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Tag: jewellery

  • Jonathan Waecker Completes First Year as Michael Hill CEO

    Jonathan Waecker Completes First Year as Michael Hill CEO

    Jonathan Waecker marked his first 12 months as chief executive of jeweller Michael Hill on August 27. His arrival followed an international search and a sombre period for the retailer.

    Former chief executive Daniel Bracken died unexpectedly in February 2025, followed by founder Sir Michael Hill in July.

    Leadership Transition at the Jeweller

    Waecker took charge of the retail network just weeks after Sir Michael died. The double loss forced the company to manage executive succession and institutional continuity at the same time.

    Directors turned to Waecker to execute long-term strategy while protecting brand equity across the store fleet. Maintaining operational discipline during senior turnover remains the board’s primary focus.

    “I’ve approached it with enormous respect for what Sir Michael and Lady Christine built,” Waecker said. “There’s so much magic in this brand and its history.”

    Succession After Twin Losses

    Retail chains facing sudden leadership gaps often risk strategic drift. Michael Hill countered that threat by moving rapidly through a global search to fill the vacancy left by Bracken.

    Executive stability gives regional landlords and investors clear assurance on leasing commitments and store funding. Sector rivals continue to fight for discretionary spend, leaving management little room for operational disruption.

    Stewardship Across Core Markets

    Before Waecker took charge in August 2025, the group relied on Bracken to direct brand elevation and store network refinements. Losing both the operational chief and the founder within five months tested governance across the business.

    Attention now turns to annual trading performance and network expansion targets across the brand’s core markets.

  • Chow Tai Fook Opens Luxury Flagships Across Four Markets in Ten Weeks

    Chow Tai Fook Opens Luxury Flagships Across Four Markets in Ten Weeks

    Chow Tai Fook rolled out a new fleet of luxury-format stores across four international markets within ten weeks, betting on high-end Chinese design to capture affluent consumers. The retail push included a 10,000-square-foot global flagship on Canton Road in Hong Kong’s Tsim Sha Tsui shopping corridor.

    The Canton Road site puts the Chinese jeweller on the same strip as European luxury houses Hermès and Louis Vuitton. That opening followed an aggressive start to the year in Southeast Asia, where the company secured prime retail real estate inside Bangkok’s Siam Paragon shopping mall in January.

    High-Street Real Estate and Prime Malls

    Securing ten thousand square feet on Canton Road represents a major capital commitment in one of Asia’s most expensive retail districts. The scale reflects an explicit repositioning by the group toward higher margin, design-led jewellery lines rather than relying purely on mass-market gold volume sales.

    In Bangkok, the Siam Paragon opening targeted both local Thai wealth and returning Chinese tourists. By late March, the company widened the rollout to additional regional commercial hubs, completing four market debuts in under two and a half months.

    Shifting from Mass Retail to Global Luxury

    Traditional gold jewellery chains across Greater China have long competed on retail footprint density and weight-based pricing. Chow Tai Fook’s shift toward oversized flagships and upscale mall locations mirrors the playbook of European heritage brands, aiming to elevate average transaction values.

    Competing jewellers across Asia face rising raw material costs and cautious consumer spending in mainland department stores. Placing large-format stores in premier tourist precincts allows the brand to test international appetite for contemporary Chinese fine jewellery outside its domestic core.

    RetailNews Asia will track the sales performance across these new flagship sites as the group reports its upcoming quarterly store productivity metrics.

  • Hong Kong Retail Sales Rise 4.5 per Cent to HK$31 Billion in July

    Hong Kong Retail Sales Rise 4.5 per Cent to HK$31 Billion in July

    Hong Kong retail sales climbed 4.5 per cent year-on-year in July to HK$31 billion ($3.95 billion), extending the city’s growth streak to 15 straight months.

    The result held steady against the revised 4.6 per cent increase recorded in June, bringing total retail sales expansion for the first seven months of the year to 8.9 per cent.

    Online purchases expanded faster than physical store traffic. E-commerce sales reached HK$2.8 billion in July, up 9.5 per cent from a year earlier, and represented 9.1 per cent of total retail turnover in the city.

    Jewellery and luxury goods lead gains

    High-value categories drove the bulk of the monthly expansion, according to figures released by the Census and Statistics Department. Sales of jewellery, watches and clocks jumped 19.7 per cent, while electrical appliances and consumer durables rose 11.5 per cent. Medicines and cosmetics gained 7.3 per cent.

