Chow Tai Fook’s Q3 revenue rises by 26%

Source:Reuters-Global Times Published: 2014-1-7 23:33:01

A woman walks past a sale sign displayed below gold jewelry in the window of a Chow Tai Fook store in the shopping district of Tsim Sha Tsui in Hong Kong on November 26, 2013. Photo: CFP



Hong Kong-listed Chow Tai Fook Jewellery Group Ltd, the world's most valuable jewelry retailer, said on Tuesday its revenue grew 26 percent in the third quarter of fiscal 2014, driven by sales of both gold and gem-encrusted pieces.

Sales in the Chinese mainland rose 34 percent and sales in Hong Kong and Macao rose 18 percent in the three months ended December 31, Chow Tai Fook said in a statement to the Hong Kong Stock Exchange. Gold products remained its top bestsellers, accounting for 57 percent of total revenue.

Third-quarter results are not audited and based on internal records and management accounts.

Most of Chow Tai Fook's customers are Chinese. The jeweler, which competes with Cartier and Tiffany & Co in retailing luxury pieces, is focusing on broadening its customer base by launching more affordable collections with Hello Kitty and Angry Birds themes, as well as on online sales.

Shares in Chow Tai Fook closed up 3.5 percent at HK$11.74 compared with a 0.1 percent rise in the benchmark Hang Seng index.



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