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Tag: jeweler

  • Luk Fook warns of heavy sales decline in June

    Luk Fook warns of heavy sales decline in June

    Jeweler Luk Fook Holdings has warned shareholders of a “substantial decline” in both sales and profit for the June quarter. Revenue for the Hong Kong-headquartered company was down 60 percent year on year for the three months, with profit down by around 80 per cent.

    However, CEO Wai Sheung Wong said there are signs of improvement since June in Mainland China, if not at home.

    “The overall same-store sales of all shops including self-operated and licensed shops in Mainland China in July improved progressively with narrowed decline as compared to the low double-digit drop in June.”

    In Hong Kong and Macau however, July sales were affected by the unstable outbreak, the decline widening from June’s 60-per-cent drop.

    “Therefore, the group’s overall trend of revenue and profit for the period from July to Sep

  • Chow Tai Fook finds sales respite as Mainland China gets back to business

    Chow Tai Fook finds sales respite as Mainland China gets back to business

    Hong Kong jeweler Chow Tai Fook says the reopening of retail stores in Mainland China eased the company’s sales decline in the June quarter.

    But the lack of tourists in Hong Kong and Macau decimated sales there.

    Same-store sales were down by 93.2 percent in Macau and 72.5 percent in Hong Kong. However, an “encouraging sequential improvement” saw the decline on the mainland capped at 11.2 percent.

    The group added a net 49 stores in Mainland China during the quarter, comprising 45 stores carrying its namesake brand, three So In Love stores and four Monologue shops. A net one each of T Mark, CTF Watch and Enzo stores closed. The company closed three stores in Hong Kong during the quarter.

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  • Luk Fook sales down as Covid-19 throttles tourism

    Luk Fook sales down as Covid-19 throttles tourism

    Hong Kong-listed jeweler Luk Fook says its March-quarter same-store sales plunged 57 percent as the Covid-19 outbreak saw the mainland border closed and tourist numbers fall to almost zero.

    Sales of gem-set jewelry were down by 64 percent year on year, and of gold (by weight) by 58 percent.

    The sales decline was worst in Hong Kong and Macau, falling by 60 percent overall due to Macau stores being closed for most of February and March, and low footfall in Hong Kong. The only positive note was that the gold price rose by about 20 percent during the quarter which boosted the average selling price of gem-set jewelry by a similar amount.

    Sales at self-operated stores on the mainland were down by 41 percent and of licensed stores by 32 percent. Most of Luk Fook’s stores on the mainland were closed for the entire month of February and while most reopened in March, the company said foot traffic “largely declined”.

    During the March quarter, Luk Fook permanently closed two stores in Hong Kong and one in Macau. On the mainland it opened a net 26 new stores taking its network to 2046.

    “Given most of the new shops were opened before the outbreak, the expansion plan for FY2020 therefore has not been seriously affected,” the company said in a stock-exchange filing.

    “The net shop addition for the full year was 287 shops, slightly below the target of 300 shops. With the gradual recovery of industrial, consumption and investment activities in Mainland China, the group’s business [on the mainland] improved progressively in the first two weeks of April, while the business in Hong Kong and Macau has not shown obvious signs of recovery due to substantial decline in the number of visitors as compared with the same period last year.”

    To reduce costs during the ongoing pandemic, Luk Fook has adopted a policy of natural turnover and unpaid leave measures for staff to cut labor costs, and negotiated rent relief with landlords. A reduced inventory has left the company in a strong cash position.

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  • Tse Sui Luen ready to take hefty loss

    Tse Sui Luen ready to take hefty loss

    Jeweler Tse Sui Luen is projecting a loss of HKD 80 million (US$10.3 million) for the year to March – a stark reversal from last year’s net profit of HK$54 million ($6.96 million.

    In a profit warning issued to the Hong Kong stock exchange, the company said its estimate was based on a review of the accounts for the first 11 months of the financial year, and other information available.

    Sales in February fell by 88 percent as Hong Kong’s borders all but shut, and without the benefit of Lunar New Year turnover, which last year largely fell in February.

