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Tag: luk fook

  • New Luk Fook store opens in Vancouver

    New Luk Fook store opens in Vancouver

    Luk Fook Canada has opened a new shop in CF Richmond Centre in Metro Vancouver.

    The new store is the first Oriental jewellery shop in the mall.

    “Adhering to the corporate vision of ‘Brand of Hong Kong, Sparkling the World’, the group has been actively expanding our retail network into the overseas market for new business opportunities as well as provision of superior products and after-sales services to our Chinese customers around the world,” said chairman and CEO of the group Wong Wai Sheung.

    At present, the group has more than 1820 shops in 10 countries and regions, where its footprint covers Hong Kong, Macau, Mainland China, Singapore, Malaysia, Cambodia, the Philippines, the US, Canada and Australia.

    “We open a new shop at CF Richmond Center, Canada with the objective of expanding our customer base while bringing premier shopping experience to our Chinese customers around the globe,” added Wong. “Looking ahead, we will continue to stay enthusiastic to shape us to be the preferred jewellery brand for customers anywhere.”

    The group set its foothold in North America in 2003. Luk Fook Canada opened retail shops in Toronto and Vancouver, which each have a significant Chinese population. The city of Richmond has the largest Chinese population in Canada, and the CF Richmond Centre is considered a shopping hotspot for local and touring Chinese.

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  • Luk Fook sales soar despite challenges ahead

    Luk Fook sales soar despite challenges ahead

    Thanks to positive Hong Kong market sentiment and lower gold prices, Luk Fook Holdings has reported a 25.1 per cent boost in sales in the September half year. The company says sales totalled HK$7.859 billion (US$1 billion) compared with $6.283 billion in the same period last year. Profit attributable to shareholders soared 27.9 per cent to $665.4 million.

    Sales in the Hong Kong market, the company’s key source of revenue, rose 31.2 per cent as mainland Chinese visitor numbers continued to grow and retail sentiment improved.

    Sales in Macau rose 19.9 per cent.

    However the company has warned that the US-China trade war and the depreciation of the Renminbi are starting to impact on sales in the second half.

    “Same-store sales growth in the Hong Kong and Macau markets … started to see a decline since the second half of October and recorded a single-digit drop for the period from October to [the] first three weeks of November,” the company said. “In Mainland China there was a double-digit drop.

    “Therefore, the group remains prudent about its business development in the second half of the financial year. Nevertheless, with the anticipated considerable growth of the middle-class population in Mainland China, the group remains optimistic about the mid- to long-term business prospects.”

    Luk Fook said that during the coming year, it will focus on enriching its product offer, expanding its footprint in Mainland China and adopting market-oriented strategies to penetrate into the mass market, covering the middle-class, wedding couples as well as kids.

    “The group’s target for net shop addition in Mainland China for this financial year will maintain at not less than 120 shops. The group is also committed to further developing its e-commerce business and strengthening cooperation with e-commerce platforms in Mainland China.”

    Targeting younger shoppers

    In light of the enormous spending potential of young consumers on online sales platforms, the company plans to step up its efforts to promote the sales of affordable-luxury jewellery products to expand its footprint in the young consumer market.

    “By understanding customers’ spending habits, the group will adopt holistic approach to penetrate into the markets for the middle-class, wedding couples and kids. It will also continue to attract customers and encourage local consumption by visual merchandising enhancement, cross-selling boosting and VIP promotional activities, so as to improve sales and profits. Given the importance of social media in product promotion, the group will continue to showcase and promote its products on mobile applications and social media platforms such as Facebook and WeChat.”

    During the first half of the financial year, Luk Fook added a net 94 stores to its ever-growing network, including 90 in Mainland China, where is closed six self-operated stores and opened 96 licensed stores. Two company-owned stores opened in Hong Kong, one in Macau, and one in Malaysia, with a new licensed shop opening in the Philippines, However, one licensed store closed in South Korea.

    The group now boasts a global network of 1725 Lukfook shops spanning Hong Kong, Macau, Mainland China, Singapore, Malaysia, Cambodia, the Philippines and the US.

