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Tag: jewellery

  • Grand Opening of the Second “Lukfook Jewellery” Shop in New York

    Grand Opening of the Second “Lukfook Jewellery” Shop in New York

    Luk Fook Holdings is pleased to announce that the Group opens its new retail shop in New York City. Located on first floor, New World Mall in Flushing, this new shop is the Group’s second retail shop in New York City after opening its first shop in Manhattan. To mark this occasion, the Group hosted a grand ribbon-cutting ceremony on 29 October. Officiating guests including Ms. Toby Ann Stavisky, the New York State Senator, Ms. Grace Meng, U.S. Congresswoman and Ms. Pauline Yeung, co-founder of the Group and winner of Miss Hong Kong Pageant, witnessed this significant moment together with many other guests.

    Mr. Wong Wai Sheung, Chairman and Chief Executive of the Group said, “Adhering to our corporate vision of “Brand of Hong Kong, Sparkling the World”, we have been actively expanding our retail network globally. Currently, the Group has over 1,460 shops in eight countries and regions. With the opening of the second shop in New York, the Group anticipates to further penetrate into the Chinese communities in the overseas market. We will continue to pursue high quality and innovation to enhance our brand competitiveness, and endeavour to provide quality jewellery products and professional services to customers all over the world, in order to build Lukfook as a premier jewellery brand for customers.”

    The Group has tapped into the North American market since 2003 and opened shops in Canada and the United States, laying the foundation for further overseas expansion. The new shop is located in New World Mall, which is one of the largest indoor Asian malls in the northeastern region of the United States. The mall features over 100 shops, offering jewellery, clothing, cosmetics, electronics, world cuisine and many more. With convenient location and easy accessibility, New World Mall is a popular shopping and entertainment hotspot for the Chinese in Flushing and Queens.

    Address: Space Nos. 112 – 116, First Floor, New World Mall, 136-20 Roosevelt Avenue, Flushing, New York, NY 11354, USA

  • Award-winning Singaporean jewellery brand expands to Hong Kong

    Award-winning Singaporean jewellery brand expands to Hong Kong

    Singaporean contemporary jewellery brand Luvenus Jewellery announced today (July 26) that it has opened its first overseas outlet at Hong Kong International Airport to showcase its designs to the millions of travellers that pass through the airport each year.

    Launched in 2012, Luvenus is an award-winning company specialising in pure 22-karat and 24-karat gold jewellery with diverse and unique product designs. It also carries a collection of fully certified diamond jewellery, said the Managing Director, Mr Parthiban Murugaiyan.

    He said that the newly opened store at Hong Kong International Airport is the brand’s fourth outlet worldwide and first outside Singapore. Luvenus has been recognised for its quality service and has received several awards from Singapore’s Changi Airport.

    “Hong Kong is a major tourist and business travel destination for both Mainland and international visitors. Having a retail outlet at Hong Kong International Airport is part of our strategic plan for expansion into the Mainland. We will be using Hong Kong as our regional base from which to grow our business and better serve the needs of our customers,” he added. Luvenus Jewellery hopes to expand further in Hong Kong and the Mainland market and would consider various models including franchising.

    Associate Director-General of Investment Promotion Dr Jimmy Chiang said, “Hong Kong International Airport is one of the world’s busiest airports in terms of international passenger traffic. It is an excellent showcase for retailers. I wish Luvenus Jewellery every success in our city and look forward to its continued expansion from Hong Kong.”

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  • Indonesia sparkles as jewellery retail market

    Indonesia sparkles as jewellery retail market

    Indonesia sparkles in the jewellery retail market, according to a new report from Euromonitor International.

    Buoyed by growth in Asia Pacific, particularly China and India, jewellery will continue to be the best-performing category in the personal accessories segment, according to its research.

    Indonesia is expected to be the fastest-growing country in the world for jewellery sales with 7.8 per cent compound annual growth rate (CAGR) predicted until 2021. It is followed by India at 6.9 per cent.

    Euromonitor’s research shows that jewellery sales will be worth US$316 billion this year. It is the fastest-growing segment within the personal accessories industry with 3 per cent growth over the past year.

    Jewellery, including both costume and fine jewellery, had 15 per cent year-on-year growth of internet retail sales, reaching $19 billion this year, up from $9 billion in 2011. Fine jewellery’s 16 per cent growth in internet retailing beat out costume jewellery’s 12 per cent growth, with more fine jewellery retailers going online.

