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Chow Tai Fook Sales Rise Across Greater China
Jul 15, 2021 4:49 AM
By Rapaport News
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RAPAPORT... Chow Tai Fook saw sharp growth in Hong Kong and China in the past three months as both markets showed improvements compared with last year’s slowdown.
Retail sales value across the group jumped 70% year on year for the first fiscal quarter ending June 30, the Hong Kong-based jeweler reported Tuesday. The figure rose 69% in mainland China and 76% in Hong Kong, Macau and other markets.
The company, Asia’s largest jewelry retailer, noted “buoyant consumer sentiment” on the mainland, where demand has rebounded since the widespread shutdowns of early 2020. The region saw a 43% increase in same-store sales, which encompass self-operated shops that were already open as of April 1, 2020.
In Hong Kong and Macau, where the recovery has been slower because of the tourism slowdown, same-store sales skyrocketed 110% “despite major border crossings between mainland China and Hong Kong remain[ing] closed,” Chow Tai Fook commented.
“[Same-store sales] expanded significantly…thanks to…improving local consumer demand and a low base of comparison,” the company added.
Hong Kong — whose luxury sector relies heavily on tourism — has largely brought Covid-19 under control, with hopes that the border with the mainland will reopen soon. Meanwhile, Macau, a tourism and gambling hub, has loosened some of its virus-related border controls, benefiting its retail revenues.
Image: A Chow Tai Fook store in Hong Kong in 2016. (Shutterstock)
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Tags:
asia, China, Chow Tai Fook, Greater China, Hong Kong, Jewelry, macau, mainland china, Rapaport News, retail, tourism
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