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Chow Tai Fook Targets Diamond Sales in the U.S.
Jul 26, 2016 9:43 AM
By Rapaport News
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RAPAPORT... Chow Tai Fook is looking to supply diamonds to U.S. retailers as the jeweler seeks new revenue streams following a sales slump in China and Hong Kong.
The company plans to start the
business-to-business enterprise within a year and has set up a team to conduct
feasibility studies, a spokesperson told Rapaport News.
The venture will see Hong Kong-based Chow Tai Fook sell polished
and rough diamonds to retailers, Bloomberg reported earlier on Tuesday,
citing the jeweler’s managing director, Kent Wong (pictured).
“We are interested in the U.S. market because it has the
largest demand for diamonds in the world. It contributes to 40 percent of
diamonds sales,” Wong was cited as saying in the report.
Chow Tai Fook’s revenue dropped
12 percent in the fiscal year that ended March 31 and profit tumbled 46
percent driven by a downturn in the Chinese economy and a decline in tourist
arrivals in Hong Kong. Retail revenue in Hong Kong and Macau in the first
quarter of the current fiscal year dived
22 percent and same-store sales slumped 17 percent.
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Tags:
Chow Tai Fook, Hong Kong, Kent Wong, Rapaport News, retail, u.s., wholesale
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