Emperor to open new store

Business | Jasmine Poon & Kevin Xu 24 May 2019

Emperor Watch & Jewellery (0887) plans to open a new jewelry shop in Hong Kong in the second half of the year but does not have plans to buy new shops.

Chairwoman and chief executive Cindy Yeung also said same-store sales this year may not match last year's, with the Sino-US trade war putting downward pressure on business and investments. The company's share price peaked at HK$0.54 in June 2018 but is now 61 percent lower at HK$0.21 as of close yesterday.

Mainland tourists remain the company's principal customers, with high retail sales during Lunar New Year and Labour Day contributing to a strong first quarter.

Despite the lower yuan, Yeung maintains a positive outlook as local demand remains high for sports watches and mid-range jewelry.

Yeung said Emperor is looking at expanding into Malaysia, a politically stable country with good demand for luxury goods.

Meanwhile, Jimmy Tang Kui-ming, chairman of Prince Jewellery and Watch Company, sold shops with an aggregated floor area of 9,032 square feet in Connaught Road West in Sai Wan for HK$120 million or HK$13,286 per sq ft, 28 percent higher than what he paid for the stores a year ago.

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