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  • Easing price of gold gives Luk Fook sales some shine

    Easing price of gold gives Luk Fook sales some shine

    Luk Fook achieved same-store sales growth of 14 per cent in its latest quarter, thanks to lower gold prices, good market sentiment and a successful sales strategy. In a note to shareholders, chairman and CEO Wai Sheung Wong said same-store sales of gold products rose by 23 per cent and of gem-set jewellery by 5 per cent.

    Luk Fook Hong Kong and Macau sales led the way, rising 17 per cent, with gold products up 30 per cent, during the three months to September 30.

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

    The jeweller’s fortunes appear to have endured after the quarter ended.

    “In the first two weeks of October, the growth momentum of Hong Kong and Macau market

    continued, with same-store sales sustained at a double-digit growth. As for the mainland market, because of the large number of outbound travellers during the long holiday period and a high base, same-store sales of self-operated shops recorded a double-digit drop in the first two weeks of October,” said Wong.

    During the quarter, there was a net addition of 57 Lukfook shops on the mainland: 62 more licensed shops and five fewer self-operated shops.

    At the end of the quarter, Luk Fook had 223 self-operated shops, including 151 in Mainland China, 50 in Hong Kong, 11 in Macau and 11 overseas. It had a further 1500 licensed shops on the mainland, one in Cambodia and one in the Philippines, taking the total network to 1725.

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  • Luk Fook makes debut in Manila city

    Luk Fook makes debut in Manila city

    Hong Kong jewellery retailer Luk Fook has announced its entry into the Philippines.

    The first Luk Fook Philippines store is located at Solaire Resort and Casino of Manila Game Zone, established by the Philippines government as an entertainment and tourist hot spot. The area contains a shopping mall, luxury casinos, a theme park, international hotels, commercial complexes and destination resorts.

    Wong Wai Sheung, Luk Fook’s chairman and CEO says with the development of the Belt and Road Initiative, together with booming tourism in Southeast Asia, the group is positive about its prospects in the region.

    “Adhering to the corporate vision of ‘Brand of Hong Kong, Sparkling in the World’, the group has decided to open a new shop in Manila following its new shops opened in Malaysia and Cambodia this year, with an aim to further expand into the markets of overseas Chinese and tourists. Together with more than 1660 shops globally, the group will continue to provide high-quality jewellery products, excellent service and an unparalleled shopping experience for its customers worldwide.”

    The Luk Fook Philippines opening marks the group’s 10th global market.

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  • Luk Fook Malaysia expands into opening of third store

    Luk Fook Malaysia expands into opening of third store

    Luk Fook Malaysia has opened its third shop, at the Genting Highlands Resort.

    The Hong Kong-based jewellery retailer expanded into Southeast Asia in 2010 and now operates 1660 locations through nine countries and regions, including greater China. The Genting Highlands shop will give the brand access to a well-established tourist market that frequents the high-altitude attraction that features casinos and theme parks.

    Luk Fook Holdings’ chairman and CEO Wong Wai Sheung said the group is dedicated to providing global customers with high-quality jewellery products, unparalleled shopping experiences, as well as caring and professional services.

    “With the drive for the Belt and Road Initiative, together with booming tourism in Southeast Asia, the group is optimistic about the prospects for the region. Following the opening of two retail shops at Pavilion Elite and Suria KLCC in Kuala Lumpur in 2016, the group has established a new retail shop at the 6000-foot highland famous casino and tourist spot – Genting Highlands of Malaysia – to further expand our retail footprint, which fulfils the corporate vision of ‘Brand of Hong Kong, Sparkling around the World’”.

    The opening ceremony was attended by multiple dignitaries and celebrities, while Rilakkuma-branded gold coins were distributed among guests.

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  • Jeweller Luk Fook time to shine after years of decline

    Jeweller Luk Fook time to shine after years of decline

    Jeweller Luk Fook has reversed a three-year trend of declining revenue in its latest financial year, boosting sales by 13.8 per cent to HK$14.578 billion (US$1.857 billion).

    Releasing its results for the year to March 31, the company said the turnaround was the result of improved retail sentiment, especially in its largest market of Hong Kong-Macau. Profit attributable to shareholders grew 34.7 per cent to $1.4 billion.

    Luk Fook finished the year with 1642 stores globally, 137 more than the previous year with almost all of the new stores on the mainland.