    “Such expected loss is mainly attributable to the sluggish retail sales since July,” the company’s chairman Annie Yau On Yee said.

    “The coronavirus outbreak in January 2020 has taken a heavy toll on the retail industry, dealing a severe blow to the Hong Kong and Mainland China economies already hampered by the prolonged local social unrest in Hong Kong and escalated US-Sino trade tensions.”

    Yau said Tse Sui Luen was mitigating the economic fallout from the social unrest in Hong Kong and the global coronavirus epidemic, with measures such as negotiating rent relief with landlords, which “have helped improve the group’s cost-effectiveness to a large extent”.

    “We have also streamlined our business operation to minimize all costs and expenses, and are restructuring our retail store network including store closures for maintaining profit contribution at a sustainable level,” she said.

    “The board believes that we are well-positioned to weather the current unfavorable environment.”

    Full-year results are scheduled for release in late June.

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  • India’s Tanishq brings its first Augmented Reality experience for its customers

    India’s Tanishq brings its first Augmented Reality experience for its customers

    From social media filters, to reshape the concept of traditional retail, Augmented Reality (AR) is rapidly growing in popularity because it brings elements of the virtual world, into the reality, thus enhancing the things we see, hear, and feel. AR has made retail engagement all the more experiential, fascinating and personal and it’s often considered to be in the middle of a mixed reality spectrum; between the real world and the virtual world.

    Tanishq has taken one step further to be more accessible to its customers by launching into the Augmented Reality experience at the Bangalore and Delhi airports. For the first time in India, a jewellery brand is doing an Augmented Reality/ hybrid reality (combination of physical space Augmented Reality) campaign at an airport to engage with a large audience at a completely new level. Tanishq is leaving no stone unturned to keep their customers happy by adopting innovative ways to display their product range.

    With this technological advancement, customers will have the option of ‘Try and Buy’; trying out the jewellery virtually looking at the AR screen. Customers can benefit from this advanced jewellery experience for a month starting from February 06, 2019 at Delhi airport and February 08, 2019 at Bangalore airport.

    Tanishq is implementing MirrAR, an Augmented Reality software platform in collaboration with StyleDotMe, a startup focused in innovative application of Augmented Reality (AR) and Artificial Intelligence (AI) for providing the next generation experience to consumers who are interested in the Gems and Jewellery industry. Using the platform users can virtually try on the jewellery in real time, without actually having to wear them.

    Sharing her thoughts on the launch of AR experience, Deepika Tewari, Associate Vice President, Marketing, Jewellery Division at Titan Company Limited said, “Tanishq has always aimed at providing the best for our customers and this fascinating initiative is one such approach in achieving the objective. Consumers have the option of browsing through multiple jewellery pieces virtually with just one click. The real-time customer experience will definitely strengthen the retail connection between the brand and our esteemed consumers; a transformative step on how India will shop and purchase jewellery in the near future.”

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  • The largest jewellery marketplace in the world opens in Hong Kong

    The largest jewellery marketplace in the world opens in Hong Kong

    Two major jewellery shows organised by the Hong Kong Trade Development Council (HKTDC) will open next week. The sixth HKTDC Hong Kong International Diamond, Gem & Pearl Show, which showcases jewellery raw materials, will take place at AsiaWorld-Expo from 26 Feb to 2 March, while the 36th HKTDC Hong Kong International Jewellery Show, which specialises in finished fine jewellery, will be held at the Hong Kong Convention and Exhibition Centre (HKCEC) in Wan Chai from 28 Feb to 4 March.

    This year, the two shows will feature a record of more than 4,600 exhibitors from 48 countries and regions, once again forming the world’s largest jewellery marketplace.

