In the quarter ending February 28, 2007, revenues grew 53% as compared to the same quarter last year. The increased consumer awareness of the company and its website is attributed to the large increase.
Harold Schaffrick, President & CEO of Novori, stated, “We are pleased with the growth in sales. It is interesting to note that this increase has come about without any significant extra marketing expenditure. I am confident that with planned marketing initiatives, we will grow revenues at an even greater pace. It’s also nice to know we’re growing sales at a faster rate than our competitors.”
The company is well positioned to garner the large revenues being made in the emerging marketplace of online jewelry. The online jewelry industry has surged in popularity, which has also increased revenues of other competitors in the market place.
The market continues to grow as more and more consumers are becoming comfortable with buying luxury goods online. In 2004 U.S. online jewelry sales in the U.S. grew 19.3% from the prior year to $1.7 billion, according to Forrester’s Research.
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