On July 24, Chow Tai Fook Jewlery Group Limited released its unaudited key operating data for the three months ending June 30, 2024. The data show that Chow Tai Fook’s overall retail value for the period April to June of this year decreased by 20.0 percent year-on-year, with retail value in the mainland Chinese market down by 18.6 percent and the in the Hong Kong and Macau markets down by 28.8 percent.
In the first quarter of its 2025 fiscal year (April to June 2024), Chow Tai Fook opened 85 new jewelry stores and closed 176 stores in the mainland Chinese market, resulting in a net decrease of 91 stores. It had a net decrease of 89 stores in the mainland market in the previous quarter. This means that in the first half of this year, Chow Tai Fook has closed a total of 180 jewelry stores in mainland China.
Another Chinese jewelry giant, Luk Fook Holdings, announced on July 19 that the group’s overall retail value in the first quarter of its 2025 fiscal year dropped by 18 percent year-on-year, and that overall retail revenue has decreased by 23 percent year-on-year. Luk Fook Jewelry’s net store count decreased by 108 stores in mainland China.
Source: Epoch Times, July 24, 2024
https://www.epochtimes.com/gb/24/7/24/n14297931.htm