    Everyday retail lines experienced much slower momentum. Department store commodities, optical shops, and alcoholic drinks and tobacco recorded uplifts ranging between 0.5 per cent and 1.8 per cent.

    Tourism events against external headwinds

    The sustained expansion points to firming domestic household incomes and stable employment across Hong Kong, even as store operators adjust to spending shifting online. The wide performance gap between luxury spikes and subdued department store receipts indicates local consumer sentiment remains selective outside tourist-heavy categories.

    City officials are counting on an upcoming lineup of mega-events to lift inbound visitor traffic through the rest of the year, while monitoring how evolving global economic headwinds affect local consumption.

  • Lovisa Hits $938.8 Million in FY26 Sales on Fast Jewellery Demand

    Lovisa Hits $938.8 Million in FY26 Sales on Fast Jewellery Demand

    Lovisa posted double-digit revenue and profit growth for fiscal 2026, generating $938.8 million in total sales across its global store network. The result shows budget-conscious shoppers continued buying affordable accessories despite persistent cost-of-living pressure in Australia and key overseas markets.

    Tightened household budgets did little to slow store turnover. Fast-fashion jewellery continues to capture discretionary spending from consumers who pull back on higher-priced apparel and luxury goods, giving mass-market operators sustained foot traffic across shopping centres.

    Demand across budget accessories

    Lovisa relied on its high-turnover model to drive revenue across its retail footprint. Low price points allowed the brand to maintain transaction volume even as inflation squeezed general consumer spending.

    The performance reflects a broader split in retail spending across the Asia-Pacific region. While big-ticket discretionary categories face softer demand, impulse-driven accessory purchases continue to clear inventory rapidly.

    Market rivals and category pressure

    Competition in the affordable jewellery segment is intensifying across major retail hubs. New challenger brands, including ventures launched by former Lovisa executives, are expanding store networks and targeting the same demographic with rapid product drops.

    Sustaining double-digit expansion will depend on how effectively the chain defends mall real estate and controls store operating costs. Market watchers will track upcoming store rollout milestones and regional trading updates in the next financial reporting cycle.

  • Laopu Gold Targets Global Expansion as Sales Growth Moderates

    Laopu Gold Targets Global Expansion as Sales Growth Moderates

    Laopu Gold is pushing ahead with overseas expansion plans to secure new sales channels as top-line retail growth cools across its core Chinese market.

    The Beijing-based luxury heritage gold brand reported a moderating pace of domestic expansion while confirming plans to establish footprints in key international shopping hubs.

    Slowing Domestic Demand

    Consumer appetite for pure gold jewellery in China faced pressure after a prolonged run of sharp price gains. Shoppers who drove previous surges in heritage gold sales have pulled back on discretionary luxury purchases, forcing premium jewellers to adjust their operational expectations.

    Laopu Gold built its brand equity on handcrafted traditional gold ornaments sold at significant premiums through boutique locations. As domestic store productivity normalises, management is looking beyond mainland shopping centres to sustain revenue momentum.

    Pushing Into Global Retail

    International luxury corridors represent the next commercial frontier for the brand. Establishing outposts in regional financial hubs and tourist destinations allows the jeweller to capture affluent Chinese travellers as well as international high-net-worth consumers.

    Rival jewellers across Hong Kong and mainland China have made similar shifts into Southeast Asia and the Middle East over the past two years. For Laopu Gold, competing on international high streets requires convincing foreign consumers to pay luxury design markups on traditional Chinese craftsmanship rather than treating items purely as gold weight assets.

    Execution details on specific international leases and overseas opening schedules will determine whether foreign revenue can counterbalance cooling domestic retail volumes.

  • Lovisa Lifts Full-Year Profit 10.7 per Cent as Network Reaches 1,136 Stores

    Lovisa Lifts Full-Year Profit 10.7 per Cent as Network Reaches 1,136 Stores

    Australian fast-fashion jewellery retailer Lovisa increased net profit after tax by 10.7 per cent to $95.6 million for the 2026 financial year.

    Total revenue rose 17.6 per cent to $938.8 million, supported by 160 store openings and a 2 per cent rise in global comparable store sales. Gross margin widened by 60 basis points to 82.6 per cent, helped by lower sourcing costs and tighter promotional spending, while earnings before interest, tax, depreciation and amortisation grew 20.9 per cent.

    Offshore sales outpace domestic trade

    Western markets delivered the bulk of the growth. Sales in the Americas rose 29.6 per cent, while European revenue increased 29.5 per cent over the twelve-month period.