    Jewellery exports grow 13.3% in 2018, but challenging year ahead
    HKTDC Acting Executive Director Benjamin Chau said: “Though the Sino-US trade conflict has been looming large over all sectors and industries, Hong Kong exports of fine jewellery showed healthy growth of 13.3% year on year to reach HK$57 billion in 2018. Exports to the United States, Hong Kong’s largest jewellery export market, were particularly robust, growing by 18.1%.” However, Mr Chau pointed out that the single-month figure for December showed the total value of fine jewellery exports falling 12% year on year, indicating that the impact of the Sino-US trade conflict on exports is beginning to be felt. Compounded by other unfavourable factors such as escalating geopolitical conflicts, Mr Chau reminded businesses to be ready for a potential slowdown in global economic growth in 2019.

    Buying missions organised to help address economic uncertainty

    Mr Chau added that economic uncertainties led to the total value of Hong Kong’s exports of jewellery raw materials, including pearls, gems and semi-gems, declining by 17.6% in 2018, although there was still satisfactory growth in some major markets, including Mainland China (+8%), Belgium (+19.2%) and Israel (+24.4%). “To help the industry grasp more business opportunities, the HKTDC will organise 120 buying missions, comprising more than 8,200 companies from 75 countries and regions, to visit the shows this year,” Mr Chau explained. “These companies will consist of department stores, speciality shops, chain stores and online stores, with 700 coming from the US and 5,700 companies visiting from emerging markets. This will help the industry expand into emerging markets to deal with the unstable global economy.”

    Worldwide support from industry bodies and jewellery associations

    The two shows continue to receive support from industry organisations and jewellery associations from around the world. A total of 38 pavilions, including those from Australia, Mainland China, France, Germany, Italy, Myanmar, India and the US, will set up group pavilions at the shows. Various jewellery organisations will continue to set up their own pavilions, including ACODES from Colombia, the Antwerp World Diamond Centre, International Coloured Gems Association, Israel Diamond Institute, New York Diamond Dealers Club, Tanzanite Foundation and the Gem & Jewellery Trade Association of Thailand, among others.

    The Avenue of Jewellery Creators will be set up at the Jewellery Show by the Asia Pacific Creator Association for the first time, introducing jewellery designs created by Hong Kong and mainland designers. Also new at the Jewellery Show are pavilions from Mexico and Indonesia, while groups from Donghai in Jiangsu province and Dongguan in Guangdong province will debut as exhibitors. The Diamond, Gem & Pearl Show will welcome the participation of the Australian Opal Association and the Beihai Bureau of Commerce from the mainland for the first time, broadening the show’s international outlook.

    Japan as first-time partner country to showcase rare pearls

    With support from the Japan External Trade Organisation and the Consulate-General of Japan in Hong Kong, the HKTDC is collaborating with the Japan Pearl Exporters’ Association and the Japan Pearl Promotion Society to invite Japan as this year’s partner country for the first time. A Japan Pearl Jewellery Pavilion and a Japan Pearl Pavilion will be set up at the Jewellery Show and the Diamond, Gem & Pearl Show respectively, featuring some 130 exhibitors. The two major Japanese pearl organisations will also host a media event on the first day of the Jewellery Show (28 Feb) to introduce exquisite pearl jewellery from Japan.

    Diamond, Gem & Pearl Show runs from 26 February to 2 March

    This is the sixth straight year that the HKTDC has run the two shows in parallel in separate venues. The Diamond, Gem & Pearl Show, which specialises in the raw materials used in the jewellery industry, will be held at AsiaWorld-Expo. The show is organised into different themed zones, including the Hall of Fine Diamonds, which showcases prime quality diamonds of different shapes, cuts, grades and rare colours. The Treasures of Nature zone displays various glittering precious gemstones, semi-precious gems and other natural raw materials, while the Treasures of Ocean zone houses the highest quality pearls from Tahiti, the South Seas and other pearl-producing areas around the world.

    Among the impressively large number of special exhibits on display are:

    Hong Kong company Novel Collection Ltd (Booth No: AWE 2-Q01) will feature a pear-shaped, pink-coloured 5.01-carat diamond with unique cutting valued at HK$46.8 million.

