Hong Kong-based jewellery giant, Chow Tai Fook, saw retail sales climb 152.6 percent in the three months to March 31, year-on-year, the company said in an operational update.
Retail sales in mainland China rose 13.7 percent on the year and same store sales increased 141.2 percent. Hong Kong, Macau and other markets also saw retail sales growth of 46.6 percent, year-on-year. The update acknowledges that this growth comes of an “exceptionally low base” given the situation in mainland China, Hong Kong and Macau during the first three months of last year, when retail was severely impacted by Covid-19 outbreaks.
This is particularly true for brands like Chow Tai Fook, which rely on extensive offline retail networks to reach customers. As of March 31, the group had 4,591 points of sale in total, and had increased its net mainland China points of sale by 150 since the start of the year.