Malaysia’s largest jewellery retailer, Poh Kong Holdings, plans to spend up to RM25 million (US$5.6 million) to open five more stores in Malaysia this year.
The company says two of the outlets will be in Johor, a state with an appetite for gold and gemset jewellery.
Each outlet costs up to RM5 million to set up, including inventories, says Poh Kong business development manager Edison Choon.
He declined to reveal the locations of the other three possible stores.
By year end, he says, the company aims to have at least 100 stores (there are now 97 outlets, all in peninsular Malaysia).
At the moment, 71 per cent of Poh Kong’s revenue is generated in the Klang Valley. Analysts say the company has 16 to 20 per cent share of Malaysia’s gold jewellery market, which is estimated to be worth RM5 billion.