RapNet


Rapaport News

 

Retail

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

China Resurgence Lifts Chow Tai Fook

Total retail sales up 2.6% in second fiscal quarter as mainland demand rises.
Oct 18, 2020 10:37 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Retail sales at Chow Tai Fook grew 2.6% year on year in the second fiscal quarter as a strong recovery in China outweighed continued weakness in Hong Kong.

Sales rose 21% on the mainland while slumping 52% in Hong Kong and Macau during the period ending September 30, the jewelry retailer reported Thursday. Same-store sales — at branches open for at least a year — increased 11% in mainland China and slid 53% in Hong Kong and Macau.

The coronavirus pandemic has hit Hong Kong’s largest jewelry chain mainly in its home city, where a tourism slowdown has ravaged local sales of luxury goods. However, consumers in China have become more focused on domestic spending instead of travel retail, leading to the sales surge.

“In light of the easing Covid-19 situation in mainland China, business in mainland China showed an encouraging improvement,” the company explained. “Challenging macros and the closure of key border crossings weighed on the retail demand in Hong Kong and Macau during the quarter.”

Image: Chow Tai Fook store in Chengdu, China. (Shutterstock)
Tags: China, Chow Tai Fook, Coronavirus, COVID-19, Hong Kong, Jewelry, macau, mainland china, Rapaport News, retail
Similar Articles
Adobe Black Friday 150Black Friday Online Sales Reach Record High
Nov 29, 2020
US e-commerce sales hit an all-time high for Black Friday this...
Luk Fook Eyes China Expansion
Diwali Sales Shine as ‘Bored’ Consumers Return
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us