Retail News CRM

Tag: Chow Tai Fook

  • Chow Tai Fook Jewellery Group, WeChat signed agreement deal

    Chow Tai Fook Jewellery Group, WeChat signed agreement deal

    Chow Tai Fook Jewellery Group has signed a memorandum of understanding with Chinese online platform Tencent to allow jewellery purchases using WeChat Pay. In a move to promote “seamless cross-border intelligent consumption”, the agreement allows Hong Kong WeChat users to use the platform’s digital payment solution to make purchases at specified Chow Tai Fook jewellery stores in Mainland China.

    The group is planning steps to activate WeChat Pay HK within more Chow Tai Fook Jewellery stores in the Greater Bay Area, as well as other cities throughout Mainland China. It is also seeking to extend the payment agreement to its other brands.

    “Striving for innovations and breakthroughs, we are committed to providing seamless and exceptional consumer experience through a wide range of innovative projects,” said Chow Tai Fook executive director Bobby Liu. “The introduction of advanced technology has made the convenience in offering cross-border consumption, online payments and an integrated online-to-offline shopping experience available to customers from Hong Kong.”

    Tencent Financial Technology VP Royal Chen said the collaboration with Chow Tai Fook Jewellery Group will fully make use of the available mobile payment technology.

    “Tencent Technology will vigorously promote cross-border financial cooperation. Leveraging financial and technological advancements, we aim to build a truly integrated service platform for those living in both Hong Kong and Mainland China.”

    Tencent Fin-Tech and Chow Tai Fook will also jointly explore and research proposals for ID verification in order to ease the flow of capital and manpower resources across the border.

    Lees ook:

  • Chow Tai Fook reveals massive China expansion plan

    Chow Tai Fook reveals massive China expansion plan

    Chow Tai Fook opened 233 stores in Mainland China in the first half – and is planning another 400 next financial year. The Hong Kong-listed jeweller is targeting shopping malls for its new stores, and second-tier cities. The latest additions took the company’s global network to 2822, with 2682 of those located on the mainland. By the end of the 2020 financial year, the company will have more than 3000 stores on the mainland alone.

    In Hong Kong and Macau, the network remained stable during the first half, the company closing one store in Hong Kong’s tourist district and opening another in a residential neighbourhood targeting locals.

    The jeweller has reported robust growth of 20 per cent year-on-year backed by the buoyant consumer demand. Same-store sales in Hong Kong and Macau soared 24.4 per cent in what the company described as “stellar” growth, driven by gold products, gem-set jewellery and platinum/karat gold products.

    On the mainland, same-store sales were up 4.9 per cent. Core operating profit rose 24.7 per cent to HK$2.989 billion.

    However the company has warned of a slowdown in sales growth in the second half of the year “as the escalating comparison base, rising US-China trade tensions and foreign exchange fluctuations could cloud the performance”.

    Meanwhile, the company says its new jewellery retail brand Monologue, targeting younger customers, is going well and the T Mark diamond brand achieved a 134 per cent increase in sales in Mainland China and 156 per cent increase in Hong Kong and Macau.

    Lees ook:

    Lees ook:

    Lees ook:

  • Chow Tai Fook sales rises

    Chow Tai Fook sales rises

    Chow Tai Fook sales soared 25 per cent in Hong Kong and Macau in the September quarter.  On the mainland, sales rose by a solid 15 per cent. Same-store sales rose 23 per cent in Hong Kong and Macau and by 6 per cent on the mainland, according to a stock exchange filing by the company.

    But same-store volume growth told a different story: down 2 per cent in Hong Kong and Macau and up 1 per cent on the mainland, reflecting weaker gold prices which correspondingly drove more customers into stores.

    Chow Tai Fook’s sales of gold products grew by 41 per cent in Hong Kong and Macau and by 11 per cent in Mainland China

    Chairman, Dr Henry Kar-Shun, described the Hong Kong and Macau market growth as “impressive” during the quarter, “benefitting from buoyant consumer spending and resilient mainland visitation”.

    He said the same-store sales performance of gold products in both markets was driven by the increase in weight per piece sold. The company’s same-store average sale value on the mainland was HK$4000 compared to $3600 in the preceding quarter, while in Hong Kong and Macau, it rose from $7100 to $8500.

    The average international gold price declined by 5 per cent year on year during the quarter to September 30.

    Chow Tai Fook opened a net 162 points of sale in Mainland China during the quarter, which

    included 158 new Chow Tai Fook Jewellery spaces, three SoInLove spaces and one Chow Tai Fook T Mark space.

