29-6-2021
Luk Fook and Tse Sui Luen (TSL) profit, Hong Kong-based jewellery chains’ turnover for the year both ended March, are still in red. Luk Fook’s total retail revenue declined 21.1 percent. Retail sales in Hong Kong and Macau noted the worst performance with a 46 percent fall. Wholesale business revenue climbed 14.2 percent.
Wong Wai Sheung, chairman and CEO of the group said: “In view of the anticipated considerable growth of the middle-class population in Mainland, the Group remains optimistic about the mid– to long-term business prospects. Therefore, the Group will focus its expansion in the Mainland market.”
Revenue of Tse Sui Luen (TSL) also slid as a 50 percent sales slump in Hong Kong and Macau outweighed the group’s same-store sales growth of 13.3 percent in mainland China.
The company said: “The absence of tourists due to Covid-19, coupled with the yearlong containment measures and the postponement or cancellation of weddings, have led to weak consumer sentiment and domestic demand for fine jewellery, which in turn caused the group’s sales in Hong Kong and Macau to plummet.” It will shift its focus on second-tier cities and target younger generation in mainland China.
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