Luk Fook Holdings (International) Ltd said profit in the first half of this year is likely to have dropped by as much as 40 percent as revenues and margins fell. Just last week, Chow Tai Fook Jewellery Group Ltd said its April-September fiscal half-year profit could have halved due to lower sales in Hong Kong and Macau. Retail sales in Hong Kong fell in September for a seventh straight month due to falling numbers of tourists from mainland China and weak consumer sentiment worsened by a volatile stock market during the summer.
Rapaport reports retail giant Chow Tai Fook expects profits to have sunk 40-50% in the six months ending September 30, caused partly by weak demand in Hong Kong and Macau. The company is expected to release financial results in two weeks time.
Hearts On Fire (HOF) is shuffling its executive team, with three members to move into new, expanded roles. Caryl Capeci, who has served as the chief marketing officer for Hearts On Fire, is now the brand’s president. Furthermore, chief financial officer Tom Carlo will now assume the role of chief operating officer as well, while Gilly Strauss, HOF’s former executive vice president of sales, will become president of Memoire, the brand also owned by Chow Tai Fook. Founder Glenn Rothman remains CEO, although he stepping away from day-to-day management.
In a press release, Rio Tinto announced that, "diamonds from its Argyle diamond mine in W. Australia are the centrepiece of a unique collaboration to celebrate five years of partnership with China’s premier diamond jewelry company Chow Tai Fook. The Chow Tai Fook Sunshine jewelry collection comprises a range of contemporary rings, earrings and pendants using beautiful white and champagne Argyle diamonds, were showcased at the premiere of The Australian Ballet’s 2015 China Tour in Beijing.
Hong Kong-based Chow Tai Fook Jewellery Group, one of the world's largest jewelers, posted a rise of 4 percent in retail sales on the year for the three months to September 30. The firm said the increase was due to a rise in demand for gold items following the fall in the price of gold since mid-July. Same-store sales, a critical indicator for the retail sector, declined by 3 percent in value terms but edged up 1 percent in volume terms for the second fiscal quarter.
Hong Kong-based jewelry retailer, Chow Tai Fook, has unveiled “A Heritage in Bloom”, a necklace created by world-renowned jewelry artist Wallace Chan. The piece incorporates 24 D-color internally flawless diamonds cut from the Cullinan Heritage, an exceptionally rare 507.55 carat Type IIa rough diamond. The Cullinan Heritage diamond was discovered at Petra Diamonds’ Cullinan Mine in South Africa in 2009. At the time the stone was mined, the Cullinan Heritage was the 19th-largest rough diamond ever recovered, although recent diamond discoveries have moved it a few places down on the list.
Echo Entertainment Group Ltd. is teaming up with the world’s largest jeweler, Chow Tai Fook, to bring the world’s biggest gamblers to its Brisbane casino. A loyalty program that offers yacht cruises and truffle tastings to people who spend more than $130,000 a year at Chow Tai Fook Jewellery Group Ltd. stores will bring high-rollers to Echo’s new casino resort in Brisbane.
Echo will partner with the jewelry giant's sister company, Chow Tai Took Enterprises Ltd., and with a property developer to build the 1,100-room hotel and casino.
Chow Tai Fook saw the value of its retail sales fell 6% in April to June due to weak sales in Hong Kong and Macau. Same-store sales fell by 7% in mainland China, and were down 24% in Hong Kong and Macau in the fiscal first quarter ending June, the jeweler said in a June 9 statement. CTF has been hurt by China’s slowing economic and a government-led austerity campaign, which prompted shoppers to cut back on luxury purchases. The jeweler saw net income plunge 25% for its fiscal year ending March as stores in mainland China, Hong Kong and Macau suffered.
Having acquired the Hearts on Fire (HoF) luxury diamond brand in June 2014 for $150 million as part of the jeweler’s strategy to expand its high-end product range, Chow Tai Fook (CTF) is gearing up to launch a new HoF campaign in September.
Chow Tai Fook's profit slumped 25.7 percent year on year to $714 million (HKD 5.536 billion) for the fiscal year that ended March 31. As reported earlier, company revenue fell 17 percent to $8.3 billion (HKD 64.277 billion). However, gross profit margin as a percentage of sales rose to 29.7 percent compared with 27.3 percent one year earlier. The company attributed weaker sales to an "exceptionally high base effect" following consumers' rush to buy gold in early 2014, along with weaker consumer sentiment this year in Hong Kong and Macau.
The Hong Kong-based retailer said the PT950 platinum jewelry collection of pendants and rings was created for Chow Tai Fook’s customers in Singapore.
Hearts On Fire, owned by Chow Tai Fook, the world's biggest jewelry retailer, will debut more than 60 fashion and bridal designs at the upcoming 2015 Couture Show.