    In Hong Kong, Macau and other markets, the group opened one Hearts On Fire space and closed two CTF Watch stores in Hong Kong, and opened one Chow Tai Fook Jewellery space in South Korea. As at September 30 the company had 2822 points of sale globally.

    Lees ook:

    Lees ook:

  • Vera Wang Launched Bridal Jewelry With Chow Tai Fook

    Chinese-American fashion designer Vera Wang and Chow Tai Fook, the jeweller, have collaborated on a fine jewellery collection to launch this week in China. Hong Kong will follow. The Vera Wang Love collection targets modern Chinese brides with a penchant for diamonds, casting pieces in 18K gold and platinum – including engagement rings, wedding bands, and fine fashion items in precious stones. The diamonds used are traceable and nano-inscribed for individual identification.

    Vera Wang said the sophistication, quality, technical capabilities and vast consumer reach of Chow Tai Fook enabled her to create both wedding and fashion signature pieces at the highest quality from the attainable to the most exclusive.

    Kent Wong, Chow Tai Fook’s MD, added: “The intrinsic value of “traceable” marks carried by T Mark diamonds perfectly aligns with Vera’s design philosophy, resulting in beautiful, modern pieces of jewellery.”

    The Vera Wang and Chow Tai Fook collection debuts October 19 at Chow Tai Fook stores in Shanghai, further expanding to Beijing, Chengdu, Hong Kong and other cities later.

    Lees ook:

  • Chow Tai Fook Held Crossover Art Exhibition at NYFW 2018

    Chow Tai Fook Held Crossover Art Exhibition at NYFW 2018

    Chow Tai Fook has mounted a New York – New York art crossover exhibition for New York Fashion Week, taking the company’s brands and Chinese art and design into the international arena.

    Chow Tai Fook unveiled its high-end jewellery brand Hearts On Fire, as well as the latest New York – New York jewellery series in the art-crossover exhibition, created by Chinese students Scynge Xing, Zhang Mengtai, Wu Tianran and Chen Yihan from the top four art schools of the US, Parsons School of Design, Columbia School of the Arts, School of Visual Arts, and NYU Tisch School of the Arts.

    Chow Tai Fook also cooperated with Graduates Art Fair to provide a platform for outstanding Chinese graduates to showcase their talents. Chow Tai Fook selected five young artists – Fu Qiang, Cheng Xiaofang, Zheng Jiahao, Ren Xiaofang, Ma Shaoning – from China’s top eight art schools to display their works at the exhibition.

    Ma Yanli, Lan Xi, Jiang Zixin, Zhang He, Qiao Dawei and Tan’ai attended the event as charity ambassadors to show their support.

    Chow Tai Fook says the New York – New York Art Crossover Exhibition is dedicated to promoting the development of Chinese art design, providing young artists with a platform to show their talents and using the brands’ influence to help more artists realise their dreams.

    After debuting at New York Fashion Week Preferred Show Pier 59 Studio on Sunday, Chow Tai Fook’s New York, New York jewellery series is on pre-sale at major e-commerce platforms in China and North America, including Amazon, JD, Suning, Tmall and Chow Tai Fook’s own site.

    Lees ook:

  • HK’s Chow Tai Fook FY profit soars 34 pct, in line with forecast

    HK’s Chow Tai Fook FY profit soars 34 pct, in line with forecast

    Chow Tai Fook Jewellery Group Ltd, China’s largest jeweller by market value, on Thursday reported a 34 percent rise in full-year net profit, buoyed by improving consumer sentiment and an uptick in mainland tourists arrivals.

    Net profit rose to HK$4.10 billion ($521.98 million) for the year ended in March from HK$3.06 billion a year earlier. It was its highest yearly profit in three years. That compared with a HK$4.25 billion forecast by SmartEstimate.

    Revenue for the 12-month period rose 15.4 percent to HK$59.16 billion from HK$51.25 billion in the same period a year earlier.

    Same-store sales of its jewellery business in mainland China rose 8 percent for the year, while that in Hong Kong and Macau climbed 10.2 percent.

    Lees ook:

  • Flont and Adrian Cheng to launch Asia’s jewellery rental service

    Flont and Adrian Cheng to launch Asia’s jewellery rental service

    Chow Tai Fook has partnered with Flont and Adrian Cheng’s venture capital firm C Ventures to launch a jewellery rental service in Asia.

    Flont, which touts itself as the pioneer of the ‘Jewellery as a Service’ concept, describes the deal as a “massive expansion” of its jewellery-sharing platform creating an “unparalleled luxury network” across Asia, including 2500 Chow Tai Fook stores and Cheng’s growing network of K11 art malls.

