MANILA, PHILIPPINES — To revolutionize the entry-level jewelry market in the Philippines, Cebuana Lhuillier has announced a strategic partnership with Sparkles.ph, an innovative startup jewelry company. Through this partnership, both companies aim to leverage their combined strengths and become more appealing to budget-conscious consumers who are looking for affordable yet elegant accessories.
Over the years, there has been a noticeable increase in demand for affordable luxury items in the world, yet its market in the Philippines remain small. PJ Lhuillier Inc., the mother company of Cebuana Lhuillier, came across Sparkles.ph, which has been growing 20% Month-on-Month and is profitable despite being a new startup. Cebuana saw it as a great opportunity to penetrate and establish a presence in the said market segment.
To that end, Cebuana Lhuillier President and CEO Jean Henri Lhuillier provided an equity investment and Credit Line to Sparkles.ph amounting to USD 2 million. This Pre Seed funding for the startup will be instrumental in enhancing Sparkles.ph’s production capabilities, expanding its product line, and boosting its market presence. This is a demonstration of strong commitment to the startup’s vision and potential. This investment is expected to provide Sparkles.ph with the necessary resources to scale its operations and meet growing demand.
Sparkles.ph, known for its unique offering of “Ampaw Gold” and lightweight jewelry, targets entry-level buyers. The startup offers its customers an 18k gold Chain with Pendant priced at approximately PHP 1,200, an 18k gold pendant for PHP 699. These products appeal to a wide audience seeking contemporary styles at lower prices. More so, this market segment has seen increasing demand for affordable yet quality jewelry, a niche that Sparkles.ph has adeptly filled.
Cebuana Lhuillier, on the other hand, is a leading financial services company with a vast network of close to 3,500 branches nationwide. To cater to diverse financial needs of Filipinos, the company also provides a wide range of jewelry products under its own brand aside from its pawning, micro savings, microinsurance, and microloans services, and money transfer in the Philippines.
“We see a tremendous opportunity in the entry-level jewelry market and believe that Sparkles.ph is well-positioned to lead this segment. Our partnership will not only provide the necessary capital for growth but also integrate Sparkles.ph into our ecosystem, creating value for our customers and stakeholders,” said Jean Henri Lhuillier.
The collaboration between Sparkles.ph and Cebuana Lhuillier is expected to generate substantial benefits for both companies. Sparkles.ph will leverage Cebuana Lhuillier’s market presence and operational expertise to accelerate its growth, while Cebuana Lhuillier will gain a foothold in the burgeoning entry-level jewelry market.
“Joining forces with Cebuana Lhuillier marks a pivotal moment for our FinTech / E-commerce startup, Sparkles.ph. The funding and strategic partnership from Cebuana will enable us to scale our operations massively and fulfil our vision of making pawnable Jewelry affordable for every Filipino. We are excited about the future and the opportunities this partnership will create,” said Ryza Dipatuan-Razo , President and Founder of Sparkles.ph.
As Sparkles.ph and Cebuana Lhuillier embark on this collaborative journey, both companies are poised to make significant strides in the entry-level jewelry market. This partnership underscores the potential of combining innovative startups with established industry leaders to drive growth and create new market opportunities.
