Jeweller - March 2023

News
New reporting cycle for JAA, board position filled
The annual financial report is an opportunity for
the wider jewellery industry to gain insight into
the internal machinations of the representative
body which in recent years has suffered from
a consistent decline in membership and
subsequently, income.
Trollbeads headed for
regional Australia
The JAA’s statements for the previous financial
year would normally be lodged with the Australian
Charities and Not-for-profits Commission (ACNC) by
31 January of each year.
The Jewellers Association of Australia (JAA)
has changed its financial reporting cycle to a
calendar period, rather than the traditional
financial year.
The JAA’s statements for the previous
financial year would normally be lodged with
the Australian Charities and Not-for-profits
Commission (ACNC) by 31 January of each year,
however, president Joshua Sharp told Jeweller
that the reports are not due with the ACNC until
30 June this year.
“This is due to the fact that we are currently in
an 18-month reporting cycling as we changed
financial year reporting to a calendar year,”
Sharp explained.
The JAA advised members of the change in
September, noting a new reporting deadline
of 30 June.
He added, “In the future our [new] financial year
will end on the 31 December, with reporting to
the ACNC made by 30 June.”
“The JAA had approximately 400 members in
2022,” he advised.
These numbers would suggest that the trend
of declining membership has continued for the
JAA. Ten years ago the JAA had 867 members -
a position which has been in steady decline.
Although the statutory reporting has changed
Sharp was able to advise that the JAA’s profit to
30 June 2022 was “around $90,000”.
Sixth board member confirmed
Late last month the JAA appointed a sixth
director to the board, Daniel Anania of Sydneybased
Anania Jewellers.
“We are pleased to welcome Daniel to the
JAA Board. Daniel’s demonstrated experience
in business development and growth is an
attribute that I am keen to see contribute to the
growth and strength of the JAA,” Sharp said.
The JAA also confirmed a special resolution
to amend the constitution regarding the
composition of the board and the election and
appointment of directors was passed at the
AGM in November.
Apart from Sharp and Anania the current
board consists of Ronnie Bauer of Klepner’s
(by vice-president), Cameron Marks of
Percy Marks (treasurer), Jo Tory of Najo
and Meredith Doig, a professional company
director and governance consultant.
Trollbeads began in the 1970s in Denmark as a beadson-bracelet
product, offering customers the chance to
personalise the bracelet with interchangeable pieces.
Trollbeads has outlined additional plans for an
expansive return to the Australian jewellery market,
including a focus on regional communities.
The Danish brand was first launched in Australia in
2006 by a small local supplier (Webber & Tonkin);
however, after a number of different distribution
agreements the product failed to generate traction.
After a hiatus, Trollbeads Australia was launched
online in August of 2020 by business partners Jono
Gelfand and Mikkel Monberg. A physical store
was opened in October of 2022 on Chapel Street,
Prahan in Melbourne.
A new phase of expansion is now expected to occur
under the watchful eye of wholesale manager Eva
Engelaer, who joined the business in November.
Sales through the roof for expanding Lovisa
Fashion jewellery retailer Lovisa has reported
a 44.8 per cent increase in revenue for the first
half of the 2023 financial year.
Total sales reached $315.5 million while profit
increased by 48.4 per cent to $47.7 million.
In response to inflation, Lovisa increased prices
during the third quarter of the 2022 financial
year while also expanding into seven new
markets - Namibia, Hong Kong, Mexico, Italy,
Hungary, Romania, and Colombia.
A total of 86 new stores were opened including
39 in the US, which is now Lovisa’s most
significant individual market.
CEO Victor Herrero has come under public
pressure in recent months; however, in light of
these results he said Lovisa has created positive
momentum amid a turbulent economy.
“We are very pleased that we have been able
to increase the momentum of our store rollout
during the half, which has again delivered
us strong top-line sales improvement,
and combined with continued double-digit
comparable store sales has resulted in an
excellent financial result for the period,” he said.
“The company has been able to continue to
invest in the structures to support our global
expansion ahead of the growth curve while
continuing to deliver profit increases, which
leaves us well-placed as we move forward with
store rollout in both existing and new markets.”
Lovisa’s global store count is now 746 including
31 new stores opened in the second half of the
financial year to date.
“My aim is to see Trollbeads in jewellery stores right
across Australia, and my focus will be on regional
Australia - looking at one Trollbeads partner store in
every town,” Engelaer told Ragtrader.
“We can also be seen in a number of stores in
big cities such as Sydney, Adelaide, Brisbane or
Melbourne. I hope to build a family of dedicated
stockists who are really going to stock up on our
products and really work with the concept.”
Trollbeads began in the late 1970s in Denmark as
a beads-on-bracelet product, offering customers
the chance to personalise the bracelet with
interchangeable pieces. Both originating from
Copenhagen, Trollbeads pre-dates rival Pandora
by six years.
“The most important thing will be building a
relationship with these jewellers and that they join
in the Trollbead phenomenon,” Engelaer added.
Trollbeads operates in more than 50 countries
worldwide while remaining based in Copenhagen.
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