Hong Kong-based Chow Tai Fook (CTF) reported a 12.4 per cent growth in retail sales value (RSV) during Q4 of 2023.
It said the post-Covid tourism recovery, strong demand ahead of the Lunar New Year holiday, especially for gold jewelry, and a continuing transition to higher value growth all helped boost its business.
But growth has slowed compared to the previous quarter, when the lifting or pandemic restrictions prompted a 46 per cent bounce in RSV.
CTF, which has 7,200 retail outlets, said the launch of dragon-themed products, including a new design of HUÃ Collection had driven sales.
“We are seeing a stabilising trend in our gem-set sales, by both value and volume since last October,” the company said in press release issued on Friday 12 April.
“We continued to enhance digital customer engagement and stay agile in our product planning when targeting online consumers. E-commerce in Mainland China contributed to 3.9 per cent in RSV and 10.4 per cent in volume in the quarter.
“Despite macro headwinds beyond our control, we are firmly focused on a bottom-up approach in diligently executing the planned initiatives under our five strategic priorities to sustain our growth trajectory.”
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