    “Technology is the answer for the future growth of jewellery and personal accessories,” says industry analyst Jasmine Seng. While global sales of personal accessories are growing at 2 percent, internet retailing is experiencing double-digit growth.

    The lowest performer in internet sales is the watch segment.

    “Facing competition from smartwatches, industry players should collaborate with wearable-technology innovators to drive organic growth for their companies,” says Seng.

    Personal accessories sales are forecast to have 4 per cent CAGR between now and 2021 to reach $633 billion.

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  • PNJ sales slightly goes up

    PNJ sales slightly goes up

    Vietnam-based Phu Nhuan Jewelry (PNJ) has recorded US$178 million in sales and a pre-tax profit of VNĐ304.5 billion (US$13.65 million) in the first six months of this year.

    These are increases of 4 and 116 per cent respectively for the same period last year, says a PNJ official.

    During the period, the jewellery manufacturer also opened 13 stores, taking its total to 204 retail outlets, plus more than 3000 wholesalers, according to Viet Nam News.

    PNJ was named Employer of the Year in last year’s JNA Awards, which cover the international gemstone and jewellery sector.

    When PNJ restructured its jewellery workshop two years ago, a 35 per cent increase in productivity followed. It invested US$4.6 million to build a six-storey factory capable of producing four million units a year.

    PNJ launches about 20 jewellery collections a year.

  • Popularity of Korean Jewelry Soars

    Popularity of Korean Jewelry Soars

    K-pop, K-drama, K-beauty, K-fashion…the list goes on. But the latest K-trend that is showing significant growth is ‘K-jewelry’. 

    According to Lotte Duty Free on July 3, Q2 sales of domestic jewelry brands at its duty free stores across Korea increased by 80 percent compared to Q2 2015. It’s a noticeable increase considering total sales grew by 30 percent. 

    The number of domestic jewelry brands at Lotte Duty Free also increased from 20 in the second half of 2015 to 30 this year. 

    “(Jewelry brands’) sales alone are smaller than cosmetics or general merchandise, but their growth rate is what’s noticeable,” said a Lotte Duty Free official. “We believe several factors influenced the growth, such as the increased demand for Korean products following the popularity of K-beauty (cosmetics) products, a rising number of tourists in Korea, and the on-going hype of Hallyu (the Korean wave).” 

    Korean brands of premium and bridge (medium-priced) jewelry products are aggressively targeting consumers on foreign soil such as China, Hong Kong, and Japan. 

    J.Estina is one of the pioneers of the K-jewelry fever, which begin to pick up widespread public interest in the late 2000s when former figure skater star Kim Yuna wore the company’s crown-shaped earrings.

    J.Estina is one of the pioneers of the K-jewelry fever, which begin to pick up widespread public interest in the late 2000s when former figure skater star Kim Yuna wore the company’s crown-shaped earrings. (image: J. Estina)

    More recently however, its products gathered huge interest from Chinese consumers when actress Song Hye-kyo appeared in the 2016 TV series Descendants of the Sun wearing a J. Estina necklace, earrings, and bag. The brand currently operates in some 20 duty free shops in and out of Korea, and it plans to launch five more before the end of the year. 

    A French jewelry brand owned by Sejung Group, Didier Dubot, is also focusing on targeting Chinese consumers. 

    The brand was first made popular through a K-drama, My Love from the Star (2013 – 2014), when  female protagonist Jun Ji-hyun appeared wearing Didier Dubot accessories. Launched in 2013, the brand garnered widespread consumer interest in Korea with unique-style jewelry such as ‘layered-rings’ and mix-match earrings. 

    Didier Dubot currently operates Hong Kong boutiques at Harvey Nichols, a high-end department store, and Hysan Place, a shopping mall. Proving the brand’s high demand in the region, its Hysan Place branch generated 150 million won in revenue in the first month after its opening in 2015. The company also recently recruited Julia Roitfeld as its art director with high hopes. Roitfeld is the daughter of Carine Roitfeld, who served as a former editor-in-chief of Vogue Paris from 2001 to 2011. 

    “Our brand is popular among the younger fashion-friendly generation in their 20s and 30s in the China,” said a Didier Dubot official. “We plan to expand our business to mainland China and Taiwan, and we expect good results.”

    “Reasonable pricing, product designs that reflect the latest fashion trends, and marketing strategies using famous Korean celebrities are all helping these brands to prosper in overseas markets,” said a Korean retail industry watcher.

     

  • Hong Kong jewellers to feel Brexit hit the most

    Hong Kong jewellers to feel Brexit hit the most

    The retail sector in Hong Kong is finding it difficult to keep their boat afloat amidst the decline in mainland tourists since a year ago. Now, the Britain’s vote to leave the EU is likely to make matters from bad to worse for the Hong Kong’s retail sector, says reports.

    A recently released Hong Kong government report showed retail sales slipping to 12.5 per cent Y-O-Y in the first quarter to HK$115.2 billion, from HK$131.6 billion in the same period last year. The total number of retail establishments also dropped sharply to 64,498, fewer by 1,400 from the first quarter last year. And there have been 10,000 retail sector job losses in the past year, with the number of employees also down to 320,400 by the end of first quarter.

    Apart from the decreasing number of tourists, outbound travel is expected to grow on the back of a stronger US dollar and weaker Chinese yuan, resulting in less spending in Hong Kong, say industry experts.

    Industry analysts have predicted for a much worst conditions for the upcoming future, after Brexit triggered global uncertainty. The situation is expected to push higher the value of U.S. dollar. Also, the experts have forecasted for an outright recession in Hong Kong this year.

    Hong Kong being financial hub and its currency peg, their economy is expected to be hit the hardest in Asia, say experts. The Hong Kong dollar, meanwhile, which is pegged to the greenback, is expected to appreciate significantly after the Brexit, say reports.

    In its latest note, the Morgan Stanley analysts say demand, too, for commercial property is likely to be impacted by weaker Hong Kong economic growth and the sluggish labour market, says reports.

    The experts further predict that the only the only bright spots in the overall retail market gloom, however, were recommendations from Bank of America Merrill Lynch and China International Capital Corp to invest in Hong Kong jewellery makers, which they said should benefit from the rising price of gold, amid global risk aversion fuelled by the Brexit.

    As per the reports, both maintained ‘buy’ ratings recently for Luk Fook Holdings, a Hong Kong gold-jewellery retailer. “Luk Fook would be the biggest beneficiary from the recent upward trend in the gold price due to its smallest hedging ratio of 15 per cent to 20 per cent,” BoA Merrill Lynch analysts said as per reports.

  • Joyalukkas inaugurates second showroom in Kuala Lumpur

    Joyalukkas inaugurates second showroom in Kuala Lumpur

    The globally renowned jewellery retail chain  expanded its presence in the Malaysia by opening its second showroom, located in  Lulu Hypermarket, Capsquare Mall, Jalan Munshi Abdullah, Kuala Lumpur.This is  as part of their mega expansion plan for this financial year as committed rapid  expansion across. The Showroom was inaugurated by Datin Paduka Seri Rosmah  Mansor wife of YAB Dato' Sri Mohd. Najib bin Tun Haji Abdul Razak, Hon.  Prime Minister of Malaysia in the presence of Mr. John Paul Alukkas, Executive Director, Joyalukkas Group, many local dignitaries and VIP’s.

    Joyalukkas’s first foray into Malaysia was in 2014, with the opening of the biggest jewellery showroom in the country at the heart of Kuala Lumpur at Jalan Masjid India.

    “When we first arrived in Malaysia, the response from the public was simply  overwhelming. We set out to offer the best jewellery shopping experience to the  residents and they have rewarded us over and over again with their eager  patronage,” says Mr. Joy Alukkas, Chairman & MD, Joyalukkas Group.

    “We are very grateful to the wonderful people of Malaysia and look forward to  delivering more choices, better value and an even higher standard of customer  service at our second showroom,” said Mr. John Paul Alukkas, Executive Director,  Joyalukkas Group.

    Joyalukkas opened at the Lulu Hypermarket and Department Store, Capsquare, Kuala Lumpur in time for the Mega Winnings campaign, where customers get the chance to win four diamond necklaces and up to 2 KG gold till 14 August 2016.

    Joyalukkas opened at the Lulu Hypermarket and Department Store, Capsquare,  Kuala Lumpur in time for the Mega Winnings campaign, where customers get the  chance to win four diamond necklaces and up to 2 KG gold till 14 August 2016.

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  • Chow Tai Fook’s Profit Dives 46% in Fiscal 2016

    Chow Tai Fook’s Profit Dives 46% in Fiscal 2016

    Chow Tai Fook reported profit tumbled 46 percent in the past fiscal year as fewer tourists visited Hong Kong and a downturn in Greater China reduced consumer spending.

    Profit slumped to $383.6 million (HKD 2.98 billion) in the 12 months that ended March 31, the Hong Kong-based jewelry retailer said. Revenue slid 12 percent to $7.3 billion (HKD 56.59 billion). Jewelry sales in mainland China dropped 11 percent and in Hong Kong and Macau declined 15 percent.

    Tourist arrivals from the mainland retreated 8.6 percent in Hong Kong and 3.7 percent in Macau during the fiscal year, the jeweler pointed out. Mainland China contributed more than 50 percent of group revenue during the year, a figure that has increased over the past three years. The jeweler said it is still “confident” about the long-term growth potential in the region.

    The “persistently weak retail sentiment” and a “decline” in the number of tourists, particularly from the mainland due to a “strengthening” of the U.S. dollar, continued to affect operations, Chow Tai Fook said.

    “The increasingly affluent and sophisticated Chinese consumers continue to look for more personalized products and shopping experience,” the company added.

    The company, however, pointed out its core operating profit – a non-IFRS measure that Chow Tai Fook believes is a useful measure of its operational performance – fell 24.5 percent, a better outcome compared with net income.

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  • Chow Tai Fook takes it slow in China after profit slump

    Chow Tai Fook takes it slow in China after profit slump

    Chow Tai Fook Jewellery Group, the world’s largest listed jewelry chain, will be more “selective” in expanding in mainland China, after it posted on Tuesday the steepest decline in full-year profit since it listed locally due to the economic slowdown.

    Listed in 2011, the jeweler saw its net profit plunge 46% to 2.94 billion Hong Kong dollars ($379 million) for the 12 months ended in March, in line with its profit warning issued on May 12. Full-year revenue fell 12% to HK$56.59 billion from a year ago. Its mainland business contributed more than half of its revenue.

    “The market is still subject to short-term volatility,” said Chairman Henry Cheng Kar-shun, son of Hong Kong billionaire Cheng Yu-tung whose business empire includes developer New World Development and transport companies. “But we are cautiously optimistic about the long-term growth prospects in the greater China market.”

    Chow Tai Fook’s retail network expanded to 2,300 points of sales in mainland China, Hong Kong, Macau, Taiwan and South Korea as of end-March, with a net addition of 62 from a year ago. Managing Director Kent Wong Siu-kee told reporters that net store openings will be similar to last year, but a majority of them will be in third- and fourth-tier Chinese cities, citing lower business costs there.

    The group will shut down seven to eight stores in Hong Kong and Macau to cut cost, although it does not have large-scale layoff plans this year. Last year, it lost about 9% of its staff in Hong Kong and 6% in mainland China. “The pie [of luxury retail] is so much smaller than before,” said Cheng, but added that the retail downturn was cyclical rather than structural.

    Hong Kong retailers still face challenges as sales fell for the 14th consecutive month in April, with a dwindling number of tourists from mainland China. Sales of jewelry and watches fell 16.6%, according to official statistics, although the decline has narrowed.

    Michael Cheng, Asia-Pacific retail and consumer leader at PricewaterhouseCoopers, expects the luxury sector to recover in 2017 due to a low base effect. “Luxury is a sector so much subject to volatility in the macro market,” he said on Tuesday, adding that more luxury retailers would offer deeper discounts and turn to the “affordable luxury” segment for opportunities.

    Other retailers have a more aggressive China strategy. Rival Tse Sui Luen Jewellery reported a 40% fall in net profit last year, dragged down by a slackening retail market in Hong Kong. The Hong Kong-listed jeweler is counting on the domestic mainland market to drive revenue growth.

    “At least half of our income will come from mainland China,” TSL’s Financial Officer Estella Ng told reporters in late May, adding that the group would open at least 100 sales points there in the next two years.

