Chow Tai Fook Purchases Chinese Retailer Enzo Jewelry Inc.
January 20, 20
(IDEX Online) - Chow Tai Fook Jewellery Group Limited has acquired Enzo Jewelry Inc. The retailer, which specializes in colored gemstones, has 60 points of sale in Mainland China. Adrian Cheng, executive director of Chow Tai Fook Jewellery Group, said Enzo will continue its niche position as a natural coloured gem specialist, which will complement the group's multi-brand strategy. Founded in 2004, Enzo plans to expand further into Mainland China through both self-operated and franchise models. It already has a solid brand presence on major e-commerce platforms in Mainland China, including Tmall, JD.com and VIP.com. Chow Tai Fook recently announced it will be shuttering a fifth of its shop in Hong Kong. That means as many as 15 stores could be shut by March 2021. According to the South China Morning Post, these closures will be in tourist districts such as Causeway Bay, Mong Kok and Tsim Sha Tsui, and result from the continued unrest in Hong Kong and slump in tourists.