Hong Kong-based Tse Sui Luen Jewellery (International) Limited (TSL) is one of the largest jewellers in Asia, engaged in jewellery design, manufacturing, trading, retailing and wholesaling.
TSL's jewellery sales in China returned to near pre-pandemic levels and have gradually regained growth momentum because China was one of the first to recover from the pandemic. According to TSL, by mid-2020 China was able to reopen most businesses, including the jewellery sector.
The company’s turnover of its self-operated stores in China during the fiscal year rose 3.9 per cent y-on-y while same-store sales grew 13.3 per cent. However, Hong Kong and Macau saw a decline of 50.2 per cent due to the same-store sales receding by 39 per cent.
TSL revealed that such encouraging sales rebound partly offset the group’s loss during the year. The group intends to grasp this opportunity arising from the increasing spending power of the younger generation to rejuvenate its business presence among first- and second-tier cities in China.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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