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Tag: jewelry

  • Luk Fook Sees Improved Jewelry Sales

    Luk Fook Sees Improved Jewelry Sales

    Hong Kong-based jeweler Luk Fook Holdings recorded its first quarterly growth for same-store sales in three years, driven by its gem-set jewelry offering and an improvement in Hong Kong.

    The company reported a 2% rise in overall same-store sales across its 199 self-operated stores during the fiscal fourth quarter, which ended March 31. An 11% rise in the gem-set jewelry segment offset a 1% decline in gold sales.

    The report did not include sales at Luk Fook’s licensed shops — stores that the company licenses other parties to operate — or e-commerce sales.

    With a relatively low base and an encouraging improvement in Hong Kong and Macau in March, the group’s retail business recorded a turnaround after 12 consecutive quarters of decline, Luk Fook said.

    Same-store sales in Hong Kong and Macau, where all its stores are self-operated, went up 1%, with gem-set jewelry rising 12% and gold products declining 5%. Aside from improved market sentiment, Luk Fook attributed the growth to an increase in high-value gem-set jewelry sales in March.

    In mainland China, same-store sales rose 11% overall, with gold products increasing 16% and gem-set jewelry growing 6%.

    The jeweler opened four self-operated locations in mainland China during the quarter for a total of 133 in that locale, alongside 47 stores in Hong Kong, 10 in Macau and nine in other areas. Luk Fook also had 1,296 licensed shops in China and one in Korea at the end of the quarter.

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  • Chow Tai Fook Shows Long-Awaited Sales Gains

    Chow Tai Fook Shows Long-Awaited Sales Gains

    Chow Tai Fook saw positive retail sales growth in the fiscal fourth quarter, ending a long run of declines at the Hong Kong-based jeweler. Retail sales in mainland China increased 16%, with same-store sales rising 12% during the three months that ended March 31, the company reported Wednesday. Overall retail sales in Hong Kong and Macau grew 1%, and same-store sales rose 4% — the first quarterly increase in three years in Hong Kong and Macaua, Chow Tai Fook said.

    Driving this growth were sales of gold products – up 17% in mainland China and 19% in Hong Kong and Macau – as the jeweler benefited from a 3% rise in gold prices and a higher average weight per gold product sold. Gem-set jewelry sales rose 5% in mainland China, but fell 17% in the municipalities due to a decline in the average selling price: The company had sold a number of big-ticket items in Hong Kong the previous year that it was unable to match during the reporting period, management explained.

    Chow Tai Fook’s ecommerce sales spiked 85% in mainland China, strengthened by its cooperation with existing online platform partners.

    The company, considered the largest jeweler in the Asia Pacific region, operated 2,381 points of sale at the end of March, of which 2,129 were jewelry locations in mainland China. It opened six jewelry points of sale in China and closed two watch locations during the quarter.

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  • Esprit announces branded jewelry collection from Versteegh

    Esprit announces branded jewelry collection from Versteegh

    Esprit has concluded a new license partnership in the area of fashion jewelry with Versteegh modeaccessoires effective 1 July 2017. With more than 60 years of experience in the wholesale trade, Versteegh brings to the cooperation valuable know-how and important expertise in the field of fashion accessories. Thanks to their excellent supplier network, Versteegh is able to guarantee short and reliable delivery times. The Esprit branded jewelry collection from Versteegh will be available internationally in Esprit’s own retail stores and e-shop.
    Maria Pambori, VP Head of Global Licenses/Product Esprit: “Together with our new partner, we want to excite our customers with a product portfolio that reflects the latest trends and interprets them through the philosophy of our brand Esprit. With Versteegh we have found a partner who attaches great importance to quality, has a keen sense of trends and thus perfectly meets our high requirements.”

    “Due to its positioning, the brand Esprit offers an ideal platform for our products. We are excited about the cooperation and are looking forward to making a great impression on Esprit customers with our collections” says Frans Lenting, Director of Versteegh.

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  • Tourism Lull Hits Hong Kong Jewelry Sales

    Tourism Lull Hits Hong Kong Jewelry Sales

    Retail sales of jewelry and other luxury items in Hong Kong slumped in November as tourist arrivals continue to dwindle. Revenue from jewelry, watches, clocks and valuable gifts declined 14 percent to $731.6 million (5.67 billion) in November, according to provisional data from Hong Kong’s Census and Statistics Department. The number of tourists visiting Hong Kong fell 2 percent the same month, the Hong Kong Tourism Board reported.

    Hong Kong’s luxury retail sales suffered throughout most of last year as fewer tourists arrived. The data in October signaled a possible recovery as the growth in jewelry and luxury sales was flat from a year ago. However, the latest figures in November did not lend credence to any suggestion of an improvement, even as the drop in sales for that month was less steep than the 19 percent slump for the first 11 months combined.

    Overall retail sales slipped 5.5 percent, likely dragged down by lower tourist spending on select big-ticket items, a government spokesperson explained.

    “Looking ahead, the performance of retail sales will depend on whether inbound tourism will improve and whether the various external uncertainties will affect local consumer sentiment,” the spokesperson said.