    The company accelerated its physical expansion by launching 160 locations and shuttering 43 underperforming sites. That netted 117 additions and lifted the total footprint to 1,136 stores across more than 50 markets. Lovisa relies on small-format stores with low fitout costs to enter new territories quickly, a model that allows it to exit unprofitable leases without heavy capital losses.

    Early momentum in the new financial year

    Trading in early fiscal 2027 maintained that pace. Total sales climbed 16.4 per cent over the first eight weeks of the new financial year, with comparable store sales up 3 per cent and momentum accelerating through August.

    Management plans to add further physical and digital stores across both established and new territories. Investors will track whether store opening targets hold as the group rolls into additional franchise and company-owned markets in the first half.

  • Singapore Retail Sales Surge: Recreational Goods and Jewellery Take the Lead in June

    Singapore Retail Sales Surge: Recreational Goods and Jewellery Take the Lead in June

    Retail sales in Singapore experienced increased growth in June, with most sectors seeing improvements, with the most significant ones being recreational goods, watches, and jewelry.

    According to the Department of Statistics, retail sales—excluding motor vehicles, parts, and accessories—rose by 4.1 per cent year-on-year in June, which shows an acceleration from the 3.6 per cent increase in May.

    Sectoral Breakdown and Online Sales

    The estimated total value of retail sales for this period was SG$3.5 billion (US$2.7 billion), with online sales making up 19.5 per cent.

    On a seasonally adjusted basis, retail sales in June saw a slight increase of 0.2 per cent compared to May.

    In terms of sectors, recreational goods recorded the highest growth with sales shooting up by 11.4 per cent, followed closely by watches and jewelry with a 10.5 per cent rise. These significant increases were mainly driven by higher sales of sporting goods and jewelry.

    Other sectors like computer and telecommunications, cosmetics, supermarkets, and petrol service stations also saw solid improvements between 7.3 per cent and 9.8 per cent.

    Declining Sectors

    Contrastingly, department stores experienced the most significant decline during this period, with a drop of 9.5 per cent. Similarly, sales of apparel and footwear, food and alcohol, and convenience stores also saw decreases ranging from 0.6 per cent to 1.7 per cent.

    Sales of food and beverage services also saw a decrease of 2.3 per cent to SG$1.5 billion, a stark contrast to the modest 0.1 per cent growth recorded in May.

    Questions & Answers

    Which sectors recorded the highest growth in Singapore’s retail sales?
    Recreational goods saw the highest growth in sales at 11.4 per cent, followed by watches and jewelry at 10.5 per cent.

    How much did retail sales grow in June year-on-year?
    Retail sales, excluding motor vehicles, parts, and accessories, rose by 4.1 per cent year-on-year in June.

    Which sectors saw a decline in sales during June?
    Department stores saw the steepest decline at 9.5 per cent, while sales of apparel and footwear, food and alcohol, and convenience stores fell by 0.6-1.7 per cent.

  • Chow Tai Fook Jewellery Boosts Globalization Strategy with New Global Creative Director, David Tse

    Chow Tai Fook Jewellery Boosts Globalization Strategy with New Global Creative Director, David Tse

    Chow Tai Fook Jewellery Group has announced the appointment of David Tse to the newly created role of Global Creative Director. This strategic move is intended to bolster the company’s ongoing globalization efforts.

    Strengthening Position as a Leading Chinese Luxury Brand

    David Tse will be at the forefront of solidifying Chow Tai Fook Jewellery Group’s standing as a premier Chinese luxury brand. His responsibilities will encompass shaping the brand’s creative identity and spearheading its overall creative strategy across all customer interactions.

    The decision to bring Tse on board is considered quite timely as the company is in the throes of transforming and globalizing the brand. Tse’s profound understanding of luxury, remarkable creativity, and demonstrated ability to transform brand strategy into compelling narratives are expected to significantly contribute to enhancing the brand’s global reputation.

    An Experienced Leader in Creative Direction

    Tse boasts a wealth of international experience in both the luxury and lifestyle sectors, with an impressive career that spans China and various international markets. He launched his career as an entrepreneur, focusing on creative production, and subsequently led projects for an array of renowned brands, such as Burberry, Golden Goose, Uniqlo, Google, PayPal, Volvo, and Starbucks.

    In his most recent role, Tse was the Creative Director at Hermes in Shanghai, having the distinction of being the first Creative Director appointed outside the brand’s Paris head office.

    In his new role at Chow Tai Fook Jewellery, Tse plans to honor the brand’s rich heritage and encourage innovation and creativity, while always prioritizing customer needs.

