Jewelry manufacturer and seller Sokolov in the first half of 2022 increased revenue by 26% year on year, to 13.3 billion rubles.
The company named the expansion of the company’s retail network (2.5 times, up to 393 stores) and the development of online sales as the main driver of turnover growth. Sales through the mobile app and website quadrupled, accounting for half of the company’s retail turnover, which tripled in the first half of the year to reach RUB 9.6 billion.
„Online sales are growing as branded retail expands, these are interconnected sales channels that give a synergistic effect,” Artem Sokolov, managing partner of the company, explained through the press service.
Since the beginning of 2022, Sokolov has opened 43 new mono-brand stores in Russia.
The company also announced that 65% of its brand revenue came from gold jewelry: their sales grew by 31% to 8.6 billion rubles. The fastest growing sales of gold jewelry with diamonds – by 51%, to 3.9 billion rubles. Revenue from the sale of silver jewelry increased by 9% in the first half of the year and reached 4.1 billion rubles.
Sokolov is the leader of the Russian jewelry market in terms of production, according to the Assay Office. The company’s revenue in 2021 amounted to 24 billion rubles.