    Swiss exhibitor Theilkas GmbH (Booth No: AWE 1-A05) will present pearls from Caribbean queen conches. Characterised by a unique flame effect, pink conch pearls are one of the world’s most precious pearl types.

    Shaun Gems International (Booth No: AWE 1-A16) from the United States will display a matched pair of natural sapphires of vivid blue colour, weighing a total of 27.76 carats and valued at more than HK$3 million.

    Jewellery Show runs from 28 Feb to 4 March

    The Jewellery Show, which opens on Thursday (28 Feb), will feature a wide array of finished jewellery and exquisite craftsmanship. A total of 38 renowned jewellery brands will converge at the Hall of Fame to showcase their collections. Returning brand names include Lao Feng Xiang from the mainland, Japan’s Kuwayama and Italy’s Giorgio Visconti, while new exhibitors include Hong Kong’s Asia Star, Japan’s Kawamura, Russia’s Kabarovsky and the UK’s JT Jewellery Theatre.

    The Hall of Extraordinary will display skillfully crafted, valuable and unique jewellery pieces from some 100 companies, including:

    Hong Kong’s Jadmily Jewelery (Booth No: CEC GH-B05) will feature a jade necklace valued at HK$64 million. The oval centre stone of the necklace is a jadeite cabochon extracted from a top-tier ancient mine in Myanmar. The warm, smooth touch of elegance is illuminated with dazzling diamonds. The centre stone weighs 51.48g.

    Foo Hang Jewellery of Hong Kong (Booth No: CEC GH-D16) will showcase a diamond jewellery set worth more than HK$13 million. The centrepiece of the set is a marquise shaped diamond of 10.04 carats valued at over HK$8 million. The rare marquise cut is testament to the superb craftsmanship that makes the diamond even more dazzling.

    One of the exhibits of Hong Kong company Belford Jewellery (Booth No: CEC CH-L01) is its “Lava Collection”. One of the jewellery pieces in this collection is an orange-red Mexican fire opal that is uniquely set against a number of coloured diamonds to imitate flowing lava. The piece is valued at HK$345,000.

    Another Hong Kong company, Famous Group Ltd (Booth No: CEC GH-G05), will display a sapphire diamond set valued at over HK$10 million. The sapphire stones, with a total weight of more than 180 carats, are adorned with 128 carats of diamonds to bring out the elegance.

    The IT Solutions for Jewellery zone that debuted last year will return to help buyers boost their competitiveness by tapping into the latest technologies for use in the designing, manufacturing, quality monitoring and selling of jewellery. The new Amber Jewellery zone is introduced to address the growing market demand, while other themed zones include Antique & Vintage Jewellery Galleria, Designer Galleria, Hall of Jade Jewellery, Treasures of Craftsmanship, Hall of Time, Wedding Bijoux and World of Glamour. In the Hall 3E entrance of the Jewellery Show, supported by Chow Tai Fook Jewellery Group, the “ARTRIUM” will showcase the company’s unique collection of precious jewellery.

    Networking activities to facilitate business exchange

    A host of activities and events, including jewellery parades, networking sessions, buyer/exhibitor forums and seminars, will be held during the shows to facilitate business exchange. One key event is the cocktail reception and Jewellery Gala Dinner held on the first day of the Jewellery Show (28 Feb). The theme for the gala dinner will be “Dionysus”, after the Greek god of wine, with a menu personally prepared by Edward Voon, Executive Chef of French restaurant LE PAN. The dinner will be attended by actresses Carat Cheung and Toby Chan. The award presentation ceremony for the biennial International Jewellery Design Excellence Award − often referred to as the “Oscars of the jewellery industry” − will be held during the cocktail reception, with the “Champion of the Champions” being announced.

