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Chow Tai Fook Taps into Tokyo Tourism

Mar 15, 2017 5:01 AM   By Rapaport News
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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
Tags: China, Chow Tai Fook, Hong Kong, Japan, Jewelry, mainland china, Rapaport News, retail, tokyo, tourism, Tourist spending
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