Chow Tai Fook, the leading jewellery retailer in Mainland China, announced its financial results for the six months ended 30 September 2023.
The company reported a 6.4% y-o-y increase in revenue and profit increase by 37.7%.
As at 30 September 2023, the company had a total of 7,458 Chow Tai Fook Jewellery points of sale in Mainland China. The company focused on enhancing store productivity and customer experience by leveraging on its existing retail network, unveiling of new designs for the HUÁ Collection, and the launch of the first-ever 360-degree global marketing campaign in 1HFY2024.
The company expressed confidence in the Mainland China jewellery market, citing the steady recovery of China's economy in 2023. The company reported a significant boost in store traffic and business recovery in various regions, due to the return of Mainland tourists. Also, Hong Kong and Macau experienced a rapid acceleration as popular destinations to Chinese tourists. Business recovery in ASEAN also gained strong traction, supported by both domestic consumption and tourist expenditure.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