    During the show period, the HKTDC will stage demonstrations of jewellery craftsmanship and themed seminars to update industry players on the latest market trends, production technologies and product styles. For example, experts from the Gemological Institute of America (GIA) will conduct a seminar on “Fancy-coloured Melee Diamonds and their Identification” (26 Feb). The HKTDC will also hold a jewellery industry forum on 1 March covering topics such as the forecasting of jewellery trends, how jewellery design software will revolutionise the design of jewellery products, and insights into the impact of 4K 3D printing technologies and mobile commerce, with a representative from Tencent explaining how artificial intelligence and big data can be used to increase sales. Other seminar topics include the latest developments in the internationalisation of the Fei Cui standard (2 March), observations on sapphires from Mogok, Myanmar (3 March), and gemology studies and market analysis of Myanmar rubies (3 March). Details can be found on the show websites.

    In addition, to identify design talents for the industry and demonstrate the high calibre of Hong Kong jewellery designers to international buyers, the HKTDC has joined hands with four local jewellery industry bodies to organise the 20th Hong Kong Jewellery Design Competition. The theme of the competition this year is “Be Connected, Be United”, attracting around 200 quality entries. The finalists’ designs will be on display in the Hall 1D lobby of the HKCEC during the show period.

    To make it convenient for buyers to visit both shows, a complimentary shuttle bus service will be provided by the HKTDC between AsiaWorld-Expo and downtown (including the HKCEC in Wan Chai). Please visit the show websites for details.

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  • CaratLane: 10 years of transforming jewellery in India

    CaratLane: 10 years of transforming jewellery in India

    When Mithun Sacheti founded CaratLane 10 years ago, e-commerce was at its infancy in India and no one could have imagined that Indian consumers would be ready to buy jewellery online. CaratLane was founded with a mission to democratise jewellery – to make beautiful jewellery accessible and affordable and with designs that are modern and wearable. A refreshing and courageous objective at the time, especially since the avenues for an online business weren’t as wide open then as they are today.

    CaratLane hasn’t looked back since then. It has grown from being one of India’s first online jewellery brands to being one of India’s largest new age jewellery brands now with 50 stores across the country.

    On the special occasion of CaratLane’s 10th birthday, Mithun said “The world has indeed changed in the past ten years. And while e-commerce has now become widely accepted in India, it has taken steady and sustained focus to democratise jewellery-buying online. From a website for easy shopping to allowing women to explore jewellery through apps to discovering interactive mirrors and providing a no-barrier access to precious jewellery in stores, CaratLane has transformed jewellery-buying in India.”

    “Our strong online footprint is now complemented by our growing store presence. With 50 stores across the country, we are now perhaps the world’s first truly omni-channel jewellery brand. It wouldn’t have been possible without our extremely valuable and loyal customers and an extremely dedicated team who would stop at nothing,” he added.

    As a part of the celebrations, CaratLane has added limited edition jewellery to three of its bestselling collections – Butterfly, Aaranya and Gold Lace. It has also launched its biggest sale ever with flat 20 percent off on all diamond jewellery but that’s not all, there are many more exciting offers for CaratLane customers.

    CaratLane, has also launched an upbeat film to create buzz around its 10th birthday celebrations. The campaign rolled out nationally with a combination of TV, digital and CaratLane’s social media channels. The film is targeted towards creating FOMO (fear of missing out) on its celebrations, among its audience.

    Talking about the campaign Atul Sinha, Senior Vice President Marketing, CaratLane said, “We’ve come a long way since our inception and we wanted to celebrate this milestone with the people who made it all possible – Our customers. The ‘10th birthday’ campaign film beautifully captures our excitement as well as the cheerful emotion that we’re trying to build around the occasion through our biggest sale ever.”

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  • How much do Hongkongers spend on Valentine’s Day?

    How much do Hongkongers spend on Valentine’s Day?

    If you were in Hong Kong for Valentine’s Day you must have seen cascades of flowers around the city, couples flooding the restaurants, and inevitably thought: “love is definitely in the air”. You were actually right. Hong Kong is one of the top Asian markets for sentimental spending according to the Mastercard Love Index, showing continued growth since 2016 and some intriguing behavioural insights.

