Hong-Kong based jeweler Chow Tai Fook has reported a 12% rise in jewelry sales in China in its fiscal third quarter, according to Rough & Polished.
The growth in sales is attributed to the jeweler’s expansion in mainland China. Overall retail sales were flat in Hong Kong during the quarter. Chow Tai Fook opened 77 stores during the three months that ended December 31 – 74 in China and three in Hong Kong.
Same-store sales at branches open for at least one year increased 5% in both China and Hong Kong. Same-store sales for gem-set jewelry was up 22% in Hong Kong and Macau, while gold products fell 1%. In mainland China, same-store sales of gem-set jewelry fell 1%, but gold products grew 8%.