    Expansion Amid Slow Domestic Demand

    Earlier this year, in response to decelerating domestic demand, market saturation, and pricing pressure in the world’s second-largest economy, Chow Tai Fook Jewellery Group expanded overseas, opening a flagship store at Siam Paragon in Bangkok. This movement forms part of a wider trend of Chinese and Hong Kong consumer brands seeking growth opportunities outside their traditional markets.

    Questions & Answers

    What will David Tse’s role be at Chow Tai Fook Jewellery Group?
    As the Global Creative Director, Tse will be responsible for shaping the brand’s creative identity and leading its overall creative strategy across all consumer interactions.

    What experience does Tse bring to the role?
    Tse brings international experience from the luxury and lifestyle sectors, having worked in both China and international markets. He has led projects for a range of well-known brands and was most recently the Creative Director at Hermes in Shanghai.

    Why is Chow Tai Fook Jewellery Group expanding overseas?
    The group is expanding overseas in response to slowing domestic demand, market saturation, and pricing pressure in the world’s second-largest economy. Opening a flagship store in Bangkok is part of these ongoing globalization efforts.

  • Hong Kong Luxury Real Estate Shuffle: Prince Jewellery Director Trades up with $6.4M Duplex Purchase

    Hong Kong Luxury Real Estate Shuffle: Prince Jewellery Director Trades up with $6.4M Duplex Purchase

    Tang Yick-ki, a director of Prince Jewellery and Sky Regal Properties, has recently engaged in significant real estate transactions in Hong Kong. He sold an apartment in Kowloon and obtained a two-story home in the vicinity for HKD50 million (US$6.4 million). These deals were completed in just over a month.

    Real Estate Transactions

    Tang sold his three-bedroom apartment, boasting 95 square meters of living space, located on the 71st floor of The Cullinan on Austin Road West in West Kowloon. The selling price was HKD46 million (US$5.9 million). Land Registry records confirmed the deal was finalized on January 5. Tang originally bought the apartment in 2016 for HKD32.5 million, meaning the property has increased in value by 41% in the intervening years.

    Roughly three weeks after this sale, Sky Regal Properties, where Tang serves as the sole director, purchased a duplex in The Waterfront, a residence within the same vicinity. According to the Land Registry, the transaction was completed last week for a cost of HKD50 million. Real estate agents specified that the duplex is 145 square meters and situated on the 45th floor.

    Prince Jewellery and the Hong Kong Property Market

    Prince Jewellery, with a 40-year history in Hong Kong, operates 16 retail stores and hosts over 60 globally recognized brands. The company’s recent real estate transactions come at a time when the Hong Kong property sector is gradually recovering from a prolonged slump. Despite persisting uncertainties, affluent homeowners like Tang are anticipated to continue seeking home upgrades.

    Some industry experts indicate that wealthier residents may choose to improve their current residences. However, this trend might not extend to those who invest in properties purely for financial gain. Additionally, home upgrades tend to become more popular during periods of market instability.

    Land Registry records also showed that another duplex in The Waterfront was sold for HKD50 million last week. The property was acquired by an entity known as Tung Tak, which had purchased it for HKD48.8 million in 2023.

    Questions & Answers

    What recent real estate transactions has Tang Yick-ki engaged in?
    Tang Yick-ki, a director of Prince Jewellery and Sky Regal Properties, has recently sold an apartment in Kowloon and bought a two-story residence nearby for HKD50 million.

    How is the Hong Kong property sector performing currently?
    The Hong Kong property sector is gradually emerging from a prolonged downturn. Despite ongoing uncertainties, affluent property owners are expected to pursue property upgrades.

    What is the trend concerning home upgrades in Hong Kong?
    Home upgrades tend to become more popular during periods of market instability. However, this trend might not apply to those who acquire property solely for investment purposes.

  • Jewellery Demand Sparkles in Singapore, Driving Retail Sales Growth

    Jewellery Demand Sparkles in Singapore, Driving Retail Sales Growth

    In recent data from Singapore’s Department of Statistics, there has been a resurgence of retail sales growth in October, rebounding from a deceleration experienced in the prior month.

    Retail Sales Overview

    Retail sales, with the exclusion of motor vehicles, witnessed a 3.7% rise in October. This rate is notably quicker than the revised growth of 1.8% seen in September, yet it lags behind the 4.7% increase witnessed in August.

    The estimated worth of these retail sales was approximately SG$3.8 billion (US$2.9 billion), with online channels contributing to 16.8% of this total revenue.

