Sales Strategy

How Chow Tai Fook Jewellery Posted 46.1% Growth in Retail Sales Value January 23, 2024 (0 comments)

Guangzhou, China--Chow Tai Fook Jewellery Group witnessed a substantial 46.1% escalation in its Retail Sales Value (RSV) during the third quarter of the 2024 fiscal year.

[Representative image via Pexels]

Per a report in Business Insider, this surge was prominently fueled by a 70.8% increase in sales in Hong Kong, Macau, and other markets, which was attributed to the resurgence of inbound tourism and a successful December sale event.

The Mainland China sector also reported a 42.2% rise in RSV, bolstered by high festive demand and the expansion of new store locations.

Per the report, Same Store Sales (SSS) surged by 66.6% in Hong Kong and Macau, while Mainland China experienced a 22.7% increase, with December alone recording a nearly 50% rise. The Group's strategic diamond campaigns and the introduction of the Chow Tai Fook Dancing Lily Collection played a significant role in this upward trajectory.

Strategic Initiatives and Product Success

The Group's focus on product excellence and market responsiveness is evident in its diverse collections. The HUÁ Collection and ING Collection, targeting a younger consumer base, reported over 50% and 40% growth in RSV during the quarter.

This success reflects the increasing popularity of gold products as a value-preservation asset and a fashionable choice among the younger demographic.

Since November, the transition from weight-based to fixed pricing for select gold jewelry products has been met with positive market reception, especially noted in December's strong sales performance. This strategic pricing adjustment aligns with the Group's commitment to product optimization and market adaptation.

Read more in the entire Business Insider report.