    Wong Wai Sheung, group chairman and CEO,, said that despite the impact of the slowdown in economic growth in Mainland China and the changes to the Individual Visit Scheme, there was gradual improvement in spending per capita.

    The retail business, the group’s primary source of revenue, improved 14.3 per cent to $10.995 billion. Within that, sales of gem-set jewellery increased 24.2 per cent. Sales of gold and platinum products increased by 10.2 per cent.

    Luk Fook reported same-store growth in Hong Kong and Macau of 9.4 per cent last year, a huge contrast to the 19.5 per cent decline of the previous year. Mainland China same-store sales grew by a more modest 4.6 per cent, compared to a 4.8 per cent drop the prior year.

    Besides adding 132 new stores in Mainland China, Luk Fook opened its first licensed store in Cambodia and one store in each of Hong Kong and San Francisco.

    Rebound continues

    Wong Wai Sheung said the improved overall economic environment and increased visitor arrivals in Hong Kong and Macau is reflected in ongoing positive retail sentiment since April this year.

    Same-store sales growth continued to run in the double digits this year and sales of gem-set jewellery in the mainland market had returned to positive growth.

    “However, under the influence of US-China trade war and geopolitics, there are still many uncertainties around.”

    That aside, he said the continuing growth of the mainland’s middle-class population  fuelled optimism about Luk Fook’s mid- to long-term business prospects.

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  • Lukfook Group Swept Multiple Awards at the “Chuk Kam Jewellery Design Competition 2018”

    Lukfook Group Swept Multiple Awards at the “Chuk Kam Jewellery Design Competition 2018”

    Luk Fook Holdings (International) Limited is pleased to announce that the Group’s design pieces stood out from the crowd and won multiple accolades at the “Chuk Kam Jewellery Design Competition 2018”. The recognition includes the Group’s various jewellery designers with winning entries, namely “Pegasus” by Mr. Tse Ka Wing, “Follow the Heart” by Ms. Li Yim and “Tattoos” by Ms. Chun Hiu Ling in “The Fashionable 18K Group”, while “ ’WiFi’ Times” by Ms. Wang Wen Jing in the “Open Group”.

    Mr. Wong Wai Sheung, Chairman and Chief Executive of the Group said, “We are thrilled at sweeping four awards at the ‘Chuk Kam Jewellery Design Competition 2018’, closely after being awarded the “Best of Show Award (Open Group)” at ‘The 19th Hong Kong Jewellery Design Competition’, which affirms the outstanding talents and capabilities of the Group’s design team. The Group actively participates in jewellery design competitions to encourage its design team to aim high in innovation and craftsmanship, as the Group pursues perfection in the design and quality of its products. In future, the Group endeavors to provide cutting-edge and diversified products to align with a wide spectrum of customers’ tastes. ”

    The “Chuk Kam Jewellery Design Competition 2018” was organized by Hong Kong Jewellers’ & Goldsmiths’ Association and sponsored by Hong Kong Trade Development Council and World Gold Council. The objectives of the competition are to stimulate the creativity and raise the standard of craftsmanship of Chuk Kam jewellery industry; and to arouse the market demand of Chuk Kam jewellery.

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  • Luk Fook Holdings retail Business 3Q Same Store Sales Up 1% On Year

    Luk Fook Holdings retail Business 3Q Same Store Sales Up 1% On Year

    Luk Fook Holdings (International), a Hong Kong-listed jewelry retailer, said Wednesday its retail business same store sales for October to December was up 1% on year.

    In the third quarter, same store sales growth of gold products were down 3% and gem-set jewelry products were up 10%, it said in an exchange filing.

    “The gem-set jewellery products in Hong Kong and Macau market continued to benefit from the market improvement as well as the successful introduction of more varieties of stylish and good-value-for-money products,” it added.

  • Luk Fook expands into Cambodia

    Luk Fook expands into Cambodia

    Luk Fook Holdings (International) Limited has announced its foray into the Cambodian market with the grand opening of a flagship store in its capital city, Phnom Penh, marking the expansion of the Group’s retail network to 10 countries and regions globally.

    Mr. Wong Wai Sheung, Chairman and Chief Executive of the Group said: “Adhering to the corporate vision of ‘Brand of Hong Kong, Sparkling the World’, the Group has been seeking new business opportunities in the international market to expand our footprint.”