    Industry Growth

    A majority of the sectors reported an annual growth in their sales for this month. The watches and jewellery sector retained its position at the top for the third consecutive month. Sales in this sector surged by 25%, largely credited to a spike in jewellery sales.

    Recreational goods saw the second-highest increase at 20.4%, followed by optical goods and books, and cosmetics, toiletries, and medical goods, both of which reported a 6.9% increase.

    Declining Sectors

    On the other end of the spectrum, petrol service stations experienced a 17.4% decrease in sales. This was followed by wearing apparel and footwear, which fell by 3.7%, and food and alcohol sales, which fell by 2.5%.

    Food and Beverage Services

    On a brighter note, the sales of food and beverage services in October saw a 2.4% increase, amounting to $1 billion. This contrasts with the 1.6% decline that was recorded in September.

    Questions & Answers

    Which sector had the highest growth in sales?
    The watches and jewellery sector saw the highest growth, with sales up 25%, largely due to higher jewellery sales.

    What was the estimated worth of retail sales in October?
    The estimated worth of retail sales for October was approximately SG$3.8 billion (US$2.9 billion).

    Which sectors saw a decrease in sales?
    Petrol service stations reported a 17.4% sales drop, while wearing apparel and footwear dropped by 3.7%, and food and alcohol sales decreased by 2.5%.

  • Singapore Retail Sales Rise in September, Pace Moderates: Jewellery and Watches Lead Growth

    Singapore Retail Sales Rise in September, Pace Moderates: Jewellery and Watches Lead Growth

    Retail sales in Singapore continued their upward trajectory in September, albeit at a slower rate than in August.

    Retail Sales Trend

    In September, retail sales, excluding motor vehicles, rose by 2 per cent. This is a slight dip compared to the 4.7 per cent increase witnessed in August. The total value of retail sales for September was estimated at SG$3.5 billion ($2.67 billion USD), with online sales accounting for 17.6 per cent of that figure. However, on a seasonally adjusted basis, retail sales in September saw a decline of 2.3 per cent when compared to August.

    Industry Performance

    The watches and jewellery sector remained at the forefront of sales growth in September with a substantial year-on-year increase of 16.6 per cent. This growth was primarily fueled by a surge in jewellery sales. The recreational goods sector trailed behind in second place with an 11 per cent increase, followed by supermarkets and hypermarkets, which saw a 5.1 per cent rise.

    On the other hand, petrol service stations and retailers of clothing and footwear saw a drop in sales by 8 per cent and 3.6 per cent respectively. The food and beverage services also experienced a decline, with sales slipping by 1.6 per cent, a steep fall from the 0.2 per cent decrease reported in the previous month. This slump was largely attributed to the underperformance of the restaurant sector.

    The overall sales value of food and beverage services was estimated at SG$966 million, with online sales representing 26.3 per cent.

    Questions & Answers

    Q: How did the retail sector perform in Singapore in September?
    A: Retail sales, excluding motor vehicles, rose by 2 per cent in September, a slower pace compared to the 4.7 per cent increase in August.

    Q: What sectors led the growth in retail sales in September?
    A: The watches and jewellery sector led the growth with a 16.6 per cent year-on-year increase, followed by the recreational goods sector and supermarkets and hypermarkets.

    Q: Which sectors experienced a decline in sales in September?
    A: Petrol service stations and clothing and footwear retailers saw a decrease in sales, with declines of 8 per cent and 3.6 per cent respectively. The food and beverage services sector also experienced a drop in sales, declining by 1.6 per cent.

  • Singapore’s Retail Sector Sustains Growth in September, Led by Watch and Jewellery Sales Surge

    Singapore’s Retail Sector Sustains Growth in September, Led by Watch and Jewellery Sales Surge

    In September, retail sales in Singapore continued their upward trajectory, albeit at a slower pace than in August.

    Overview of Retail Sales

    Singapore’s retail sales, excluding motor vehicles, witnessed a 2% growth in September. This figure is slightly lower than the revised 4.7% increase recorded in August. The total retail sales value for the month was estimated at SG$3.5 billion (US$2.67 billion), with online sales accounting for 17.6% of this value.

    However, when adjusted for seasonal factors, there was a 2.3% decrease in retail sales in September compared to August.

    Sector-wise Breakdown

    The growth in retail sales was majorly driven by the watches and jewellery sector, which saw a year-on-year increase of 16.6%, largely due to increased jewellery sales.

    Next in line was the recreational goods sector, which exhibited an 11% rise in sales, followed by supermarkets and hypermarkets with a 5.1% increment.

