China’s biggest jeweler, Chow Tai Fook, has reported “a significant slowdown in growth” of its retail sales in Q1 2022 due to Covid-19, IDEX Online reports.
RSV (retail sales value) grew 8.5% in the quarter ending March 31, 2022, compared to 31.1% in the previous three months. The company blamed its negative SSSG (same store sales growth) in both Mainland China and Hong Kong and Macau on “the resurgence of the pandemic and a tough base.”
In other China and Covid-19 related news, Rough & Polished reports that the Shanghai Gold Price Benchmark in RMB and the LBMA Gold Price AM in USD climbed by 1.5% and 1.1% respectively in March, “ending Q1 with the strongest quarterly performances since Q2 2020.”
