PERTH: Atlas South Sea Pearls (ASSP) has taken advantage of a decline in the high-end luxury market, opening stores and pursuing new wholesale opportunities.
Speaking at ASSP's AGM presentation earlier this week, chairman George Snow said the company had continued to grow over the past 12 months, exceeding its operational targets and expanding its Bali operations.
Snow said the company's retail presence had doubled with two new showrooms opening in Seminyak and Ubud over the past 12 months, taking its total to four.
"The expansion of the retail outlets in Bali through the company's own stores and through exposure in hotel retail facilities [has] increased the exposure of the Atlas brand and there is a solid marketing program in place to further increase awareness."
While predicted revenue from its retail arm was forecast to fall by $50,000 for the 2009 fiscal year, the company's decision to realign its jewellery lines to match the customer demographic seeking products which represented "affordable luxury" had held it in good stead, he told shareholders.
Snow said he anticipated 2009/10 would see the expansion of the company's jewellery wholesale business, driven by improved efficiencies through increased pearl size.