    Now, whether you think of it as the most romantic day of the year or a sickening slog, it’s undeniable that Valentine’s Day is a big deal for people splurging on their loved ones, and in Hong Kong even more so. The Mastercard Love Index has gathered data from credit, debit, and prepaid card transactions from the last three Valentine’s Day holiday periods(11th-14th February 2016-18) to discover the change in how fluffy feelings have translated into cold hard cash.

    The results show that since 2016, Hong Kong ranks third in growth for sentimental spending at 62%. China takes the top spot at 88% followed by Japan at 68%, which had a 35% surge. Overall across Asia-Pacific, sentimental spending has jumped up 33% with Valentine’s Day period transactions rising by 37% since 26%

    What was the biggest increase seen? Flowers of course. Since 2016 spend value on the holiday staple has gone up by 89% with 73% more transactions. In comparison, Hong Kong transactions for the pretty petals went up by 46% with total spend rocketing up by 93%.

    Here are some other interesting insights about Hongkongers from the research:

    Hongkongers aren’t early Valentine’s shoppers. Last minute buys for gifts are the norm with the 28% majority of sales happening on the day itself.

    Restaurant dates are still a growing favourite and getting flashier. Transactions in restaurants have grown by 20% since 2016 with the amount spent at meals up by 30%.

    More romantically, there has been a huge increase in couples popping away for romantic trips for Valentine’s Day. Transportation transactions showed a 205% increase in 2018, making up a significant 23% of the total spend for the day.

    Hotel rendezvous are also on the rise with 63% growth in transactions since 2016 and a boost to the total spend by 66%.

    Bling is still in. Jewellery transactions for Valentine’s Day have climbed with spend up 43% since 2016.

    Hongkongers like the personal touch when it comes to gifts for Valentine’s Day. 88% of gifts were bought in face-to-face transactions versus 6% online. However, online shopping for Valentine’s Day is still rising with a 146% increase in online transactions over the period since 2016.

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  • Diamanti Per Tutti makes debut in Singapore

    Diamanti Per Tutti makes debut in Singapore

    Belgian jewellery brand Diamanti Per Tutti has launched its first standalone store in Singapore at Raffles City Shopping Centre. Positioned as an affordable luxury label, Antwerp-based Diamanti Per Tutti retails 925 Sterling Silver items gilded with 18 carat pink or yellow gold vermeil or white rhodium, set by hand with real, ethically-sourced natural diamonds and gems.

    The brand, which has outlets in Beijing, Shanghai and Hong Kong, plans to open its second Singapore location in March.

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  • Chow Tai Fook sales slip amid consumer uncertainty

    Chow Tai Fook sales slip amid consumer uncertainty

    Chow Tai Fook sales declined by 11 per cent in same-store sales volume in both Mainland China and Hong Kong & Macau in the December quarter. However the decline in value was less, at 7 per cent in Mainland China and 6 per cent in Macau. Retail sales on the mainland rose by 1 per cent, which seems a modest rate given the company opened 259 new points of sale there during the quarter. Total retail sales value in Hong Kong fell by 1 per cent, despite five new stores opening there.

    In a stock exchange filing, the company said the decline in same-store sales came “amid an uncertain macro environment”.

    In Mainland China, same-store sales of gem-set jewellery declined by 5 per cent, while the average selling price (ASP) fell from HK$6900 in the preceding quarter to $6600.

    In Hong Kong and Macau, gem-set jewellery sales fell by 8 per cent and the ASP from $11,800 to $11,500.

    Sales of gold products in both markets was affected by a decline in volume growth as the gold price strengthened, the company reported. That drove the ASP from $7000 to $7400 in Hong Kong and Macau and from $3900 to $4300 in Mainland China.

  • Pandora opens fifth concept store at New Delhi Terminal 1D

    Pandora opens fifth concept store at New Delhi Terminal 1D

    Pandora has recently opened its fifth store at New Delhi Terminal 1D. This will be the third store opening in 2018 for Pandora. The brand launched its first store at DLF Mall of India, Noida in April 2017, followed by Select Citywalk in September 2017, DLF Promenade in April 2018 and Galleria Market Gurgaon in June 2018.

    The contemporary and aesthetically designed concept store is located on the ground floor of the domestic airport in the departure holding area of Terminal 1D, New Delhi. The new store carries the entire Pandora jewellery collection available worldwide, including the moments collection, the essence collection, Pandora Rose collection; the all-new 18k gold plated sterling silver-Pandora shine collection.

    Pandora has always encouraged women to empower themselves by celebrating their achievements. These collections are designed to capture life’s unforgettable moments at affordable prices.

    Speaking on the opening, Kanika Bakshi Talwar and Devika Bakshi, Managing Director, say, “We are proud to enter a different format of a concept store, our first in any airport in the country. This store will cater to a large variety of domestic shoppers outside of Delhi NCR and spread the excitement across various cities. Accessibility to our products would be easier now for travelers and we hope to expand further and provide an opportunity for all Indian consumers to acquire their Pandora products in the near future.”

    The Terminal 1D store is a medium size concept store, with all collections available in-store, and is aesthetically designed to give customers ample browsing space to make their shopping experience very comfortable in-transit.

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  • Jeweler Tse Sui Luen Suffers from Hong Kong Slowdown

    Jeweler Tse Sui Luen Suffers from Hong Kong Slowdown

    Sales and profit at jewelry retailer Tse Sui Luen (TSL) weakened in the past fiscal year, as improved demand in mainland China failed to compensate for sustained sluggishness in Hong Kong.

    Revenue fell 3.6% to $438 million in the 12 months that ended February 28, the Hong Kong-based jeweler reported Tuesday. Profit dropped 2.6% to $3 million (HKD 23.2 million).

    “A continuing reduction in tourists visiting Hong Kong from mainland China, together with the ongoing instability of both the global and local economic and political environment, conspired to create unfavorable consumer sentiment for the group’s retail outlets during the year,” the company said.

    The devaluation of the Chinese yuan, as well as slower economic performance on the mainland — resulting from uncertainty about US trade policy — dented Chinese consumer confidence, the retailer explained. This in turn hampered the Hong Kong tourism industry, it added.

    Even so, sales in China jumped 15% to $265.5 million, partially offsetting a 23% slump in revenue from Hong Kong and Macau, which came to $167.1 million. The group had 28 self-operated stores in Hong Kong and three in Macau at the end of February, while its store network on the mainland consisted of 198 self-operated outlets and 132 franchised stores.

    Despite the stronger performance in mainland China, the company will take a “prudent” approach there, particularly given the lack of clarity over the US government’s policies, it added. The group plans to keep costs under close control and work to reduce the number of days it takes to replenish inventory.

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  • Chow Sang Sang and Luk Fook eye new move to boost holiday sales

    Chow Sang Sang and Luk Fook eye new move to boost holiday sales

    Jewelry retailers Chow Sang Sang Holdings (00116.HK) and Luk Fook Holdings 00590.HK) are said to be waiving the craftsmanship fee on their gold products in a bid to spur sales during the upcoming Labor Day holidays.

    The promotional period will last for six days until May 2 at Chow Sang Sang, and until May 4 in the case of Luk Fook, according to the Hong Kong Economic Journal.

    Chow Sang Sang’s Greater China general manager for retail operations, Lau Hak-bun, was quoted as saying that the move is aimed at addressing a slowdown in business.

    The jewelry retailer has seen a 20-percent decline in revenue during the first quarter despite a 10-percent bounce in gold prices.

    With the waiver of the craftsmanship fee, customers can save HK$400 to HK$1,000 on wedding bracelets, according to Lau.

    A slowdown in tourist arrivals from the mainland has affected Hong Kong’s retail sector, with luxury goods shops particularly feeling the pinch.

    Export sales of Swiss luxury watches fell 16.1 percent in March, with sales to Hong Kong tumbling as much as 37.7 percent, according to data from the Federation of the Swiss Watch Industry FH.

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