The first jewel box from a China-based company, which is also the largest supplier of jewelry to U and Western brands, is expected at stores in Wal-Mart and Target stores in the United States and Canada starting next year.
It’s expected to retail for $1 million, about half the retail price for the same item in a store in China, according to people familiar with the deal who spoke on condition of anonymity because they were not authorized to discuss it publicly.
Wal-Mart declined to comment.
The company also has plans to sell a similar box, made of stainless steel and featuring a rose motif, at a Target store in New York, according the people.
Wal-mart declined to provide details on its plans to market the box.
The first box will retail for about $3 million in the U.K. and $4 million in Canada.
“The first box is going to hit Wal-Marts across the country and it will have the luxury of being made in China.
We’ve seen the box on sale at Wal-Men and Target,” said one of the people, who asked not to be named because the negotiations are confidential.
For many people in the retail industry, this is not news.
One of the main reasons people shop at Walmarts is because they’re known for their affordability.
This is the first box that’s going to sell at a store.
Walmart declined an interview request.
Target has also been aggressively expanding its presence in China over the past few years, and recently launched a Wal-App store that will be a flagship in the country.
In addition to the box, the Wal-Beijing retail chain plans to introduce a new line of specialty jewelry this year that will sell for up to $4,000 in China according to the people familiar.
The new line includes three-dimensional designs, including a large rose, a gold flower and a diamond inlay, the people said.
The box will have a retail price of about $2.8 million, the person said.
Walmart has been making moves to bring Chinese customers to the U., a key growth market for the retailer.
China is the biggest foreign market for Walmart, and its chief operating officer, Dan Szymborski, recently traveled to the country to promote Walmart’s “Beijing Collection,” a collection of products from China’s most popular luxury brands.
Last year, Walmart also launched a China e-commerce store, offering items from Chinese companies.
But Wal-Martin has not yet launched a Chinese store, according a person familiar with its plans who spoke only on condition that the company not be named.