Chow Tai Fook is the world’s second-largest jewellery retailer in the world by market value, and in the fourth quarter, the company reported a 12.4 per cent increase in sales.
The statement attributed the increase in sales to rebounding tourism. These results come after a positive third quarter when sales improved by 46 per cent.
The statement reads, “During the fourth quarter, both mainland China and Hong Kong and Macau benefited from strong festive demand.
“Demand for gold jewellery and products remained resilient in the quarter due to the growing interest in gold jewellery among young consumers.”
Same-store sales in Hong Kong and Macau improved by 4.5 per cent, while sales in mainland China decreased by 2.7 per cent.
Sales of gold jewellery improved by 3.4 per cent in mainland China and 17 per cent in Hong Kong.
The statement continued: “Our successful launch of dragon-themed products, including a new design of the HUÁ Collection, captured positive consumption momentum for the Lunar New Year celebration.
“With the dragon's auspicious meaning in Chinese culture, zodiac-themed gold jewellery and ornaments gained overwhelming response.”
Jewellery featuring gemstones declined by 20 per cent in mainland China and 27 per cent in Hong Kong.
More reading
Kings of luxury: New research highlights Pandora's dominance
Gold jewellery frenzy: Strong sales continue in Asia
Demand for gold jewellery surges for major retailer
Luk Fook celebrates strong jewellery sales
Positive signs: Jewellery sales rising in Asia
Back on track: Strong jewellery sales for Chow Tai Foo
Surging sales continue for Chow Tai Fook
Chow Tai Fook records significant sales rebound