As the need to express personality through accessories becomes more and more popular among men, the men’s jewelry market in Vietnam is gradually becoming a potential land. Realizing that opportunity, PNJ has recently launched a jewelry brand exclusively for gentlemen, marking an important step in the Business Strategy to conquer new customer segments.
In this article, SEFA Media will analyze the Business Strategy that understands the market and helps PNJ maintain its leading position in the Vietnamese jewelry industry!
Men’s jewelry market: Untapped potential
No longer a “playground” for women alone, jewelry has now become a means for men to affirm their identity and elevate their style. This has quickly heated up the men’s jewelry industry, attracting the attention of many retailers. According to Euromonitor International, the luxury jewelry market for men reached a global value of 6.5 billion USD by the end of 2023, an increase of 8% compared to 2022, and is forecast to approach the 11 billion USD mark by 2032. These impressive numbers partly show the potential for sustainable and long-term development of this industry.
However, the men’s jewelry industry is still under-exploited. Most brands and retailers still focus mainly on women’s jewelry, while men’s jewelry is still quite new and lacks proper investment. Compared to the women’s jewelry market, which is already highly competitive, the men’s jewelry segment currently has few competitors, opening up great opportunities for brands to change their business strategies, pioneer in building their reputation and dominating the market.
PNJ develops jewelry brand for men
During 35 years of development, PNJ has carved a strong mark for women, honoring their sophistication, elegance and bravery. However, the jewelry market is witnessing a strong transformation, as men increasingly pay attention to expressing their personality and style through accessories. Grasping this trend, PNJ has recently officially launched Mancode by PNJ, a jewelry brand specifically for men.
The name Mancode by PNJ is a combination of “Man” from “Gentleman” and “Code”, meaning a unique value system, where style, class and reliability are affirmed. Inspired by the image of a brick – a symbol of steadfastness and sustainability, Mancode by PNJ brings jewelry designs that express the strength and class of each gentleman. Every detail in each product is meticulously crafted, combining master craftsmanship and a sophisticated perspective on male qualities.
The expansion of this men’s jewelry product line is considered a smart move, demonstrating a business strategy that understands the market of PNJ. Mancode by PNJ promises to become a pioneering trend in the men’s jewelry industry, meeting the needs of men to express their style and class. This will certainly be a source of inspiration for many other brands to develop high-end men’s jewelry products, thereby contributing to changing the jewelry market, raising awareness and promoting industry development.
PNJ’s Market Understanding Business Strategy
PNJ is a typical example of a brand that understands the market and has appropriate business strategies to dominate the Vietnamese market. Below are three important business strategies that help PNJ succeed in meeting customer needs and maintaining a solid position in the jewelry industry:
1. Building a professional retail model
In the context of retail becoming the mainstream business trend, PNJ has quickly recognized and developed this model systematically. The brand has built a professional retail system, where each store is carefully invested, bringing a high-class experience to customers.
In addition, understanding that service quality is an important factor in retaining consumers, PNJ pays special attention to recruiting and training a team of professional staff with in-depth knowledge of the products. This has helped the brand build customer satisfaction and trust, thereby strengthening long-term relationships.
2. Focus on development in big cities
One of PNJ’s important strategies in understanding the market is to focus on developing points of sale in big cities. The high population density and living standards in big cities create favorable opportunities for PNJ to reach target customers. In addition, big cities are also economic centers, where people have a higher demand for jewelry, thereby helping PNJ easily build a close relationship with customers with suitable needs and income.
With this strategy, PNJ has successfully expanded its store system in major cities nationwide, thereby enhancing its position and affirming its brand strength in the Vietnamese jewelry market.
3. Connecting customers emotionally through creative marketing campaigns
One of PNJ’s outstanding strategies is to use storytelling in marketing campaigns to create emotional connections with customers. Each PNJ campaign is not simply promoting products but also telling an engaging story that touches consumers’ emotions. This helps PNJ create a strong emotional connection, making the brand an important part of customers’ lives.
Typically, in the campaign “Does love need to be as beautiful as a dream?” in 2021, PNJ used the art of storytelling to connect customers’ emotions through the image of “holding hands” in the context of the epidemic. The brand exploited simple and sincere love stories, thereby encouraging consumers to share their personal feelings and memories. This helped PNJ create a strong connection with customers, thereby naturally boosting sales.
SEFA Media – Leading Business Strategy Consulting Partner of Enterprises
A business strategy that understands the market is a key factor that helps businesses survive and thrive in a fiercely competitive environment. PNJ, the leading jewelry brand in Vietnam, has demonstrated the importance of this strategy when it decided to expand its product portfolio by launching a jewelry brand exclusively for men. This is a clear demonstration of the ability to identify and exploit opportunities from potential markets, creating a difference and strengthening the brand position.
SEFA Media, with experience in Business Strategy Consulting for leading businesses, is always ready to accompany brands on their journey to explore niche markets, optimize competitive advantages and build a foundation for long-term growth!
> See more: Business Strategy Consulting – Sustainable business development strategy
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