Hi Earthlings ! Exciting news in the jewelry world! Cebuana Lhuillier is shaking things up in the Philippines by teaming up with the fresh and innovative Sparkles.ph, a startup that’s been making waves with its trendy and affordable jewelry. Together, they’re set to win over budget-savvy shoppers who love a bit of bling without breaking the bank.
So, here’s the scoop: There’s been a global trend of folks wanting affordable luxury, but the market in the Philippines is still catching up. That’s where PJ Lhuillier Inc., the parent company of Cebuana Lhuillier, saw a golden opportunity (pun intended!). They spotted Sparkles.ph, which has been growing a whopping 20% every month and is already profitable, and knew it was the perfect match to tap into this market.
Cebuana Lhuillier’s President and CEO, Jean Henri Lhuillier, has thrown his support behind Sparkles.ph with a $2 million equity investment and credit line. This funding is a game-changer for Sparkles.ph, helping them ramp up production, expand their product range, and reach more customers. It’s a solid vote of confidence in what Sparkles.ph is doing and where they’re headed.
Now, what makes Sparkles.ph so special? They offer unique pieces like “Ampaw Gold” and lightweight jewelry that’s perfect for entry-level buyers. Imagine snagging an 18k gold chain with a pendant for just around ₱1,200 or a cute 18k gold pendant for ₱699. It’s no wonder they’ve been a hit with fashion-forward folks looking for style on a budget.
On the flip side, Cebuana Lhuillier isn’t just a financial services giant with nearly 3,500 branches across the Philippines. They also offer a variety of jewelry under their own brand. Their services include pawning, micro savings, microinsurance, microloans, and money transfers, catering to a wide range of financial needs.
Jean Henri Lhuillier said it best: “We see a tremendous opportunity in the entry-level jewelry market and believe that Sparkles.ph is well-positioned to lead this segment. Our partnership will not only provide the necessary capital for growth but also integrate Sparkles.ph into our ecosystem, creating value for our customers and stakeholders.”
This partnership is a win-win. Sparkles.ph gets to tap into Cebuana Lhuillier’s market presence and expertise to accelerate its growth, while Cebuana Lhuillier steps into the booming entry-level jewelry market.
Ryza Dipatuan-Razo, President and Founder of Sparkles.ph, is just as excited: “Joining forces with Cebuana Lhuillier marks a pivotal moment for our FinTech/E-commerce startup. The funding and strategic partnership from Cebuana will enable us to scale our operations massively and fulfill our vision of making pawnable jewelry affordable for every Filipino. We are excited about the future and the opportunities this partnership will create.”
As they embark on this exciting journey together, both Cebuana Lhuillier and Sparkles.ph are set to make big waves in the entry-level jewelry market. This partnership shows the magic that happens when innovative startups and established industry leaders come together to create new opportunities and drive growth. Keep an eye on them – they’re definitely ones to watch!
