Business Booming as Chow Tai Fook Opens 624 News Outlets
November 23, 21
(IDEX Online) - Chow Tai Fook opened 624 new outlets in six months, in line with a pledge to expand to 7,000 points of sale by 2025.
China's biggest jeweler by market value also announced a surge in earnings - up 79 per cent to $5.67bn in the same period.
Gross profit for the half year ending 30 September rose by almost 33 per cent to $1.39bn.
In its FY2022 Interim Results, the company said: "Although our business was surrounded by the uncertainties in the macro-environment, the group witnessed a promising revenue growth in 1HFY2022, boosted by resilient demand for gold jewellery and products and our rapid retail network expansion by using franchise model in Mainland China."
It said it was optimistic about the macro-economic development of the Mainland and the prospects of the jewellery industry.
"Even if Hong Kong's major border crossings re-open, we expect the number of tourists may notimprove significantly in short-term."