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Chow Tai Fook Taps into Tokyo Tourism
Mar 15, 2017 5:01 AM
By Rapaport News
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RAPAPORT... Chow Tai Fook will open its first branded store in Japan in
an effort to reap the benefits of increased spending by Chinese tourists there.
The Hong Kong-based jeweler will launch an outlet inside one
of 40 stores operated by Japanese tax-free retailer Laox. The debut store will
be located in Laox WATCH, a specialty timepiece shop in the Shinjuku
neighborhood of central Tokyo, Chow Tai Fook said Tuesday.
A drop in the value of the yen has made Japan a more
attractive destination for Chinese tourists, who have been heading there in increasing
numbers. Visitors to Japan from China jumped 28 percent to 6.4 million in 2016,
according to data from the Japan National Tourism Organization.
“Seeking to tap into the growing demand for leisure spending
of Chinese, we are thrilled to partner with Laox to provide our customers in
Japan with high-quality products [of] superlative craftsmanship,” said Kent
Wong, managing director of Chow Tai Fook.
Japan’s increased appeal to Chinese tourists represents a
shift away from Hong Kong as a tourist destination, partly due to the
strengthening of the local dollar, which is tied to its U.S. counterpart.
Figures from the Hong Kong Tourism Board showed that arrivals from mainland
China declined 7 percent to 42.8 million last year – a drop that has dented
jewelry sales at Chow Tai Fook and its peers.
Chow Tai Fook’s Tokyo launch is also a move to seek gains
from a buoyant domestic market, according to Luo Yiwen, president and
representative director of Laox.
“We have noticed a high demand for jewelry in Japan, as an
increasing number of ladies enjoy wearing it as a fashion item,” he said. “We
aspire to create a new market for it in the future.”
Image copyright Moyan Brenn |
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Tags:
China, Chow Tai Fook, Hong Kong, Japan, Jewelry, mainland china, Rapaport News, retail, tokyo, tourism, Tourist spending
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