    Flont, headquartered in New York, enables consumers to discover and wear high-end jewellery they may not be able to afford to buy. Its sharing model targets millennials and Gen Zers, and has been likened to the Uber or Airbnb concepts merged with e-commerce. Consumers can borrow, experience and even buy fine jewellery, with insurance and shipping included, through rental or membership subscription services.

    Cheng, who is executive director of Chow Tai Fook, orchestrated the partnership through C Ventures, which he co-founded with Clive Ng. Besides the retail and mall networks, Flont gains a gateway to more than 9 million VIP members of the Chow Tai Fook and K11 organisations.

    Flont will open a standalone lounge in Hong Kong’s in Victoria Dockside, where customers can view new pieces added to the catalogue, return rented pieces or exchange them for new ones.

    “In our first year, Flont surpassed 10,000 members in the US, by forging meaningful partnerships with brands and businesses in the fashion, beauty, travel and retail industries,” said Cormac Kinney, founder and CEO.

    He describes C Ventures and Chow Tai Fook as the best-possible partners in the region. “Their consumer relationships, retail network, logistics and luxury heritage, will enable Flont to grow rapidly, and provide exceptional service.”

    Cheng says Flont’s jewellery-as-a-service offer has “amazing potential in China and the rest of Asia, where luxury rental is still at its infancy”.

    Through Chow Tai Fook, Flont will gain rapid access to consumers in China, Hong Kong, Macau, Singapore and Taiwan.

    Lees ook:

    Lees ook:

    Lees ook:

  • Online boost for Chow Tai Fook Jewellery

    Online boost for Chow Tai Fook Jewellery

    Chow Tai Fook Jewellery Group’s fourth quarter saw e-commerce business soar in Mainland China.

    Retail sales value grew at the rate of 38 per cent year-on-year accompanied by a volume boost of 34 per cent.

    During the three months to the end of March, the percentage of retail sales value settled by Alipay, China UnionPay, WeChat Pay or RMB in the Hong Kong and Macau market – a proxy for sales contribution from mainland tourists – improved to 51 per cent from 44 per cent for the same period last year.

    Both the value of retail sales and same-store sales continued to improve in both the Mainland China and Hong Kong/Macau markets. Hong Kong/Macau had relatively stronger growth during the quarter thanks to improved consumer sentiment and a revival of visitor numbers from the mainland.

    In Mainland China, same-store sales of gem-set jewellery declined while retail sales value stayed positive. The same-store average selling price improved to HK$7100 (US$905) from $6500 a year earlier.

    In Hong Kong/Macau, both volume and average selling price at same-store level increased during the quarter. There was double-digit growth in same-store volume while the average selling price improved to H$13,000 from $12,400.

    An increase in volume drove same-store sales performance of gold products in both markets. The average selling price improved with an increased gold price (up an average 9 per cent) and higher-value purchases.

    The same-store average selling price was $4400, up from $3900, in China while the figure for Hong Kong/Macau rose to $7900 from $7000.

    Chow Tai Fook ended the quarter with 20 more points of sale. This included 17 outlets opening in China, one in Hong Kong/Macau, one in Taiwan and two in Korea. One point of sale closed in the US, taking to total of outlets to 2585.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • Nike is world’s most valuable apparel brand, says Brand Finance Top 50

    Nike is world’s most valuable apparel brand, says Brand Finance Top 50

    Despite losing popularity with American teenagers and a drop in brand value of 41 per cent, Nike is still way out in front in the Brand Finance Top 50 list of the most valuable apparel brands in the world.

    In the list, just been release by the independent brand valuation and strategy consultancy, Nike’s main competitor Adidas was fourth behind H&M and Zara with an increase in brand value of 41 per cent.

    In the realm of luxury brands, Hermes overtook Louis Vuitton, jumping two spots from 7th to 5th from last year. Luxury brands including Cartier, Gucci, Hermes and LV had strong growth in value as more consumers in emerging markets buy into the market.

    Japan’s Uniqlo was the only Asian brand in the top 10, with Hong Kong jeweller Chow Tai Fook and China’s Anta Sports taking up the 13th and 33rd spots respectively.

