2,150 New Stores: China's Biggest Jeweler is getting a Lot Bigger
October 03, 21
(IDEX Online) - Chow Tai Fook aims to open more than 2,000 new stores across China by 2025.
The jeweler is already the country's biggest by market value, and currently has 4,850 points of sale. It is planning to increase that number by 2,150 to 7,000.
To put that in perspective, Signet, the biggest jeweler in the US, trading as Kay Jewelers, Zales, Jared, H. Samuel, Ernest Jones, Peoples, Piercing Pagoda, Rocksbox and JamesAllen.com, has a total of 2,400 stores.
Chow Tai Fook reported in June that net profits had more than doubled to $777m, as it recorded its best performance since 2014 - in spite of the pandemic.
At the time it was already pursuing ambitious expansion plans. It opened 741 new points of sale across the mainland in the year to 31 March 2021, and said it was planning a further 700-plus in the coming year.
The company identifies two major growth drivers in a press statement - retail expansion and smart retail, tapping into the opportunities from the post-lockdown economic recovery.
"We will continue our retail expansion in Mainland China … At the same time, through smart retail applications and smart manufacturing, we continue to enhance the automation level of our supply chain and optimise our digital platforms," it said.
Pic courtesy Chow Tai Fook