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LUK FOOK TO EXPAND PRESENCE IN CHINA AND CUT BACK IN HONG KONG

Luk Fook seeks to add 300 stores in lower-tier cities
Lukfook luxury jewelry store
Credit: Iris Hortman

Hong Kong-based jewellery retailer Luk Fook is planning to add stores in mainland China and Macau while cutting back its presence in Hong Kong due to a sales slump in Hong Kong in 2019, Rough & Polished reports.

 

Lukfook Jewelry Store China
Credit: Lukfook

 

According to the report, Luk Fook seeks to add 300 stores in lower-tier cities in mainland China and Macau (after subtracting closures) in the current fiscal year.

 

Luk-Fook Diamond Rings
Credit: Luk-Fook

 

In the last quarter of 2019 (ended December 31), Luk Fook’s same-store sales dropped 25% “amid mass street protest and lower tourist arrivals in Hong Kong, as well as the high price of gold”. Sales in Mainland China dropped moderately (3%). In the first two weeks of January, the jeweller’s sales in Hong Kong continued to decline “but at a gentler pace, while growth continued in Macau”.



Tags: Diamonds News, Jewelry News, Diamond Jewelry News, Hong Kong News, Luk Fook News

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