    He continued: “With the launch of the Belt and Road Initiative, the Group is optimistic about the prospects of the Southeast Asian market. Following our entry into Malaysia with opening of two shops last year, the Group now establishes a flagship store in Cambodia, with a view to introducing our quality jewellery and professional, caring services to the market. With over 1,610 shops globally, the Group will continue our efforts in providing unparalleled shopping experience for customers worldwide, so as to ensure that Lukfook Jewellery remains a premier jewellery brand for consumers everywhere.”

    The flagship store in Phnom Penh covers an area of over 5,600 square feet and is adjacent to a tourist hotspot with high tourist traffic and great potential.

    Phnom Penh, the capital of Cambodia, is a developing city as well as the country’s political, economic, industrial, cultural and tourist centre with considerable room for development. With the opening of this new shop, the Group expects to further expand its retail network in Southeast Asia.

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  • Luk Fook Holdings gets back up to grow

    Luk Fook Holdings gets back up to grow

    In a golden first half, jewellery group Luk Fook Holdings (International) saw revenues and profits rise as it continued to expand its retail outlets.

    As well as a return to growth for same-store sales and a doubling of e-commerce sales, its interim results show a 14.9 per cent rise in revenue to HK$6.2 billion (US$794 million) for the six months to the end of September.

    A relatively stable gold price resulted in the group’s overall gross margin dropping to 26.2 per cent from 28 per cent a year earlier, but gross profit rose by 7.5 per cent to $1.6 billion. Profit attributable to equity holders grew by 21.3 per cent to $520.3 million.

    During the six months, the group added 46 Lukfook shops worldwide – 47 (29 licensed) in Mainland China and one in San Francisco, with two closures in Hong Kong. This took its global network to 1542 Lukfook shops (up from 1455 shops a year earlier), spanning Australia, Canada, China, Hong Kong, Korea, Macau, Malaysia, Singapore and the US. It also had 10 3D-Gold shops in China (an addition of one).

    Retail was the group’s primary source of revenue, which grew by 17.1 per cent to $4.7 billion, accounting for 75.1 per cent (up from 73.7 per cent) of total revenue.

    Slide reversed

    Back on track after three years of decline, first-half overall same-store sales growth was 11.2 per cent (minus 31.5 per cent a year earlier). There was double-digit growth in both Hong and Macau and Mainland China at 10.5 per cent (-32.3 per cent last year) and 16.7 per cent (-23.7 per cent) respectively.

    Hong Kong was the key market for the Group with the recovery of both retail sentiment and visitor arrivals. In terms of tourist spending, sales of jewellery, watches, clocks and gifts rose about 4.3 per cent, according to the Census and Statistics Department of Hong Kong. This was reflected in an 8.4 per cent lift in the group’s retail revenue in Hong Kong to $2.8 billion.

    Similarly, official figures in Macau show a 17.5 increase in tourist spending while the group’s revenue grew by 18.8 per cent to $790 million for the half-year.

    Meanwhile, retail revenue from the Mainland China market grew by 43.6 per cent to $924 million, attributed to an improved retail environment and more self-run shops. It accounted for 14.7 per cent of the group’s total revenue, up from 11.8 per cent a year earlier.

    Revenue from e-commerce in China jumped by 104.7 per cent to $136.6 million, accounting for 14.8 per cent of retail revenue, up from 10.4 per cent.

    Overall, first-half revenue from China grew by 25.5 per cent to $2.1 billion, accounting for 34.4 per cent of total revenue (31.5 per cent a year earlier).

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  • Golden quarter for Luk Fook Holdings

    Golden quarter for Luk Fook Holdings

    Jewellery company Luk Fook Holdings (International) has had a golden second quarter with sales up for both gold and gemset jewellery.

    With a relatively low base and a slight drop in gold price, there were encouraging sales of gold
    products in both the Hong Kong/Macau and Mainland China markets. Same-store sales of gold products rose 21 per cent over the previous quarter.

    With an improved market as well as the introduction of new products, there was a 16 per increase in same-store sales of gemset jewellery in Hong Kong/Macau.

