Due to the affect of corona virus, we hereby announce that we will be winding down our stores and moving to online-only sales in order to pass the savings along to our customers.
Since the outbreak of corona virus in January, we have been closely evaluating our two retail stores, and we have decided to close our stores as we believe sales in store will be affected for a longer period under the circumstances. Our original stores were in the largest jewelry hub of China, Shuibei, Shenzhen. Despite the store closure, our supply chain will still be base in there, therefore product quality and sophistication will not be affected by the move.
As a result of keeping our two stores open, King’s Lab Jewelry has been raising our product prices by about 5% annually in general. In other words, we will close our stores, but the cost savings are entirely passing along to our clients, in our all-range price cut. During the past year, online sales of King’s Lab Jewelry has increased and made up a significant proportion of our entire sales model. Due to low throughput, one of our store with lower visibility locations would have closed anyway.
Our current prices will be changed in March 15th, past King’s Lab buyers who place their order this March can enjoy the new prices, those orders placed between Feb 20th to Feb 28th will receive our cash coupons which can be used in their future purchases. There will be no price decrease for us until this September, price decreases will apply to all variants of King’s Lab products including necklaces, earrings, bracelets, rings, etc.
In the future, we will be reviewing various store locations and decide if we will remain online-only sales or to reopen our stores.
To be clear, all sales worldwide will be done online, but our catalog, product quality and sophistication will remain unchanged, so is our tailor services for bulk purchases. We will also carry a small number of jewelry in inventory for customers who wish to order samples or receive their jewelries swiftly.
Post time: Mar-10-2020