Primo Global Holdings Co., Ltd., is a company that continues to lead the wedding jewelry industry and has garnered immense support both domestically and internationally. The company operates specialized stores for engagement and wedding rings, with its iconic brand “I-PRIMO” at the forefront, establishing a solid presence in Japan and abroad. Since opening its first store in Ginza, Tokyo in 1999, the brand has steadily expanded, celebrating its 25th anniversary in 2024.
The company is now accelerating its global expansion with a presence in Mainland China, Taiwan, Hong Kong, and Singapore. On September 6, they opened their second store in Singapore, the “I-PRIMO Suntec City Store,” located in the large commercial complex Suntec City.
Behind the continuous innovation and growth of Primo Global Holdings is a steadfast commitment and strategy that has remained unchanged since its founding. In this interview, OSF sat down with Naoki Sawano, CEO of Primo Global Holdings, to discuss the brand’s success factors, post-pandemic market trends, and his vision for the future.
– First, could you tell us about I-PRIMO’s brand identity?
I-PRIMO opened its first store in Ginza, Tokyo in 1999, and we are celebrating our 25th anniversary this year. The defining feature of our brand is that we specialize in wedding jewelry. We offer a wide range of product variations and budgets, allowing us to provide the perfect suggestion for that once-in-a-lifetime moment of marriage. Currently, we have 87 stores across Japan, from Hokkaido to Okinawa, and have grown into the most trusted wedding ring specialty retailer in Japan.
– What is the reason behind the enduring popularity of I-PRIMO’s ring designs?
We place significant emphasis on ensuring that our ring designs are perceived as fashionable by others. Our rings feature a feminine, slender wave-line design with three to five diamonds set in the band. This design has been highly praised both domestically and internationally, and it is one of our strengths.
Generally, the engagement ring acquisition rate in Japan is around 50%, while the wedding ring acquisition rate is about 97%. For our products, wedding rings make up over 60% of our sales, and thanks to the strong support from many customers, we have become a leading brand in the domestic market.
– Could you tell us about your partnership with Lazare Diamond?
Our partnership with Lazare Diamond New York began in 2003. Lazare is a jewelry brand originating from New York, renowned for its high-quality diamonds and sophisticated designs. In 2023, we acquired the trademark rights and exclusive distribution rights for the Lazare brand in Japan. As a result, all Lazare products currently sold in Japan are supplied by our company.
Moreover, in March of this year, we reopened the Lazare Diamond Boutique Ginza flagship store after a renovation, transforming it into an even more refined and luxurious space. In this newly designed environment, customers can enjoy a relaxed and comfortable experience while admiring the brilliance of “The World’s Most Beautiful Diamond®.” Through this partnership, we continue to solidify our strong presence in the premium jewelry market.
– How has the wedding jewelry market changed since the COVID-19 pandemic?
Since the pandemic, the scale of weddings has decreased, and in turn, more couples have been allocating their budgets toward wedding dresses and rings. Particularly since 2022, the price per ring has seen a significant rise, creating a positive trend for the overall Wedding jewelry market. As the price of products increases, brands are able to source even higher-quality materials, resulting in a virtuous cycle where we can offer better quality to our customers.
Additionally, international luxury brands have taken notice of this trend in the Japanese market and are steadily strengthening their presence.
– I-PRIMO has gained popularity in the Asian market as part of its overseas expansion. What do you think is driving this success?
When we expanded internationally, we were particularly focused on bringing our successful business model from Japan directly to overseas markets. While we localized aspects of our marketing, such as selecting local celebrities as brand ambassadors, we made no compromises when it came to product quality or sales methods, and maintained the same high standards as in Japan. In particular, Japanese-made platinum rings have been highly valued in Taiwan and Mainland China, where they have garnered strong support from local customers.
– Are there differences in popular products and designs between Japan and overseas markets?
Yes, there are significant differences. In Mainland China, for example, bold and luxurious rings with a strong presence are particularly popular, and this trend is quite noticeable. Additionally, there is a marked difference in the carat size of diamonds used in engagement rings between Japan and Mainland China.
In Japan, the average carat size for engagement rings is said to be around 0.25 to 0.3 carats, whereas in Mainland China, the mainstream is 0.5 to 0.7 carats, with 1-carat diamonds also being extremely popular.
– Finally, could you share your vision for the future?
Currently, we are making concrete preparations for an IPO in the near future. One of our key focuses is on strengthening sustainability, which we believe will be a crucial factor in achieving a successful IPO. For example, in 2022, we renovated our I-PRIMO Ginza flagship store using as many natural materials as possible in its design, which led to the store receiving a special award in the German Design Award 2023 for sustainable design. We plan to continue promoting environmentally conscious projects like this.
In the long term, we aim to further expand in the Asian market and also have our sights set on entering the U.S. market. Beyond wedding jewelry, we also aim to grow in the anniversary jewelry sector, establishing lifelong relationships with customers who purchase our rings.
I-PRIMO Releases the 25th Anniversary Collection “Chloris”
In celebration of its 25th anniversary in 2024, I-PRIMO has launched a special engagement and wedding ring collection called “Chloris,” available since August 2. Named after the Greek goddess of spring and flowers, this collection features soft and delicate designs inspired by the blooming petals of cherry blossoms.
The “Chloris” rings are available at all I-PRIMO stores in Japan, with a special offer for customers purchasing both engagement and wedding rings as a set. This is a must-see collection, symbolizing I-PRIMO’s 25th-anniversary celebration.
