Beijing Caibai, Luk Fook, Laofengxiang, Chow Tai Fook, Chow Sang Sang, and 6 major manufacturers including Bofook and Ganlu Jewellery attended the meeting. The establishment of the PAC also provides an influential platform to support the next generation of products and technical innovation for the industry.
In his opening remarks, Mr. Huw Daniel, Chief Executive Officer of PGI, shared the value of the PAC, "Today we gather together to make an important step forward for China's platinum jewellery market. Although in the past several months, we have seen many challenges from different markets of North America, Japan, India and China, we have also achieved success and positive results through exploring new market segments, gaining consumer insights, and innovating business models. So now we have the confidence and optimism that when facing challenges, as long as we share our wisdom, we will be able to bring new business growth opportunities to many local retail and manufacturing partners.”
(Huw Daniel, Chief Executive Officer of PGI)
In his keynote speech, Mr. Schlick, Chief Strategy Officer of PGI shared the global strategic roadmap with the delegates:“Influenced by new media and distribution channels, business models of platinum jewellery is also shifting. Globally, the general development trend of the jewellery industry is the result of changing consumer preferences and retail dynamics. The impact of branded jewellery, e-commerce and the omnichannel model has driven changes in products, business models and consumer interactions.” said Mr. Schlick.
(Tim Schlick, Chief Strategy Officer of PGI)
Ms. Pui P. Poon, Managing Director of PGI China, introduced the mission of the PAC: “The council brings together industry leaders. We will combine advanced technologies with professional skills to promote the development of China's platinum jewellery market and provide guidance for the future growth." In response to the transformation of China's platinum jewellery market, Ms. Poon announced the “Acceleration and Transformation” strategy. “Going forward, we will focus on the five P's of marketing - product, price, promotion, place and people. We hope that through our practice, we will form a mature and viable success model and create a ripple effect in the industry to inspire greater innovation in all aspects of the platinum market." According to Ms. Poon, by sharing and working together, the PAC and PGI will lead China's platinum jewellery industry to take on challenges, understand trends and seize opportunities to meet the needs of Chinese consumers.
(Pui, P. Poon, Managing Director of PGI China)
At the meeting, PGI released its 2019 China campaigns, including the “Platinum Reboot”, which aims at helping strategic partners achieve business transformation and gain market share through innovations in areas like brand repositioning, marketing and design technology. The “Platinum Reboot” will help both the upstream and downstream industries, accelerating platinum turnover and reboot their business. PGI's 2019 China campaigns also include online and offline campaigns for local retailers, marketing programmes, consumer events as well as design and innovation campaigns.
China’s new middle-class population is considered to be the main driving force for the economic growth. In particular, Chinese millennials have created more market opportunities to the high-end consumer goods sectors. However, it should not be overlooked that an increasing number of experiential services, digital interactive products and personalised designs are competing with traditional jewellers for these target consumers. To this end, PGI has reshaped the functions, values, scenarios and meaning of luxury and high-end jewellery including those made with platinum, and has repositioned platinum and offered strategies for multiple market segments and platforms. PGI wants to enhance the extraordinary brand identity of platinum, so that this precious metal will be more appealing to younger consumers. At the meeting, PGI analysed consumer profiles and purchasing occasions, followed by panel discussions on brand positioning, business opportunities, innovative product design and development, and future trends of Chinese platinum jewellery market.
Discussions focused on how the PAC will integrate the resources of PGI and other industry stakeholders, to guide the Chinese market to adjust its strategy based on the medium and long-term values of the upper, middle and lower reaches of the industry. The panelists also believe that the changes in today's domestic luxury market, popular concepts, and online social channels will evoke more innovative marketing tools to help reposition platinum jewellery brands. At the same time, close cooperation between the production and retail ends are also key to the next steps of PGI's strategic adjustment.
After years of market development, PGI has made consumers aware that platinum is not only a symbol of marriage, it also carries extraordinary meanings for different life occasions and different demographics. Mr. Huw Daniel concluded the meeting with his confidence in Chinese platinum jewellery market, “2019 is a year full of challenges. PGI will work with industry leaders to provide more development opportunities, build role models and lead the market."
(Members of the PAC and PGI)