    Chow Tai Fook’s shares closed 4.8% higher at HK$5.87 on Tuesday before the earnings announcement. Their shares have plummeted 34% from a year ago, widely underperforming the benchmark Hang Seng Index. Analysts at JP Morgan gave it an “underweight” rating with a price target of HK$3.50 as of mid-May, citing “no positive catalysts” for the stock in the short term.

    Despite its weak earnings performance, the jeweler declared a special dividend of HK$0.22, bringing total dividends for the year — including its interim and final payout — to HK$0.8, up from HK$0.28 last year. Analysts said the special dividend was a sweetener to boost its share price, but the management justified it as a move to reward shareholders.

    Nikkei staff writer Joyce Ho in Hong Kong contributed to this story.

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  • Chow Tai Fook casino interests expand

    Chow Tai Fook casino interests expand

    Hong Kong jewellery retailer Chow Tai Fook Enterprises is diversifying into gaming, and is lead partner in a three-way joint venture developing Vietnam’s second integrated resort casino.

    After a prolonged delay, work has started on the $4 billion project’s first phase, in the UNESCO heritage city of Hoi An in Quan Nam province.

    Also involved in the Nam Hoi An Casino Resort are Vietnamese investment banking firm VinaCapital and Macau junket company SunCity Group. Chow Tai Fook acquired VinaCapital’s majority holding last September, although VinaCapital has announced it will boost its stake from 22.5 to 32 per cent, and also has a major stake in SunCity.

    Chow Tai Fook casino interests in Vietnam, through its New World Development unit, already include two large hotels in Ho Chi Minh City, the New World and the Renaissance Riverside. Three hotels will be included in the Hoi An development.

    Including resorts, an amusement park, golf course, premium villas and apartments, the first phase of the Hoi An project will cost about $500 million and should be completed early 2019. It covers 160ha. The only other integrated resort in Vietnam offering high-end gaming for international tourists is the larger Ho Tram Strip resort near Vung Tau, a beach settlement near Ho Chi Minh City.

    While the Nam Hoi An resort was licensed in 2010, VinaCapital’s original JV partner Genting Malaysia dropped out of the project two years later after deciding that the government’s demand for a minimum US$4 billion investment threshold was too steep considering the property’s gaming options would not be available to local residents.

    Chow Tai Fook, meanwhile, has been aggressively seeking out diversification via casino projects. The company has a stake in The Star Entertainment Group’s $3 billion resort casino project in Brisbane, and in November the Korea Herald reported that Chow Tai Fook had signed a letter of intent to invest $1.6 billion in creating a casino resort at Incheon, near Seoul.

    Chow Tai Fook is a privately held conglomerate controlled by the family of Hong Kong businessman Cheng Yu Tung, Hong Kong’s fourth-richest person who is a longstanding business partner of Stanley Ho Hung Sun, a founder of Macau casino investor SJM Holdings. For the Vietnam project, Chow Tai Fook is working through its entity Gold Yield Enterprises.

    Reuters has quoted industry analysts as saying that Vietnam is within easy reach of wealthy Chinese who provide the lion’s share of gaming revenue in Asia.

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  • India discounts narrow as jewellers reopen shops after strike

    India discounts narrow as jewellers reopen shops after strike

    Gold demand in India improved this week as jewellery retailers reopened stores after a strike, but the world’s second biggest bullion market remained at a discount to the global benchmark as purchases across the region were curbed by higher prices.

    Indian jewellers went on an indefinite strike since the start of March in protest over the reintroduction of a sales tax on gold jewellery after four years. They started opening shops from last week.

    “Demand is better than last week, but it is lower than expected,” said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata.

    “We were expecting retail consumers’ rush as jewellery shops were closed for a long time. We couldn’t see that kind of rush.”

    Dealers were offering a discount of up to $8 an ounce to the global spot benchmark this week, down from a discount of up to $25 last week. The discount hit a record high of $53 an ounce in late February on weak demand.

    India’s gold imports in March slumped 80.5 percent from a year ago to $973 million, the government said earlier this week.

    “Gradually discounts will taper off and we could see market at parity or at premium by Akshaya Trititya,” said a Mumbai-based bullion dealer with a private bank.

    India will celebrate Akshaya Tritiya, the second-biggest gold-buying festival after Dhanteras, on May 9.

    For now, a rally in global gold prices has kept buyers away.