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  • Luk Fook announces interim results

    Luk Fook announces interim results

    The Board of Directors of Luk Fook Limited announced the unaudited consolidated interim results of the company and its subsidiaries for the six months ended 30 September 2016.

    During the Period under review, the Group’s revenue dropped 21.5 percent to HK$5,469,124,000. The continuing weak retail sentiment, together with the relatively high gold price and a relatively high base due to the small scale gold rush in certain months last year, resulted in gold sales falling more than expected.

    Overall gross margin improved by 5.3 p.p. to 28.0% as a result of relatively high gold price and higher gem-set jewellery sales mix. Gross profit therefore decreased by only 3.0 percent to HK$1.5 billion.

    Operating profit decreased by 6.0% to HK$558 million. Profit attributable to equity holders amounted to HK$429 million, a decrease of 7.4 percent. The Group’s overall gross margin significantly improved by 5.3 p.p. to 28.0 percent, as it concentrated on sales mix of gem-set jewellery products driven by a slowdown in demand for gold products and the improved gross margin of gold products as a result of the gold price rise.

    Mr. Wong Wai Sheung, Chairman and Chief Executive of Lukfook Group said, “During the Period under review, the slowdown in economic growth in Mainland China, the changes to the Individual Visit Scheme and the growing popularity of other tourist destinations as a result of currency devaluation, Mainland tourists tended to stay shorter period of time. Consumption expenditure per capita continued to fall with the poor macro-economic conditions and decreased spending power of consumers. ”

    The retail business continued to be the primary revenue source for the Group with its revenue declined year-on-year by 27 percent to HK$4,028,721,000, accounting for 73.7 percent (2015: 79.3 percent) of the Group’s total revenue. With a much improved gross margin, segmental profit in the retail business dropped by 6.7% only to HK$338,921,000 (2015: HK$363,235,000), representing 55.8% (2015: 53.9%) of the total.

    The overall same store sales growth of the Group was down 31.5 percent.

    The Hong Kong market remained to be the key source of revenue for the Group, which the revenue generated decreased by 28.6 percent to HK$3,003,443,000, contributing approximately 54.9 percent (2015: 60.4 percent) of the Group’s total revenue. The Group’s revenue generated from the Macau market decreased by 27.7 percent to HK$665,528,000. Revenue from the Mainland China market decreased by 2.7 percent to HK$1,722,787,000, and accounted for 31.5 percent (2015: 25.4 percent) of the Group’s total revenue.

    During the Period under review, the Group added a net total of 27 Lukfook shops worldwide of which 24 new stores were opened in Mainland China. This raises the global network of Lukfook shops to 1,455. Mr. Wong Wai Sheung, Chairman and Chief Executive of the Group said, “Looking ahead, the Group will maintain its pragmatic and prudent strategies, proactive response to challenges, thereby strengthening our leading position in the jewellery retail market.”

  • Luk Fook plans to double jewelry stores in China

    Luk Fook plans to double jewelry stores in China

    Hong Kong-based jeweler Luk Fook is pushing ahead with its expansion into mainland China by doubling its stores there even as competitors are moving at a slower pace amid tepid demand for luxury goods.

    The company, a smaller rival to Chow Tai Fook Jewellery Group, one of the world’s largest listed jewelry chain, said on Thursday it “still had room” to increase its mainland outlets to 2,000-3,000, up from 1,400 currently, without giving a timeframe for the expansion.

    “We are only in about 300 Chinese cities comparing with 500 cities of our rivals,” said Luk Fook Executive Director Shirley Wong Hau-yeung, adding that the group would focus its expansion in quality shopping malls in second- and lower-tier cities.

    The jeweler is also looking to boost its revenue contribution from the mainland, which now accounts for over half of its total — a three-year goal it set two years ago. “We actually met our target early,” said Chairman and Chief Executive Wong Wai-sheung. “Having 80-90% of revenue from China is probable.”

    Chairman Wong’s upbeat remarks comes at a time when Luk Fook is seeking to diversify from a struggling home market where luxury retail has been hit hard by a dwindling number of deep-pocketed mainland visitors to Hong Kong.

    First-half net profit fell 7.4% on the year to its lowest level since 2010 at only $429 million Hong Kong dollars ($55.3 million) between April and September. Revenue dived 21.5% to HK$5.47 billion, dragged lower by a 32.3% sales plunge in stores that had been open for over a year in Hong Kong and Macau, while its mainland sales saw a slightly less severe decline of 23.7% from a year ago.

    The group added 27 shops to its network of 1,455 outlets globally, including 24 in China and the rest in Macau, New York and Seoul in the same period. “A further depreciation of the Chinese yuan will prompt more mainlanders to spend at home and boost local consumption,” said Chief Financial Officer Kathy Chan So-kuen, justifying the group’s strategy in mainland China.

    Meanwhile, rival Chow Tai Fook would be “selective” when entering mainland China, said Managing Director Kent Wong Siu-kei on Tuesday. The Hong Kong-listed jeweler added only 11 shops on the mainland — many of them in shopping malls — between April and September, bringing the total to 2,100 in the country.