    These are the top 50 most-valuable apparel brands in the world this year:

      1. Nike (brand value, US$2.8 billion)
      2. H&M ($1.8 billion)
      3. Zara ($1.7 billion)
      4. Adidas ($1.4 billion)
      5. Hermes ($11.3 billion)
      6. Louis Vuitton ($10.4 billion)
      7. Cartier ($9.8 billion)
      8. Gucci ($8.5 billion
      9. Uniqlo ($8 billion)
      10. Rolex ($6.3 billion)
      11. Coach ($6.1 billion); 12. Victoria’s Secret ($6.1 billion); 13. Chow Tai Fook ($5 billion); 14. Tiffany & Co ($4.6 billion); 15. Burberry ($4.5 billion);16. Christian Dior ($4 billion); 17. Polo Ralph Lauren ($4 billion); 18. Prada ($3.8 billion); 19. Under Armour ($3.7 billion); 20. Armani ($3.5 billion)
      12. Puma ($3.3 billion); 22. Ray-Ban ($3.2 billion); 23. Omega ($3.1 billion); 24. The North Face ($3.1 billion); 25. Pandora ($3 billion); 26. Michael Kors ($2.7 billion); 27. Tommy Hilfiger ($2.6 billion); 28. Anta ($2.6 billion); 29. Old Navy ($2.3 billion); 30. Bulgari ($2.2 billion)
      13. Bershka ($2.2 billion); 32. Calvin Klein ($2.2 billion); 33. Levi’s ($2.2 billion); 34. Primark/Penneys ($2.1 billion); 35. Moncler ($2 billion); 36. Boss ($2 billion) 37. Gap ($2 billion); 38. Ferragamo ($1.9 billion); 39. Saint Laurent ($1.8 billion); 40. Bottega Veneta ($1.8 billion)
      14. Valentino ($1.8 billion); 42. Skechers ($1.6 billion); 43. Swatch ($1.6 billion); 44. Tag Heuer ($1.5 billion); 45. Timberland ($1.4 billion); 46. Massimo Dutti ($1.3 billion); 47. Reebok ($1.3 billion); 48. Woolworths ($1.2 billion); 49. Stradivarius ($1.2 billion); 50. Pull and Bear ($1.2 billion).
    Lees ook:

  • Chow Tai Fook quarterly retail sales flat

    Chow Tai Fook quarterly retail sales flat

    Chow Tai Fook Jewellery Group (1929) said retail sales in Hong Kong and Macau in the third quarter ended December 31, remained unchanged from the same period the year before.

    Same store sales grew by 5 percent. Gem-set jewelry sales were up by 22 percent, while gold products sales slipped by 1 percent in the third quarter. In Hong Kong and Macau, same store sales improved as a result of an increase in volume and average sale price to HK$11,800, the jewelry retailer reported today in an update.

    Lees ook:

    Lees ook:

  • Chow Tai Fook sales is blooming

    Chow Tai Fook sales is blooming

    Growth momentum has continued for Chow Tai Fook sales as the group looks at further expansion in China.

    Revenue contribution from Mainland China has increased steadily over the past few years,
    and contributed more than 60 per cent of group revenue in the half-year to the end of September.

    China delivered 16.3 per cent growth while Hong Kong, Macau and other markets grew by 13.1 per cent.

    With improving consumer sentiment plus rising opportunities from the development of shopping malls, the company plans to expand its retail network on the mainland in the second half. With 11 point-of-sale openings, it had 2358 outlets at the end of September, including 95 outlets in Hong Kong and Macau, where 10 stores were closed during the six months, mainly in tourism areas, and two new ones opened in Tsuen Wan and Yuen Long.

    Chow Tai Fook plans to close more stores in tourist areas and open in selected residential neighbourhoods.

    Lees ook:

    Lees ook:

    Lees ook:

  • Topshop Hong Kong saves money in rent

    Topshop Hong Kong saves money in rent

    Renewing the lease for its Queen’s Road shop in Central, fashion brand Topshop Hong Kong has halved the rent.

    It now has a rate of HK$1.5 million (US$192,000) a month for its 12,000sqft (1100sqm) store on one of Hong Kong’s busiest shopping streets, reports Asia real-estate intelligence group Mingtiandi.

    The new deal gives the UK-based retailer of youth-oriented apparel and accessories another three years in the podium of the Asia Standard Tower for around $125 a square foot per month. Topshop had balked at the $3 million it had been paying for the space since signing its previous lease in 2013, the Hong Kong Economic Times reports.

    The cut-rate deal is the latest sign of an adjustment in Hong Kong’s retail real-estate scene as landlords scramble to deal with fashion brands and luxury retailers scaling back their footprints in the face of declining sales and recalibrated expectations, says Mingtiandi.

    It represents a return to leasing rates seen before a surge of demand from fashion brands prompted a rents rise several years ago. Topshop moved into its Queen’s Road space in 2013 after agreeing to double the amount former tenant Chinese Arts and Crafts had been paying for the street corner.

