De Beers to have 50 stores by year-end

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De Beers to have 50 stores by year-end

July 07, 2008

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New York—De Beers is upping the ante on the number of retail stores it plans to open worldwide, according to an interview that appeared in today's Wall Street Journal.

In the interview, De Beers Group Managing Director Gareth Penny told the WSJ that while the company's retail business is still in its "start-up phase," it is rapidly expanding, with plans to have a total of about 50 stores worldwide by the end of the year.

Penny told the WSJ that this would make De Beers, whose stores are a joint venture with luxury company LVMH Moet Hennessy Louis Vuitton, "probably in the top five [jewelry] retailers in the world."

"We will have to see how the year pans out as a whole, but I am pleased with the progress," he told the WSJ.

This is a telling detail from the diamond industry giant, which previously has been tight-lipped about its retail ambitions.

When De Beers first made public the details of its retail plans, reports surfaced that the company would open 150 stores within 10 years, angering retail jewelers who complained of unfair competition.

Since then, information about the opening of stores has been reduced to a trickle.

In an interview in the June 2007 edition of National Jeweler sister publication Couture International Jeweler, De Beers executive Guy Leymarie was quoted as saying the company planned to have 30 stores by the end of 2007, but did not divulge further details about the company's strategy.

De Beers currently has a total of seven stores in North America, with its latest opening in San Francisco at the end of June.

The other cities with De Beers retail stores are: Beverly Hills, Calif.; Dallas; Houston; Las Vegas; New York; and Washington, D.C.

In a July 2007 interview, Leymarie told National Jeweler that while no future locations are set in stone, the company wouldn't hesitate to enter a major market as long as it can secure the right retail space.

Cities mentioned for possible future expansion were Atlanta, Boston, Chicago, Dallas and Philadelphia.

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