Chow Tai Fook’s group revenue increased by 15 per cent on a year-on-year comparison for the quarter ending 30 June. Sales increased by 11 per cent in China and spiked by 45 per cent in Hong Kong and Macau.
Mainland China accounts for more than 80 per cent of the company’s revenue. According to the report, Chow Tai Fook closed more than 250 stores in this region during that period.
“During the quarter, we continued to progress our brand-transformation journey, reinforcing the group’s brand positioning and driving high-quality earnings,” the statement explained.
“We also expanded our luxury-format store network by rolling out four stores in premium shopping malls like Changsha International Finance Square and Deji Plaza in Nanjing, bringing the total number of luxury-format stores in the mainland to 12.
“In addition, we made another significant step in our international expansion with the opening of a luxury-format store at Oakridge Park in Vancouver, Canada, a world-class lifestyle hub.”
Chow Tai Fook recently reported a 5 per cent increase in sales over the past financial year.
Earlier this year, the company launched the Dawn Collection, a signature line featuring distinctive designs and styles. Chow Tai Fook reported strong demand for this release, along with strong sales among fixed-price gold jewellery.
More reading
Jewellery sales rise for Chow Tai Fook
Decline in jewellery sales for Chow Tai Fook
Chow Tai Fook reports strong sales recovery
Asian jewellery retail giant announces plans for Australian expansion
Hong Kong modern values collide with an industry driven by tradition