Chow Tai Fook reports strong sales recovery

Hong Kong-based jewellery retailer Chow Tai Fook reported higher retail sales in its latest report, indicating a recovery in consumer demand.

Third quarter sales, which ended on 31 December, increased by 18 per cent from the same period last year. Improvement in performance was noted in mainland China, Hong Kong, and Macau.

“During the quarter, we continued to make steady progress in our brand transformation and remained focused on enriching our signature collections,” the company noted.

“We introduced new additions to the CTF Rouge collection to reinforce the collection’s momentum and appeal.”

During the period, Chow Tai Fook closed 228 stores, primarily in mainland China, and opened its first store in Bangkok.

The company recently announced plans to open its first store in Australia and Canada. Sonia Cheng, vice-chairman of Chow Tai Fook, said expanding into new markets was a key focus.

“As we advance our dynamic brand transformation journey, curating exceptional retail experiences in international markets is pivotal in Chow Tai Fook Jewellery’s overseas expansion strategy,” Cheng said.

Retail sales in China improved by 17 per cent, accounting for around 85 per cent of total revenue.