    Swatch last month took over two underground shops in the Central Building on Pedder Street for about $350 a square foot per month, after Hugo Boss moved out midway through its lease. Signing its lease in 2014, Hugo Boss had been paying more than double the rate that Swatch negotiated.

    At the end of its lease, jewellery retailer Chow Tai Fook walked away from the underground shop for which it had been paying $3 million a month in Nathan Road, Mongkok. The landlord has been looking for a tenant to take over the space at $1.5 million a month, says Mingtiandi.

    In Causeway Bay, Prince Jewellery and Watch is reported to have renewed its lease of a six-storey, 7300sqft shop on Russell Street for $1.8 million a month, about 38 per cent less than it had been paying since 2013.

    Lees ook:

  • E-commerce booms in China for Chow Tai Fook

    E-commerce booms in China for Chow Tai Fook

    Chow Tai Fook Jewellery Group’s e-commerce sales in Mainland China grew 140 per cent year-on-year in the first quarter to June 30. Volume surged 125 per cent.

    Retail sales value growth overall for China came in a 17 per cent, compared to 7 per cent for Hong Kong/Macau, unaudited figures show.

    Same-store-sales growth for China was 11 per cent, with zero growth in sales volume, a 3 per cent rise in gemset jewellery sales and 16 per cent for gold products.

    For Hong Kong/Macau, same-store sales grew 5 per cent, with volume growth up 7 per cent, a 4 per cent fall in gemset jewellery sales and a  per cent increase in the sale of gold products.

    Both retail  sales value and same-store-sales performance improved for the quarter in the two markets.

    An increase in average selling price (ASP) helped boost the same-store sales of gold products in both markets. In China, the same-store ASP was HK$3600 (US$461), compared to $3000 in the first quarter, while for Hong Kong/Macau the figure was $7100 compared to $6800.

    Chow Tai Fook says the increase was primarily because of gold product sales having a higher average weight while the average international gold price stayed flat.

    Driven by an increase in both volume and ASP, same-store sales of gemset jewellery in China improved during the quarter. The decline in same-store sales of gemset jewellery in Hong Kong/Macau narrowed to a single digit, as volume resumed double-digit growth.

    Same-store ASP was $6100, up from $6000 in the first quarter, for China, and $10,800 for Hong Kong/Macau, down from $12,900.

    During the latest quarter, the group added 28 points of sale. This included 29 in China, two in Japan and one in the US, with four outlets being closed in Hong Kong. This gave the group a total 2409 points of sale as at the end of June.

    Lees ook:

    Lees ook:

  • Chow Tai Fook to build membership management JV in China

    Chow Tai Fook to build membership management JV in China

    Chow Tai Fook‘s indirect wholly-owned subsidiary Solomon has signed a joint venture agreement with Golden, Edge, and Group Program Limited, aiming to develop and operate the group’s membership program in mainland China and Hong Kong.

    Solomon and Golden will each own a 40% stake in the new joint venture, while Edge will own the remaining 20%.

    Solomon will provide HKD40 million via share subscription and shareholder loan to the joint venture as initial capital. The initial capital will be used for information technology infrastructure development, marketing, and operation.

    Chow Tai Fook said the group will benefit from the joint venture. Its directors believe the group will be able to access more potential customers covered by its cooperating partners. Moreover, the group can use its loyalty marketing plan to explore the potential values of its members in China and promote cross-sales among cooperating partners to improve the sales of the group.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • Chow Tai Fook announces cooperation with DFS Group

    Chow Tai Fook announces cooperation with DFS Group

    Chinese jewelry retailer Chow Tai Fook announced a cooperation agreement with DFS Group, an American luxury retailer catering to the traveling public.

    Under the agreement, Chow Tai Fook will open a store at DFS’ T Galleria Hawaii in May 2017. This is reportedly Chow Tai Fook’s second store in America. In November 2016, Chow Tai Fook launched its first U.S. store at Macy’s in Flushing, New York.

    The new store in Hawaii will offer jewelry inlaid accessories, gold products, platinum accessories, and K-gold accessories. In addition, it will provide Chow Tai Fook’s Hearts On Fire diamond accessories and wedding jewelry.

    Chow Tai Fook has been accelerating its expansion in the overseas markets. From March 2013 to March 2014, the company only had ten retail sites outside mainland China, Hong Kong and Macau. By September 2016, the number increased to 19.

    However, compared with its total 2,326 retail points, including 2,070 in mainland China, Chow Tai Fook still needs to enhance its overseas distribution.

    Lees ook:

    Lees ook: