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Chow Tai Fook Debuts in the U.S.
Nov 22, 2016 11:50 AM
By Rapaport News
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RAPAPORT... Chow
Tai Fook opened its first branded store in the U.S. with the launch of a shop
inside the Macy’s department store in New York’s Flushing neighborhood.
Spanning
about 500 square feet, the “shop in shop” will introduce a wide range of branded
products from the Hong Kong-based jeweler. These include gem-set jewelry, gold
products and platinum, while its in-house design of 24-karat gold jewelry will
bring a particularly unique offering, Macy’s and Chow Tai Fook noted in a joint
statement.
“We
are extremely delighted to open this new shop as it highlights the first-ever
presence of a Chow Tai Fook branded shop in the U.S.,” said Kent Wong, managing
director of Chow Tai Fook. “Macy’s
excellent retail expertise and extensive network provide us with a desirable
platform to distribute our jewelry collections in the U.S. market, and provide
the customers with diversified products in superlative craftsmanship.”
Chow
Tai Fook acquired the Hearts on Fire brand in 2014 to bring the “American story
to Chinese consumers,” Wong (pictured, right) explained to Rapaport News in a recent
interview. But the company has, until now, limited its branded stores to the
Far East, with 2,190 points of sale in Mainland China, 103 in Hong Kong and
Macau, and 19 in other markets such as Taiwan, Malaysia, Singapore and Korea.
The
company reported November 22 sales and profit continued to plunge in the six
months that ended September 30 due to the economic slowdown in China and as
Chinese tourists no longer visit the traditional destinations such as Hong Kong
and Macau and have instead move to Korea, Japan, Europe and the U.S.
Chow
Tai Fook’s new store follows in the footsteps of a similar move by its rival
Luk Fook, which opened its second U.S. location targeting the burgeoning
Chinese community in Flushing. |
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Tags:
China, Chow Tai Fook, Flushing, macy's, new york, Queens, Rapaport News, retail
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