    While the sales performance in July and August was promising on the mainland, September was less productive because of the lack of promotional activities for the Mid-Autumn Festival. This saw second-quarter sale-store sales of gold products in China rise by 19 per cent, while gemset jewellery sales fell by 2 per cent. Overall, therefore, the quarter’s sales were up by only 11 per cent, lower than the first quarter.

    Hong Kong/Macau achieved better-than-expected growth of 18 per cent for same-store sales of gemset jewellery, while gold sales rose 21 per cent. As a result, the quarter improved by 18 per cent overall.

    At the end of September, Luk Fook had 33 more shops in China, including 24 licensed outlets. With an improved market environment, the group’s target for shop openings next year has been increased from 50 to 80.

    Overall, the group had 216 Lukfook-branded shops at the end of the quarter, including 151 on the mainland, 45 in Hong Kong, 10 in Macau and 10 overseas, including a new shop in San Francisco.

    Together with 1325 licensed shops in China and one in Korea, there was a total 1542 Lukfook shops worldwide, of which 1476 shops were on the mainland.

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  • Luk Fook US opens second San Francisco shop

    Luk Fook US opens second San Francisco shop

    Luk Fook US has opened its second retail shop in San Francisco with a ribbon-cutting ceremony.

    Officiating guests included California State Senator Scott Wiener, Chinese Consolidated Benevolent Association president William Yu, Miss Asia California Katie Lam, and group co-founder Pauline Yeung, a Miss Hong Kong Pageant winner.

    Group chairman/CEO Wong Wai Sheung says Lukfook Jewellery has been well received and supported by overseas Chinese customers. “This year marks the 20th anniversary of the group’s public listing, and we are dedicated to extend the network here in Chinatown, San Francisco.”

    He says the group also plans to expand further overseas to fulfil its corporate vision of “Brand of Hong Kong, Sparkling the World”.

    With shops across Mainland China and Hong Kong, the group tapped into the North American market in 2003. It has more than 1500 shops in nine countries and regions.

  • Golden sales for Luk Fook’s first quarter

    Golden sales for Luk Fook’s first quarter

    Same-store sales of gold products have restored growth, jewellery retailer Luk Fook says in announcing the performance of its self-run retail shops for the first quarter, to the end of June.

    It says a relatively low base and “an effective strategy of an enhanced offering of good-value-for-money gold products” helped boost SSSG 5 per cent, a progression over the previous quarter.

    SSSG of 32 per cent in China and 10 per cent in Hong Kong/Macau for gold and gemset jewellery led to 23 per cent growth overall for the period, a significant improvement over the previous quarter.

    On the other hand, the SSSG of gemset jewellery products in the Hong Kong/Macau market rose 9 per cent while gold products stayed flat, a turnaround from a declining trend for more than a year. This resulted in a 3 per cent improvement in the market overall.

    While the group closed two shops in Hong Kong during the quarter, the number of shops in Hong Kong and Macau for the whole year is expected to be about the same. During the period, 14 Luk Fook shops were added on the mainland, five of these licensed outlets.

    As at the end of last month, the group had a total 206 self-run shops – 142 in China, 45 in Hong Kong, 10 in Macau and nine overseas. There were also 1301 licensed shops in China and one in Korea, making a total of 1508 outlets worldwide, of which 1443 were on the mainland.

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  • Luk Fook sales recover from three-year slide

    Luk Fook sales recover from three-year slide

    After 12 consecutive quarters of decline, jeweller Luk Fook has recorded a 2 per cent turnaround for its fourth quarter, ended March 31.

    The retailer says that with a relatively low base and encouraging improvement in the Hong Kong/Macau market, same-store sales growth moved back into the black for its self-run outlets.

    In addition, Luk Fook sales of gold and gem-set jewellery products rose 16 per cent and 6 per cent respectively in Mainland China leading to double-digit growth for the first time this year, reaching 11 per cent.
    On the other hand, the same-store sales of gem-set jewellery products in Hong Kong and Macau also turned around from a decline of more than three years to achieve 12 per cent growth.

    During the quarter the group opened four self-run shops on the mainland and closed one licensed shop. At the end of March the group had 199 self-run shops in total – 133 in China, 47 in Hong Kong, 10 in Macau and nine in other countries. Together with 1296 licensed shops in China and one in Korea, there were a total of 1496 shops worldwide.

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  • 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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