Jewelry giant sees sales drop 14.2pc

Chow Tai Fook Jewellery‘s (1929) retail sales value dropped over 14.2 percent year-on-year for the three months ended 31 December 2024.

The mainland's retail sales value fell 13 percent year-on-year, and Hong Kong, Macau and other markets fell 20.4 percent. During the period, same-store sales in the mainland fell 16.1 percent, and other markets fell 21.3 percent.

Additionally, same-store sales of the gem-set, platinum and K-gold jewelry industry in the mainland fell 20.3 percent, while Hong Kong and Macau rose 33.7 percent.

The same-store average selling price of gem-set jewelry increased to HK$10,100 in the mainland, while that of Hong Kong and Macau was steady at HK$17,500. Same-store sales of gold jewelry in the mainland fell 15.3 percent, and SARs fell 36.2 percent.

Chow Tai Fook said that external macroeconomic factors and high gold prices continued to affect consumer sentiment.

Moreover, same-store sales declined in the three markets due to gold prices returning to stability and the group optimized its product offerings. In the mainland, same-store sales of self-operated stores and franchised stores fell by 16.1 percent and 12.3 percent year-on-year respectively during the quarter.

The SARs' market continued to be weighed by the local outbound travel and the change in spending patterns and preferences among the inbound tourists.

Staff reporter