On November 17, we visited five of the top PNJ Gold stores in terms of revenue in HCMC — including two flagship PNJ Next stores — and had conversations with their store managers. We felt positive after our visit, which is predicated on (1) demand for fashion jewelry recovering soundly, (2) PNJ’s marketing activities proving to be effective, (3) the new SAP-ERP system showing benefits in customer understanding, inventory management and online sales