Due to the slow market recovery in China, major retailers in Hong Kong like Luk Fook Holdings (International) Ltd and Tse Sui Luen Jewellery (International) Ltd have reported lacklustre profits in the fiscal year 2023.
Tse Sui Luen Jewellery recorded a loss of HK$71.5 million (around $9.12 million) for the year ending March 31, 2023, from a profit of HK$15.5 million (about $2 million) in the previous year.
Meanwhile, Lukfook’s net profit fell 7.7 per cent year on year to HK$1.28 billion (roughly $163.4 million).
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