    In stark contrast, both petrol service stations and retailers of apparel and footwear experienced a decline in sales by 8% and 3.6% respectively.

    Food and Beverage Services Sales

    Sales in the food and beverage services sector also declined, registering a 1.6% drop, a more significant decrease compared to the 0.2% drop in the previous month. This downturn was primarily attributed to the underperformance of the restaurant sector. The total sales value for the F&B services sector was estimated at SG$966 million, with online sales constituting 26.3% of this value.

    Questions & Answers

    What was the percentage increase in Singapore’s retail sales for September?
    The retail sales in Singapore saw a 2% increase in September.

    Which sector led the sales growth in September?
    The watches and jewellery sector led the sales growth in September with a 16.6% increase year-on-year.

    Did all sectors see an increase in sales?
    No, the sales of petrol service stations and retailers of apparel and footwear saw a decline, as did the food and beverage services sector.

  • 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.

  • Titan Acquires 67% Stake In Damas Jewellery: A Strategic Move To Expand Beyond Gulf Market

    Titan Acquires 67% Stake In Damas Jewellery: A Strategic Move To Expand Beyond Gulf Market

    The Indian lifestyle retail giant, Titan, known for owning the Tanishq jewellery brand, has recently made a significant acquisition. The company bought a 67% stake in Damas Jewellery, which is based in Dubai, for a total of US$189 million (AED695 million). This purchase from Qatar’s Mannai Corporation is the second-largest acquisition Titan has made thus far and represents a major strategic move for the company to grow beyond its principal customer base in the Gulf region.

    Damas Jewellery Background

    Damas Jewellery has a long and storied history that began in 1907. The company currently operates 146 stores in six Gulf Cooperation Council (GCC) countries, including the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. However, the British brand Graff’s franchise business is not part of the acquisition agreement with Titan.

    The Impact of Acquisition

    Titan’s Managing Director, C K Venkataraman, has been quite vocal about the benefits of this acquisition for the company. According to him, this strategic move not only opens up significant new global opportunities but also boosts the company’s standing in the GCC’s jewelry market.

    “After successfully establishing Tanishq in the GCC and the US, our ambition for global jewelry play is moving to the next stage,” Venkataraman said. “With the Damas acquisition, Titan is expanding its focus beyond its traditional diaspora customers to target other nationalities and ethnicities.”

    Transaction Details

    The acquisition transaction was based on Damas’ enterprise valuation of $283 million. Additionally, it includes a provision for Titan to buy the remaining 33% stake from Mannai after December 31, 2029, subject to certain conditions.

    Titan, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), first entered the GCC market in 1993 with Tanishq. Today, it operates 15 stores across the region, with a flagship store in Dubai that was launched in 2020.

    Questions & Answers

    What is the significance of Titan’s acquisition of Damas?
    The acquisition enables Titan to expand its customer base, enhance its position in the GCC jewelry market, and increase its global market opportunities.

    What does Damas bring to the table?
    Damas, founded in 1907, brings longevity and a strong presence in the GCC region with 146 stores in six countries.

    What future options does the acquisition offer?
    The agreement includes an option for Titan to acquire the remaining 33% stake in Damas from Mannai after December 31, 2029, subject to certain conditions.

  • Luk Fook sales drop 10 per cent in latest quarter

    Luk Fook sales drop 10 per cent in latest quarter

    Luk Fook sales in the third quarter fell 10 per cent on a same-store basis. “Recent market sentiment has been adversely impacted by the US-China trade war, the depreciation of Renminbi, and downward pressure in the stock and property markets,” said chairman Wai Sheung Wong ina  stock exchange filing. Luk Fook says same-store sales of gold products fell by 9 per cent and of gem-set jewellery by 8 per cent.

    The company’s disappointing figures come in the same week as rival jeweller Chow Tai Fook reported an 11 per cent decline in sales across Mainland China, Hong Kong and Macau.

    Wong said the Renminbi’s depreciation led to higher tendency for customers to purchase lower-value items, resulting in a double-digit drop in the average selling price of gem-set jewellery products.

    Same-store Luk Fook sales in Mainland China fell by 14 per cent, with gold products down 16 per cent and gem-set jewellery down 5 per cent.

    As at December 31 the company operated 221 of its own Lukfook stores, including 150 on the mainland, 49 in Hong Kong, 11 in Macau and 11 overseas. It supplied 1573 licensed shops on the mainland, one in Cambodia and one in the Philippines, making a total of 1796 worldwide.

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