Phu Nhuan Jewelry

Consumer Discretionary

PNJ

Asset Class: Public Equity

Dates Invested: 2007 – Present

Entry Method: Privately Negotiated

Phu Nhuan Jewelry is the largest branded jewelry company in Vietnam, serving the mass market with broad appeal. At the time of our investment, it was a mid-sized enterprise. Since then, we’ve witnessed its transformation into a market leader, now operating 429 stores across 31 of Vietnam’s 34 provinces.

Investment Rationale:

Vietnam has reached upper-middle-income status, with GDP per capita surpassing USD 4,700. As the middle class continues to expand and aspirations for a higher quality of life grow, discretionary spending is gaining momentum. With the country aiming to achieve high-income status by 2045, the structural drivers behind consumption remain strong.

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