Emerging low-price jewellery retailer Harli + Harpa is continuing its global expansion strategy, hitting 57 stores over the Easter long weekend.
The brand opened its latest store in Plenty Valley, 20 kilometres north of Melbourne CBD in Victoria, with many of its stores located in malls and shopping centres.
According to the Harli + Harpa website, the brand now has 44 stores in Australia, as well as two in New Zealand, and seven in Africa.
Harli + Harpa was founded by the former CEO of Lovisa, Shane Fallscheer, in November 2024.
Investor analysts have been watching the emerging retail brand and how it can impact Lovisa sales.
In a note dated November 24, 2025, analysts at Macquarie told investors that it is monitoring the Harli + Harpa rollout. It said that the retail brand’s rollout across Australia slowed in the first half of FY26 year-to-date, likely due to its plans to open stores globally.
“Google Search interest in H+H (relative to Lovisa) is tracking in-line with long-run averages,” the note from Macquarie read. “Slower LFLs may indicate increasing competition in Australia - making the Revenue per Store for Australia a key watchpoint at [Lovisa’s] upcoming 1H26E result (Feb-26).”
For the first half of FY26, Lovisa’s total sales grew by 23.3 per cent to $500.7 million. Comparable sales, on the other hand, grew just 2.2 per cent.
Following its first-half results announcement in mid-February this year, analysts at Jarden pointed out that Lovisa recorded a 8 per cent year-on-year fall in ANZ sales per store.
“This was more concerning as we think it (partly) reflects more competition,” Jarden analysts pointed out, likely referencing Harli + Harpa, as well as a few other low-price jewellers in the market such as Bevilles.
“The flipside is that AU's sales mix is shrinking (<20%) and action is being taken (refurbs).”
IBISWorld also highlighted Harli + Harpa’s boom and how it is impacting Lovisa amid its data analysis late last year.
“The emergence of Harli and Harpa has intensified competition for established retailers, specifically challenging Lovisa’s dominance by targeting the same young, budget-conscious and trend-driven consumer market,” IBISWorld noted.
“Established retailers like Lovisa have had to rely on aggressive discounting strategies in an attempt to safeguard their market position and maintain a competitive edge. While this has boosted sales volumes and industry revenue, it has come at the expense of profitability.”
In the same note to investors, Jarden shared that Lovisa’s first-half net profit after tax (NPAT) was 14 per cent below consensus. Lovisa’s NPAT was $58.4 million, impacted by the start-up investment into its Jewells brand in the United Kingdom.
Jarden noted the comparison is messy as Jewells losses were significant – believed to be around a 16 per cent impact to group NPAT.