    Chow Tai Fook’s more cautious approach followed a decade of aggressive expansion into the mainland market that hurt its profitability as the country’s economic slowdown and anti-corruption drive dampened appetite for luxury goods. With about half of its turnover from the mainland, the group reported its lowest first-half profit since its 2011 listing — just HK$1.22 billion, a fall of 21.5% from a year ago.

    With competition from e-commerce players such as Alibaba Group Holding and JD.com, the group would continue to close loss-making outlets in department stores and hopefully turn its shops into logistics centers for handling e-commerce orders in a bid to find better use for its ailing assets.

  • DFS Group Unveals Exclusive Pre-Launch of Bulgari Jewelry Collection in Stores Worldwide

    DFS Group Unveals Exclusive Pre-Launch of Bulgari Jewelry Collection in Stores Worldwide

    DFS Group, the world’s leading luxury travel retailer, is excited to announce the pre-launch of an exclusive BVLGARI-BVLGARI collection by Italian luxury jewelry brand Bulgari, which will be available only at DFS and T Galleria by DFS stores beginning this holiday season until October 2017. The specially created, one-of-a-kind jewelry collection includes necklaces and bracelets with signature double-sided pendants – one side featuring a Carnelian stone and the other side a Mother of Pearl. With the two contrasting sides, the pendants offer travelers a piece they can interchange according to mood, outfit or occasion.

    “We are honored to work with our long-standing partner Bulgari to present our customers with an exclusive set of one of their most iconic jewelry designs,” said Christophe Chaix, Senior Vice President Fashion, Watches, Jewelry and Accessories, DFS Group. “In the coming holiday season, we look forward to exciting our customers with a jewelry set that strongly resonates with their preferences, while elevating their gifting experience with something only DFS can offer.”

    The BVLGARI-BVLGARI collection, an emblematic favorite for over four decades, became the ambassador of Bulgari’s tradition of luxury, quality and the finest Italian design. This particular exclusive rendition of the BVLGARI-BVLGARI collection aims to excite and attract customers seeking a limited edition for the holiday season.

    The Carnelian in red on one side of the pendant symbolizes happiness and joy and is always the most popular color among Chinese shoppers. In Western culture, this color resembles an iconic Christmas color reminiscent of holly berries. On the flipside, the Mother of Pearl, symbolizing purity with a hint of feminine glamour, is one of the four imperial colors classic to the brand that magnifies the ever modern style of the BVLGARI-BVLGARI collection.

    The exclusive BVLGARI-BVLGARI line is now available at all DFS Bulgari boutiques worldwide, except in Abu Dhabi.

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  • Bangli holds Balinese Jewelry Fair

    Bangli holds Balinese Jewelry Fair

    The district of Bangli, Bali Province, is holding a Balinese jewelry fair at the Taman Budaya (Cultural Park), here, during the 37th Bali Art Festival being organized from June 13 to July 11, 2015.

    “We display hundreds of Balinese traditional jewelry to introduce them to the public. Bali has various kinds of unique and attractive jewelry,” Ni Wayan Rusmiati, a Balinese jewelry businesswoman, said here, Sunday.

    The price range of Balinese jewelry being offered during the festival is from Rp35 thousand to Rp1.5 million.

    She, however, complained that most visitors to the jewelry fair were just window-shopping.

  • Tiffany & Co debuts its first same-sex couple ad campaign

    Tiffany & Co debuts its first same-sex couple ad campaign

    American jeweler Tiffany & Co makes its first foray into featuring same-sex couples in its advertising with its new engagement campaign for 2015. A rep for the jeweler didn’t release the guys’ names because despite being extremely attractive, they are not professional models.

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  • Tiffany to improve lustre in emerging Asia

    Tiffany to improve lustre in emerging Asia

    Tiffany & Co., the world’s second largest jewellery retailer by sales aims to improve its lustre in emerging Asia, where demand for gold and gems appears to be insatiable.

    While Americans and Japanese remain the high-end brand’s biggest customers, their share of sales has fallen to a combined 62 percent, from over 80 percent a decade ago. Asian shoppers, excluding Japan, now account for 23 percent of Tiffany’s total net sales. The company’s jewellery sales have more than doubled to USD4 billion over the past 15 years.

    China, where the Nasdaq-listed firm owns 24 stores and plans to open three a year for the foreseeable future, is the biggest sales generator. But Tiffany is not forsaking Japan.

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  • Gucci to check Chinese suppliers after TV exploitation charges

    Gucci to check Chinese suppliers after TV exploitation charges

    Italian fashion house Gucci said on Monday it would strengthen controls on its suppliers after a television program showed Chinese employees working more than three times their official hours to assemble its handbags.

    The head of a Gucci subcontractor told an investigative program broadcast by RAI state television on Sunday that Gucci was aware it irregularly employed Chinese workers.

    Aroldo Guidotti of subcontractor Mondo Libero (Free World) said the employees toiled away for as long as 14 hours a day, while they were supposed to work only for four hours, to assemble handbags that he sold to Gucci for EUR24 (USD29).

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