LOOKING EAST: Pomellato opened its second store in Singapore last week, the latest move in the Italian jeweler’s recent efforts to expand into emerging markets. Aside from this store, which is located in Singapore’s Takashimaya Department Store, Pomellato last month launched its first boutique in Hong Kong. Its third space in mainland China will open in Beijing next year, while it inaugurates a new store in Dubai this week.
While Andrea Petochi, Pomellato’s managing director, acknowledged the low level of name recognition for Pomellato in Asia as a challenge, Petochi cited the vigorous reception of his brand by Chinese fashion editors as reason for optimism.
Pomellato’s bid to grow in Asia may also be hampered by the lack of quality multi-brand jewelry retailers in China. Such retailers are a major sales channel for the brand in Europe. “In Europe, you see Rolex and then Pomellato in many such jewelers,” Petochi said. “That kind of jeweler does not exist in China today.” With the exception of its Singapore boutiques, which are run by retail partner Club21, Pomelatto directly operates all of its Asian stores.
Petochi said that his company was not chasing growth in Asia, which makes up only 6 percent of Pomellato’s revenue, in order to make up for stagnant economies back home. According to him, the company is seeing double-digit growth in France, Germany and the U.K.