Envela Continues DGSE Retail Expansion with Frisco Location

Rhea-AI Summary

Envela Corporation has announced the acquisition of a retail property in Frisco, Texas, to establish its second flagship DGSE store in the Dallas/Fort Worth area. The new 5,000 square foot store aims to enhance customer service and offer a variety of luxury products, including jewelry and rare coins. This expansion follows a growth rate of over 71% in Frisco, highlighting its appeal as a rapidly growing city. The initiative will strengthen DGSE's retail footprint and utilize an omnichannel approach to improve customer experience.

Positive

• Acquisition of a 5,000 square foot retail location in Frisco, Texas, enhances market presence.
• 71% growth rate in Frisco emphasizes strong market potential.
• Expansion aligns with DGSE's strategy of increasing brick-and-mortar locations.
• Investment in omnichannel consumer experiences planned to boost customer engagement.

Negative

• None.

DGSE to purchase location for its second Dallas/Fort Worth flagship store

DALLAS, TX / ACCESSWIRE / May 11, 2021 / DGSE, LLC ("DGSE"), a subsidiary of Envela Corporation (NYSE American:ELA) ("Envela" or the "Company"), has entered into an agreement to purchase a retail building in Frisco, Texas for its next full-scale, modern Gold & Silver Exchange store in the Dallas/Fort Worth metroplex.

Building on the success of its most recent store openings in Lewisville and Grapevine, Texas, the Company is expanding its DFW presence with a 5,000 square foot premier store in Frisco, Texas. With a growth rate over 71% for the last decade and deemed the fastest-growing large city in the U.S. by the Census Bureau, Frisco was a natural choice for the next Dallas Gold & Silver Exchange ("DGSE") location. This store will feature high-end customer service, an attractive product selection, and on-site jewelry repair. Brick-and-mortar expansion augments Envela's retail footprint and gives the Company an additional channel to educate and serve its clientele.

Expert Staff

• DGSE's staff includes Gemological Institute of America (GIA)-graduate gemologists, horologists, authenticators, and luxury-brand experts.
• A key element of the Company's mission is extending the useful life of luxury goods, for which we offer on-site jewelry and watch authentication and repair services.

Curated Merchandise

• Each store's merchandise is carefully selected for its locale and includes vintage luxury timepieces, modern diamond engagement rings, custom silver bars and rare coins.
• Modern technology enhances DGSE customers' in-store shopping experience.
• We execute an omnichannel-technology approach to serving customers, marketing and sales.

"At DGSE, we focus on exceeding our customers' evolving expectations for products and services," said Scott Mosley, President of DGSE. "A key initiative over the next two years is to implement omnichannel and immersive consumer experiences as we expand our brick-and-mortar retail footprint. This includes investing in new technologies and talented staff to further DGSE's best-in-class customer experience," added Mosley.

About DGSE

DGSE focuses on sustainable, authenticated recommerce of luxury brands and diamonds. Its retail strategy is anchored in being an information resource for clients, bringing transparency to purchase and sale transactions, and offering value and liquidity to those seeking to buy, sell or trade jewelry, watches, diamonds, or coins. DGSE strives to deliver an unrivaled customer experience. It features a broad selection of high-quality vintage and new jewelry, precious-metal bullion, rare coins, fine timepieces, and diamonds, together with value pricing and a customer-friendly sales process.

DGSE wholesales and retails jewelry, diamonds, fine watches, and precious metal bullion and rare coin products through its Charleston Gold & Diamond Exchange and Dallas Gold & Silver Exchange operations. DGSE has specialized in buying and selling jewelry for over 40 years, making our expert staff among the best in the business.

About Envela

Envela and its subsidiaries engage in diverse business activities within the recommerce sector. These include recommercializing luxury hard assets, consumer electronics and IT equipment; and end-of-life recycling solutions. Envela assesses its inventory of recommerce purchases for their potential to be refurbished and resold as whole goods, or to be recycled for component parts or precious-metal value. Envela also offers comprehensive recycling solutions for a variety of other companies seeking responsibly to dispose of end-of-life products. Envela operates primarily via two recommerce business segments. Through DGSE, the Company recommercializes luxury hard assets via Dallas Gold and Silver Exchange, and Charleston Gold & Diamond Exchange. Through ECHG, the Company operates Echo Environmental Holdings, ITAD USA Holdings, and Teladvance, which recommercialize primarily consumer electronics and IT equipment, and provide end-of-life recycling services for various companies across many industries. Envela conducts its recommerce operations at retail and wholesale levels, through distributors, resellers, dedicated stores and online. The Company also owns and operates other businesses and brands engaged in a variety of activities, as identified in its Form 10-K. Envela is a Nevada corporation, headquartered in Irving, Texas.

Additional information about Envela is available at its investor-relations site, Envela.com.

Forward-Looking Statements

This press release includes statements that may constitute "forward-looking" statements, including statements regarding potential property acquisitions, future growth, business strategies, and the future success of DGSE. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.

Investor Relations Contact:

Matt Glover and John Yi
Gateway Investor Relations
1-949-574-3860
ELA@gatewayir.com

SOURCE: Envela Corporation

View source version on accesswire.com:
https://www.accesswire.com/645581/Envela-Continues-DGSE-Retail-Expansion-with-Frisco-Location

FAQ

What is Envela Corporation's stock symbol?

Envela Corporation's stock symbol is ELA.

When did Envela announce the acquisition of the Frisco location?

Envela announced the acquisition of the Frisco location on May 11, 2021.

What are the features of the new DGSE store in Frisco?

The new DGSE store in Frisco will offer high-end customer service, a selection of luxury products, and on-site jewelry repair.

Why is Frisco chosen for the new DGSE store?

Frisco is noted as the fastest-growing large city in the U.S. and has a strong growth rate, making it an ideal location for expansion.

What is DGSE's focus in its retail strategy?

DGSE focuses on sustainable, authenticated recommerce of luxury brands and diamonds, bringing transparency to transactions.