Online and offline retail sales of Russian jewelry holding Sokolov increased significantly in the first half of 2024, by 43% to 21.6 billion rubles ($248 million).
Meanwhile, the company's turnover increased by 42% to 28.1 billion rubles compared to the same period of last year. Online sales, including through marketplaces, grew by 44%, to 9.1 billion rubles, accounting for 32% of the company’s total turnover. In general, the company’s sales through marketplaces reached 5.1 billion rubles.
“At the same time, sales under the franchisee model increased by 59%, and sales through marketplaces - by 53%,” RIA Novosti agency quotes Sokolov’s press service as saying.
The average retail bill increased 10% to 8,179 rubles, and the total number of orders increased by 30%. Gold jewelry accounted for 70% of the holding’s revenue, or 19.7 billion rubles, an increase of 59%. Sales of silver jewelry increased by 38% to 7 billion rubles.
Also, since the beginning of 2024, the company has opened 100 new stores in Russia, and now its network, including franchises, includes 790 retail outlets.
“We continue to develop a balanced sales structure, where each channel complements each other. Online sales growth of 44%, including a significant increase in sales through marketplaces, demonstrates the success of our omnichannel strategy,” said Sokolov’s CEO Nikolay Polyakov.
Theodor Lisovoy, Editor in Chief, Rough&Polished
