KUALA LUMPUR (July 24): Newly listed premium jewellery distributor Aurora Italia International Bhd has said it plans to expand its online store to drive growth in 2021 and beyond following its listing on the LEAP Market of Bursa Malaysia Securities Bhd.

In a statement today in conjuntion with its listing, Aurora Italia managing director Datin Wira Yvonne Lim said the company will focus on diversifying its points of sale to enhance brand awareness and broaden its customer base through the e-commerce channels and strategic distribution partnerships with prominent marketing affiliates.

"The Covid-19 pandemic has resulted in e-commerce business generating increased sales as people shift their spending habits towards online platforms. We saw an increase in online shopping for products including jewellery products during the Movement Control Order [period]," she added.

Lim noted that online stores with e-commerce infrastructure continued to operate as normal in most markets throughout the first quarter of 2020, adding that online performance continues to be strong, and this channel appears highly resilient during market lockdowns.

The company's range of jewellery comprises 18k yellow gold, white gold and rose gold charms, bracelets, earrings and bangles. These are sold in seven countries including Malaysia, the US, the UK, Indonesia, Hong Kong, the Middle East (Dubai, Iran, Qatar) and Singapore.

The jewellery is sold through its own operated retail concept stores, online store, notable local and international e-commerce platforms such as PG Mall, Lazada (Malaysia, Singapore, Indonesia), Zalora (Malaysia), Etsy (the UK), Shopee (Malaysia, Thailand, Indonesia, Singapore), 11Street, Reebonz (Singapore), Bukalapak, Tokopedia, Matahari Mall (Indonesia) and marketing affiliates.

Currently Aurora Italia operates three retail concept stores in Malaysia, namely in Gurney Plaza (Penang), Mid Valley Megamall (Kuala Lumpur) and Suria Sabah (Kota Kinabalu, Sabah).

Under its listing exercise, Aurora Italia has raised RM3.1 million from the placement of 30.61 million shares in Aurora Italia at 10 sen per share to selected sophisticated investors.

Of the total initial public offering proceeds, RM1.86 million or 60.8% will be used to open three new retail concept stores in China, Hong Kong and Thailand to support its business growth.

Aurora Italia said it will also utilise RM200,000 or 6.5% raised from the placement to acquire a new retail and point-of-sales management system that will consolidate its retail operations across different locations and distribution channels and integrate them with its back office functions while the remaining RM1 million or 32.7%, would be used to defray estimated listing expenses.

Based on the enlarged share capital of 306.05 million shares, the company is expected to have a market capitalisation of approximately RM30.6 million.

M&A Securities is the approved adviser, continuing adviser and placement agent for the placement and LEAP Market listing exercise.

At 11.47am, Aurora rose eight sen to 18 sen with 871,000 shares traded.