    The gold price hit a five-week high of $1,270.10 an ounce on Thursday, and was set to post a weekly gain of 1 percent. [GOL/]

    Dealers said they were seeing some investment demand for gold, though not robust purchases.

    “These prices are quite high for retail consumers so they are holding back,” said a bullion dealer in Hong Kong.

    “Banks and trading house are trying to reduce their gold inventory as there is no demand, so premiums are quite low,” he added.

    Prices in Hong Kong were at a premium of 50 cents an ounce to the global benchmark, their lowest since May 2015, traders said.

    In top consumer China, premiums were steady at around $1 to $2 an ounce. Tokyo prices were on par, with dealers reporting little demand. Singapore premiums also held near 50 cents.

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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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  • Plukka Debuts a Pop-Up in New York City

    Plukka Debuts a Pop-Up in New York City

    Plukka, which launched as a flash-sale website for made-to-order fine jewelry, is getting increasingly serious about bricks-and-mortar retailing. The Hong Kong–based company, which opened freestanding stores in Hong Kong and London in 2014 and 2015, respectively, has debuted a pop-up store at the Jack Vartanian store on Madison Avenue.

    And the roughly 600-square-foot space is, according to Plukka founder Joanne Ooi, “a preliminary step to opening a permanent NYC boutique in the future.”

    She adds, “It’s Plukka’s objective to be the first truly global multi-brand designer and fine jewelry retailer, so having a presence in the U.S., and specifically New York City, is a fundamental part of our mission. New York contains a hugely disproportionate share of both clients and influencers, so we consider the city a crucial beachhead location.”

    Plukka made news last year for launching a program that delivers up to $15,000 of merchandise to existing clients in New York City and Hong Kong—so they can shop in their homes.

    Plukka’s New York pop-up, which will run for two months, will feature ”designers not available in New York City,” says Ooi, whose picks for the temporary shop include pieces from L’Dezen by Payal Shah, Ashu Malpani, Sidney Chung, Baer Jewels, and Tana Chung. “We represent and work with many designers who are already in this market,” including Suzanne Kalan, Hoorsenbuhs, Yeprem, and Wendy Yue.

    “But the whole point of our very large stable of incredibly talented designers is that we can show different designers in different markets, depending on tastes, interests, demographics, and buying patterns,” she explains. ”We are using this pop-up to make the point that we are truly the premier discovery machine for the world’s most creative fine jewelry.”

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  • Pranda Group expands in Vietnam

    Pranda Group expands in Vietnam

    Thai jewellery retailer Pranda Group reports a year of expansion in neighbouring Vietnam, plus consolidation in Indonesia.

    In Vietnam, Pranda opened two branches, at Lotte Center and Vincom Center Nguyen Chi Thanh in Hanoi, and expanded distribution channels. The group now has eight shopping mall outlets, five in Ho Chi Minh City and three in the capital.

    This year, the company plans to open a 57 sqm flagship store at Saigon Center in Ho Chi Minh City.

    Meanwhile, Pranda Marketing Indonesia plans to increase outlets. A new branch managed by central Thailand in co-operation with PT Grand Indonesia was opened in Central Grand Indonesia. Pranda Marketing Indonesia aims to push the Prima Gold and Julia brands. Prima Gold has three stores, Julia 19 stores, and Lovelinks eight. Four more Prima Gold outlets are planned for this year, as well as 20 more Julia stores.

    Pranda Group plans further expansion in the Asian Economic Community with its population of more than 600 million people.

  • Sales lose sparkle for Luk Fook

    Sales lose sparkle for Luk Fook

    In the face of a continuing sluggish market, Hong Kong-based Luk Fook Jewellery posted a 25 per cent drop in overall sales in the three months to December 31 against the previous two quarters.

    Its same-store sales growth (SSSG) for mainland China was down 10 per cent, despite its gemset jewellery products gaining 2 per cent grown. The SSSG of the Hong Kong and Macau market dropped 26 per cent.

    As at December 31, the group had 159 self-managed shops – 96 in China, 47 in Hong Kong, 10 in Macau and six overseas, one being established in Toronto, Canada, in the current quarter. There were 1260 licensed shops in China with one in Korea. Altogether, there were 1420 Luk Fook shops worldwide, including 1356 in China and outlets in Australia and the US.

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