Chow Tai Fook Jewellery Group Ltd (CTF) the Hong Kong-based jewellery retailer, plans to expand its retail network in China by the fiscal year 2025 and also strengthen its digital strategy.
Citing stronger domestic demand and the growth of the country’s retail market, the company aims to have more than 7,000 points of sale (POS) in China over the next four years. As of June 2021, CTF has a total of 4,850 POS and is well poised for accelerated retail expansion and omnichannel integration with its Dual-Force Strategy.
CTF uses smart retail applications in its stores that help enhance customer service and conversion rates, and improve operational efficiency. Smart retail is expected to account for 12 per cent of the overall retail sales value of Chow Tai Fook's China operations by FY2025 from 9.5 per cent in June 2021.
The company expects business in Hong Kong and Macau to stabilise, easing the pandemic situation. CTF plans to focus on countries with higher domestic consumption such as Kuala Lumpur, Malaysia and the Philippines, where it is planning to open new stores.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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