China Resurgence Lifts Chow Tai Fook

By Rapaport News / October 18, 2020 / www.diamonds.net / Article Link

RAPAPORT... Retail sales at Chow Tai Fook grew 2.6% year on year in the second fiscal quarter as a strong recovery in China outweighed continued weakness in Hong Kong.Sales rose 21% on the mainland while slumping 52% in Hong Kong and Macau during the period ending September 30, the jewelry retailer reported Thursday. Same-store sales - at branches open for at least a year - increased 11% in mainland China and slid 53% in Hong Kong and Macau.The coronavirus pandemic has hit Hong Kong's largest jewelry chain mainly in its home city, where a tourism slowdown has ravaged local sales of luxury goods. However, consumers in China have become more focused on domestic spending instead of travel retail, leading to the sales surge."In light of the easing Covid-19 situation in mainland China, business in mainland China showed an encouraging improvement," the company explained."Challenging macros and the closure of key border crossings weighed on the retail demand in Hong Kong and Macau during the quarter."Image: Chow Tai Fook store in Chengdu, China. (Shutterstock)

Recent News

Another 'Bubble Check' for the gold sector

September 08, 2025 / www.canadianminingreport.com

Gold stocks continue to hit new highs

September 08, 2025 / www.canadianminingreport.com

Some mining stocks exposed to Burkina Faso take major hit

September 02, 2025 / www.canadianminingreport.com

Gold stocks again hit new highs

September 02, 2025 / www.canadianminingreport.com

Gold stocks reach new highs on metal price gain

August 25, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok