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Tag: jeweller

  • Chow Sang Sang Joins Forces With Nuvei For North American Market Expansion

    Chow Sang Sang Joins Forces With Nuvei For North American Market Expansion

    Hong Kong’s renowned luxury jewellery brand, Chow Sang Sang, has announced its foray into the North American market. This expansion is made possible through a strategic partnership with Nuvei, an international payments company.

    Genevieve Chow, the Chief Brands Officer at Chow Sang Sang, shed light on the decision to collaborate with Nuvei. She explained that the company was chosen for its localised, secure and seamless payment system. “As we embark on our international expansion, particularly targeting North America, it’s crucial for us to have a payments partner that upholds our commitment to excellence,” she said.

    Nuvei’s platform is set to provide Chow Sang Sang with opportunities to penetrate into 50 markets. It also extends support for over 150 currencies and 720 alternative payment methods. This comprehensive system directly connects to global card networks, enhancing the approval rates and minimising payment friction.

    “Nuvei’s cutting-edge technology, local expertise, and global reach equip us to provide the premium experience our customers anticipate, both online and in-store,” Chow further stated.

    Nuvei’s recent attainment of a Money Services Operator (MSO) license in Hong Kong strengthens its position. The license enables Nuvei to offer local acquiring and settlement services in the market. This significant move supports Nuvei’s broader expansion goals in the Asia-Pacific region, including Greater China, Japan, Singapore and Australia.

    Phil Fayer, CEO of Nuvei, expressed his outlook on the partnership with Chow Sang Sang. He said, “Luxury brands like Chow Sang Sang are destined for global growth. With our MSO license and the expanding footprint in the APAC region, we’re excited to support the region’s most promising companies with payment technology designed for scalability.”

    Chow Sang Sang is a significant player in the luxury jewellery market, operating over 900 self-run stores spread across Mainland China, Hong Kong, Macau, and Taiwan. Its portfolio includes notable brands such as Chow Sang Sang, Promessa, MintyGreen, and Emphasis.

    Questions & Answers

    What is the significance of Chow Sang Sang’s partnership with Nuvei?
    The partnership enables Chow Sang Sang to expand its operations into North America, backed by Nuvei’s seamless and secure payment system.

    What advantages does Nuvei’s platform offer to Chow Sang Sang?
    Nuvei’s platform provides access to 50 markets, supports over 150 currencies and 720 alternative payment methods, and directly connects with global card networks, improving approval rates and reducing payment friction.

    What does Nuvei’s recent acquisition of a MSO license mean for the company?
    The MSO license empowers Nuvei to offer local acquiring and settlement services in the Hong Kong market, supporting its broader expansion in the Asia-Pacific region.

  • French jeweller Fred opens first store in Malaysia

    French jeweller Fred opens first store in Malaysia

    French luxury jeweller Fred has opened its first outlet in Malaysia, selling its latest Pretty Woman necklaces.

    The store, located on the ground floor of Seibu The Exchange TRX, features a futuristic design with wide glass windows. The store is gold and white throughout, with blue display shelves in the centre.

    The venue offers a wide range of products including the new Pretty Woman Sunlight Message necklace, which features a hidden message that can only be seen by light.

    Founded by Fred Samuel in Paris in 1936, the company now has more than 50 stores worldwide and retail outlets in 30 countries. It was also the first jewellery brand acquired by LVMH in 1996.

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  • Taiwanese jeweller Aluxe opens first SEA store, in Singapore

    Taiwanese jeweller Aluxe opens first SEA store, in Singapore

    Getting married can be stressful – finding the perfect dress, consolidating the guest list, dealing with fussy relatives…and finding the right jewelry that fits your budget.

    On the jewelry front, there’s good news. Thanks to Taiwanese jewelry brand Aluxe’s very first Southeast Asian store in Singapore, couples looking for the ideal bling have more options now.

    Aluxe (derived from the phrase “A luxury moment”) is known for its unique jewelry designs and quality engagement and wedding rings. It is a leading wedding ring brand in Taiwan with annual sales of over 30,000 wedding jewelry pieces.

    It was founded as an online retailer in 2005, and from its success, opened its first physical store in 2008 in Taiwan. It has since expanded to other locations like Hong Kong, many districts and cities in Taiwan, and now, Singapore.

    Three collections take centre stage at the new store in Ion Orchard: Disney, The Moment and acredo collections. Those looking for a magical, fairytale style for their wedding and engagement rings can look at the Disney collection. Rings from this collection will be based on Disney movies such as Beauty and the Beast, Aladdin, and Cinderella.

    Couples who strive for elegance and timelessness in their wedding bands can check out the Moment Collection, which are all handcrafted in Japan. The new line features blue diamonds which symbolise infinite connection and trust.

    Couples who enjoy creating unique, one-of-a-kind designs can consider the acredo Collection, inspired by the expertise of German artisans. They can choose from a range of precious metals and diamonds, and opt to engrave names or even free-hand drawings onto their bands and bring their love story to life. Interested customers can book a one-on-one consultation via the official website.

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  • US luxury jeweller Hoorsenbuhs opens first overseas store in Japan

    US luxury jeweller Hoorsenbuhs opens first overseas store in Japan

    Los Angeles-based fine jewelry and lifestyle brand Hoorsenbuhs opened its first overseas store at the Ginza Six mall in Tokyo, Japan on Friday, March 5th.

    The 1,050 square foot space in Tokyo comes to life through the eyes of founder Robert Keith. For the store, Keith designed custom chairs, tables, lights, and jewelry cases featuring the brand’s signature tri-link chain motif. Artist Damien Hirst is among the brand’s most notable collectors and collaborators. Celebrity fans of the largely-unisex handmade jewelry collection include Brad Pitt, Gwyneth Paltrow, and Lenny Kravitz.

    To celebrate the opening, the brand will offer exclusive, one-of-a-kind pieces of jewelry, apparel, eyewear, and lifestyle goods at the new boutique.

    “We’ve built a very strong and successful retail business in Japan, since our first partnership in 2011, including Ron Herman, Umeda Hankyu, and Isetan,” said Kether Parker, brand director. “The opening of our first Hoorsenbuhs store at G6 will be a destination for our extremely loyal customer base to discover and immerse themselves in all things Hoorsenbuhs.”

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  • Jeweller Luk Fook sees early signs of recovery in Hong Kong retail

    Jeweller Luk Fook sees early signs of recovery in Hong Kong retail

    Hong Kong-listed jeweler Luk Fook has reported early signs of a recovery in the Hong Kong market this month, despite the border with Mainland China effectively-remaining closed to visitors.

    In April and May, with tourist numbers to Hong Kong and Macau at a record low due to Covid-19 related travel restrictions, sales fell by about 80 percent, although same-store sales in mainland stores recorded “a much smaller decline” as retail stores resumed business and consumer sentiment began to recover.

    “Starting from June, the retail sentiment in the Hong Kong and Macau market gradually recovered,” said chairman and CEO Wai Sheung Wong in a commentary on the groups’ annual results filed Friday.

    “The decline of same-store sales in the first three weeks narrowed to around 60 percent, while overall shops in the mainland market showed progressive improvements with a less than 20-per-cent decline in June as compared to the 20-per-cent drop in April to May and 40-per-cent drop in March.”

    As a result of Hong Kong’s declining retail market, Luk Fook will close five stores in the city during the coming year and look for opportunities to open two in Macau.

    “In view of the anticipated considerable growth of the middle-class population in the mainland, the group remains optimistic about the mid- to long-term business prospects, and will focus its expansion in the mainland market,” said Wong.

    Due to the crippling impact of protests and Covid-19 on Hong Kong retail in the year to March and the pandemic along with the trade war impacting consumer sentiment among mainlanders, Luk Fook achieved a profit attributable to shareholders down 42 percent to US$111.7 million for the year.

    Sales declined by 29.2 percent to $1.445 billion, with Hong Kong and Macau same-store revenue down by 33.3 percent and on the mainland by 20.2 percent. However, a steady rise in the price of gold throughout the year saw the company’s gross margin increase by 4.2 percentage points to 29.6 percent.

    Network expansion

    During last year, Luk Fook added a net 234 Lukfook-branded shops – 233 on the mainland, and one licensed store in the Philippines – taking its global network to 2120. Outside Greater China, Luk Fook has stores in Singapore, Malaysia, Cambodia, the Philippines, the US, Canada and Australia.

    The company says it plans to open at least 150 new stores under the Lukfook brand on the mainland this year, primarily targeting licensed shops in tier-4 and tier-5 cities, and another 50 under other brands.

    Besides jewelry, the company is now an authorized dealer of 13 international mid- to high-end watch brands: Certina, Coinwatch, Doxa, Enicar, Hamilton, Longines, Mido, Omega, Rado, Romago Swiss, Tissot, Bijoumontre and Seiko.  Last year, the watch business accounted for $12.86 million in sales, down 39.8 percent on the prior year.

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  • Indian jeweller Zoya expands in-country

    Indian jeweller Zoya expands in-country

    House of Tata’s luxury jeweler Zoya is launching a boutique in Bangalore. The 3300sqm South Indian flagship is opening a business in the city’s most prominent luxury strip on central Vittal Mallya Road with a venue aiming for an understated ambiance that evokes an appreciation for fine artistry and handcrafted jeweled accessories.

    “Zoya’s collections are inspired by myriad journeys, from the ones that take you across the world to the ones that help you discover your own feminine self,” said Zoya business head Amanpreet Ahluwalia. “The creative process of each jewelry piece can take up to a year from the idea of bringing it alive, resulting in artistic masterpieces, each with its own story to tell.

    “Having received a wonderful response from the North and West of India, we couldn’t have found a location for our Bangalore boutique that resonated more perfectly with the brand.”

    The boutique is conscientiously promoting its in-store sanitization protocols with the country still in the midst of the coronavirus pandemic.

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  • Jeweller to the stars Mouawad eyes Asian rollout

    Jeweller to the stars Mouawad eyes Asian rollout

    Dubai- and Geneva-headquartered Mouawad Group – dubbed jewelers to the stars – is planning to open stores across Asia.

    Pascal Mouawad, co-guardian of the retail division, told Arabian Business in an interview that the company will begin expanding in Asia Pacific next year and roll out stores across a subsequent decade.

    “We have a strategy of continuing our expansion in different markets, specifically Asia Pacific; that’s our target for the next decade, so China, Hong Kong, Singapore, Indonesia and Malaysia. We want to expand our distribution network in that part of the world,” he said.

    The company is also planning to feature in several exhibitions in Asia before stores start to open next year.

    “This year is the year of exhibitions in the Asian market and hopefully next year we’ll be rolling out boutiques in that part of the world while keeping a good presence here in the Gulf countries,” he said.

    The 130-year-old company is run by three brothers of the fourth generation of the family which founded the business. It is known for selling jewelry, watches and artworks to clients, including A-list celebrities.

  • Jeweller Platinum Guild opens Shenzhen store

    Jeweller Platinum Guild opens Shenzhen store

    Platinum Guild International (PGI) has just opened its first store in Shenzhen, China.

    The new store is a part of PGI’s strategy to accelerate the manufacturing and distribution of new-generation platinum jewelry designs.

    “Research has shown that the number-one barrier to acquiring platinum jewelry in recent years has been the lack of appealing designs, so PGI has worked closely with key industry manufacturers and retailers to fast forward the adoption of new designs,” said Huw Daniel, CEO of PGI. “This showroom will showcase the abundance of new designs now available, together with innovative ways to merchandise and brand collections for today’s discriminating consumers”.

    Premium cabinets and windows were installed in the showroom along with multimedia devices to display its partners’ platinum jewelry collections. Blue is used as the theme color of the store.

    PGI China MD said the new Shenzhen outlet will provide a stronger presence for platinum jewelry in the traditionally gold-intensive jewelry-manufacturing hub and showcase the platinum jewelry industry’s advanced craftsmanship and designs to expand its business potential in China.

  • Tiffany Cafe in Tokyo marks first for New York jeweller

    Tiffany Cafe in Tokyo marks first for New York jeweller

    Jeweller Tiffany & Co is launching its first Tiffany Cafe in Tokyo.

    The new Tiffany @ Cat Street concept store is located on the top floor of the Tadao Ando-designed Bank Gallery, in the Harajuku district. It follows the launch of the brand’s Blue Box Cafe in New York in November 2017.

    The lower five levels house a more futuristic-looking Tiffany fitout than the brand uses elsewhere, including a variety of areas for jewellery customisation designed to appeal to the young creative market who frequent the district.

    The Tiffany Cafe in Tokyo also includes a jewellery vending machine and photo booth, expected to be a popular background for social media images.

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  • Malabar Gold to expand into Hong Kong market

    Malabar Gold to expand into Hong Kong market

    Indian jewellery firm Malabar Gold & Diamonds is making plans to open 500 more outlets globally over the next five years – and Hong Kong is among the targets. The jeweller currently operates more than 250 outlets in 10 countries, 75 of which are in the Gulf region, including 12 in Qatar.

    The firm’s immediate expansion plans are to open more branches in Malaysia in the coming months, where the group started operations last year.

    Malabar Group chairman M P Ahammed said jewellery customers in Malaysia are showing enormous interest in the company’s ornaments and now the brand is gaining remarkably good acceptance in the country.

    “As part of our expansion, we are also looking at markets such as Hong Kong where there is increasing activity at present. The Chinese are buying both gold and diamonds in large quantities unlike what they used to, say, some three decades ago.”

    Speaking about the state of the business in general, Ahammed said: “From a modest beginning in Kozhikode in 1993, we have now expanded our operations even to the US, where our first outlet was opened earlier this year in Chicago.

    “Wherever there are strong family traditions and customs, there is hope for expansion in this business. A husband may want to gift something precious to his wife on a memorable occasion, a mother to his daughter and a son to his mother. No wonder, the choice of everyone in such moments – of strengthening bonds – continues to be gold or diamond.’

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  • Kataoka’s First U.S. Store Opened

    Kataoka’s First U.S. Store Opened

    Japanese jeweller Kataoka has opened its first store in the US. In stark contrast with the firm’s 700sqft shop in Tokyo, the new 1600sqft New York flagship has been located in the trendy Tribeca neighbourhood to reflect Kataoka’s brand identity with its historic look.

    The store has been distinctively designed with a blend of Japanese and Manhattan sensibilities to convey an exotic industrial context for the brand’s delicate jewellery designs, displayed in vintage Japanese casings.

    Company COO Anis Boudraa said the company founder and designer Yoshinobu Kataoka “only wanted display cases that are antique that have a beautiful patina… they really reflect the theory of Kataoka – working with something that’s old”.

    “Our designer hates fast fashion and everything that’s related to fast consumerism.”

    The firm makes its pieces using only recycled gold, which it salvages from the Japanese semiconductor industry. All pieces are hand made.

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  • John Hardy opens second Hong Kong store

    John Hardy opens second Hong Kong store

    Artisan jeweller John Hardy has opened a second Hong Kong store this month, setting up shop on China’s Pearl River Delta.

    Located at Gateway Arcade, the Harbour City shopping area on Hong Kong’s Kowloon, the new store covers 391-square feet and joins John Hardy’s debut store at Landmark (Central) on Hong Kong Island.

    The jeweller is also stocked in multi-brand retailer Lane Crawford, but sees the Gateway standalone store as a prime move due to it interconnected location.

    “The Gateway is one of the most popular destinations,” John Hardy chief executive officer Robert Hanson, told WWD. “It attracts locals, professionals, expats and visitors from mainland China. They’re drawn to the energy and the traffic of the mall. This is our only location on the Kowloon side.”

    Headquartered in Manhattan, New York, John Hardy jewellery is designed and produced at the brand’s Balinese workshop and studio, maintaining a connection with Asia.

    Which is why inside, the new store boasts boards displaying tools, raw stones, paint-brushes, pigments and photos of craftsmanship, displayed throughout dark coloured store. The jewellery is displayed in glass display cases set on pedestals.

    Interestingly, the Hong Kong store also implements John Hardy’s special front drawer system – something already established at the jeweller’s SoHo boutique, which allows sales associates to be alongside clients rather than behind a counter; a more informal model of selling that allows clients to explore products.

    John Hardy now has stores two stores in Hong Kong, and three in Bali, including one Duty Free location. It is eyeing distribution partnerships for China, Hanson told WWD.

    “The Southeast Asia area has always been vital to the brand,” he said. “We opened Gateway Harbour City to build more awareness with mainland Chinese.”

  • Rising price of gold leaves hefty dent in jeweller Luk Fook’s sales

    Rising price of gold leaves hefty dent in jeweller Luk Fook’s sales

    Surging gold prices, and a mini gold rush in 2015 have been blamed by leading Hong Kong jewellery retailer Luk Fook Holdings for a sharp fall in sales during its second quarter.

    The retailer which operates over 1,400 retail outlets in mainland China, Hong Kong, Macau, Singapore and North America, saw same store sales decline 37 per cent in the three months to September (its second quarter) on the same period last year, which was weaker than expected, Bank of America Merrill Lynch analyst Tina Long said in a note.

    Much of the decline was due to gold sales, which recorded a 47 per cent fall in same store sales in the second quarter year on year , worse than competitor Chow Tai Fook’s 36 per cent decline.

    Sales of gemsets, items designed using various types of gem stones, fell 14 per cent, better than the 23 per cent drop seen by peers, but started moving into single digit growth in September and October.

    Sales were better in the mainland than in Hong Kong, which still accounts for 75 per cent of its revenue. Mainland sales fell 23 per cent, while combined sales for Hong Kong and Macau fell 37 per cent in the second quarter.

    Luk Fook’s management said in a statement the deterioration in gold sales this year was being compared with what had been a high base in 2015, thanks to the mini gold rush in July and August.

    That had been coupled with “overall sluggish retail sentiment” and the gold price rally in the same period this year.

    Daiwa analyst Jamie Soo noted that Hong-Kong based competitor Chow Tai Fook had released sales performance figures for the same period which showed a “similarly lacklustre performance”.

    Gold prices rallied to a three-year high in July as investors chose “safe haven” assets following Britain’s vote in June to leave the European Union.

    Gold futures were trading at over US$1,370 per ounce in July and August, but have dropped back down to $1,267.

    Both Long and Soo expect things to get brighter for the jewellery retailer, with Soo noting September had seen low single digit growth, mainly driven by an improvement in sales of gemsets.

    “Management also indicated that there has been slight improvement in gemset sales in Hong Kong and Macau,” he said.

    This momentum had continued into China’s national “golden week” holiday in October, and the management has said they believe there were signs of stabilisation, Soo said.

    Long expected a more favourable movement in the gold price and a better-than-expected recovery in consumer sentiment to help push the price objective up.

    “We think that sales bottomed in July, and kept improving thereafter with positive growth for gemsets seen in both September and October in Hong Kong and mainland,” Long said.

    Long estimated this year’s net income to slip from HK$959 million last year to HK$951 million before bouncing up to HK$1,072 million next year, still down on 2015’s HK$1,615 million.

    Long expected the share price to trend upward, helped by lower rental costs for retail outlets, although she lowered her price objective for Luk Fook from HK$21.70 to HK$21.00.

    “Luk Fook would be the biggest beneficiary from the recent upward trend of gold price due to its smallest hedging ratio of 15 per cent to 20 per cent,” she said.

    “We see re-rating more likely as sentiment towards gold stocks improves.”

    But Long warned that there were a number of risks to the rating, including a slowdown in Hong Kong tourist growth and depreciation of the yuan and gold prices.

    Retail sales in Hong Kong plunged 10.5 per cent in August on dwindling visitor numbers – the steepest decline since February, and the 18th consecutive monthly contraction.

    Luk Fook Holdings was trading at HK$20.25 on Monday, while Chow Tai Fook was trading at HK$5.63.

  • Richemont Revenue Beats Estimates on Japan, Europe Demand

    Richemont Revenue Beats Estimates on Japan, Europe Demand

    Richemont, the world’s biggest jewelry maker, said sales growth accelerated as weaker currencies attracted big-spending tourists to Japan and Europe, spurring the stock’s steepest intraday gain in more than two years.

    Sales increased 4 percent excluding currency shifts in the five months through August, the Geneva-based company said in a statement Wednesday. Analysts expected a 1 percent gain, according to the median estimate in a Bloomberg survey. The shares climbed as much as 7.5 percent.

    Sales rose 48 percent in Japan and 26 percent in Europe, offsetting an 18 percent decline in Asia-Pacific. The results mirror comments by peers in the luxury business, such as Hermes International SCA, which reported higher first-half sales, fueled by an acceleration in Japan. LVMH Moet Hennessy Louis Vuitton SE in July posted strong revenue growth in Europe and the U.S., which helped offset a decline in China, Macau and Hong Kong.

    “Japan and Europe more than compensate for the weak development in Hong Kong,” said Rene Weber, an analyst at Bank Vontobel AG in Zurich. “The strong performance of those markets mean the Swiss watch industry can weather the Asian weakness, at least this year.”

    Shares in the Swiss owner of the Cartier jewelry brand, whose full name is Cie. Financiere Richemont SA, rose 6.4 percent to 76.65 francs as of 11:40 a.m. in Zurich. The report bolstered shares in the luxury-goods industry, with Hermes up 4.8 percent and LVMH gaining 3.5 percent.

    Richemont said sales in Hong Kong and Macau were “significantly lower,” while mainland China returned to growth with retail sales growing at a “strong double-digit rate.” The company reports five-month sales figures each year on the day of its annual meeting with shareholders.

    “Part of the crisis in confidence in the watch industry in Asia-Pacific is fragile confidence by independent retailers amid the problems in Hong Kong and Macau,” said Jon Cox, an analyst at Kepler Cheuvreux in Zurich, adding that Richemont’s comments about China were reassuring.

    Still, Richemont said its wholesale business continues to be weighed down by weakness in the Asia-Pacific region, which is still “extremely challenging.”

    Luxury spending in Hong Kong has been suffered since late 2012 when the Chinese government has been discouraging exuberant spending among officials. Political protests in Hong Kong last year forced some stores to shut and weighed on tourism.

    Among other luxury stocks, Swatch Group AG, the maker of Omega watches, rose 3 percent, and Kering SA, which owns Gucci, rose 4.4 percent.

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  • Jeweller Plukka to list Down Under

    Jeweller Plukka to list Down Under

    Hong Kong jeweller to celebrities Joanne Ooi is heading to Australia to raise cash to expand her jewellery retail brand Pukka internationally.

    Pukka is set to be listed on the Australian Stock Exchange in October and Ooi is in Sydney and Melbourne this week drumming up institutional support for her high end, handcrafted jewellery designs which have already caught the eye of celebrities such as Lady Gaga and Miranda Kerr.

    Ooi, a former creative director at Chinese-inspired luxury fashion brand Shanghai Tang, created Pukka back in 2011 in partnership with Hong Kong restaurateur Jai Waney. It has a limited range of core designs in stock and a catalogue of made-to-order lines.

    Ooi and Waney work directly with renowned designers – including names like Bernard Delettrez and Sidney Chung – to create exclusive pieces for sale on Pukka’s online stores.

    One third of the shares in Pukka will be listed in Australia, raising an anticipated AU$10 million which will be used to fund expansion into the US.

    While the brand has focused online for its first three years, it opened a single retail outlet in Hong Kong’s Landmark Atrium earlier this year.

    “There is no substitute for a woman to be able to see and touch fine jewelry in person,” Ooi said in a recent interview with CNBC. “[We found that] offline transaction values are much higher than online purchases.”

    Unlike many Hong Kong based design and retail businesses, it is targeting expansion in the west, rather than Mainland China.

    “[Expanding into the United States] is the most economically efficient mode of branding and marketing a global luxury brand,” Ooi told CNBC.

    “Branding among fashion opinion leaders in the United States confers a level of credibility and authority, which is difficult to achieve by just marketing in the Asian market.”

    Pukka’s jewellery does not come cheap. Its most affordable line is $300 and its most expensive circa $150,000.

    The Australian IPO is fully underwritten by advisers KTM Capital.

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