Industry News by Nemesis

Chow Tai Fook Debuts in the U.S.

November 23, 2016

Chow Tai Fook opened its first branded store in the U.S. with the launch of a shop inside the Macy’s department store in New York’s Flushing neighborhood. 

Spanning about 500 square feet, the “shop in shop” will introduce a wide range of branded products from the Hong Kong-based jeweler. These include gem-set jewelry, gold products and platinum, while its in-house design of 24-karat gold jewelry will bring a particularly unique offering, Macy’s and Chow Tai Fook noted in a joint statement. 

“We are extremely delighted to open this new shop as it highlights the first-ever presence of a Chow Tai Fook branded shop in the U.S.,” said Kent Wong, managing director of Chow Tai Fook. “Macy’s excellent retail expertise and extensive network provide us with a desirable platform to distribute our jewelry collections in the U.S. market, and provide the customers with diversified products in superlative craftsmanship.” 

Chow Tai Fook acquired the Hearts on Fire brand in 2014 to bring the “American story to Chinese consumers,” Wong (pictured, right)  explained to Rapaport News in a recent interview. But the company has, until now, limited its branded stores to the Far East, with 2,057 points of sale in Mainland China, 109 in Hong Kong and Macau, and 17 in other markets such as Taiwan, Malaysia and Korea. 

The company reported November 22 sales and profit continued to plunge in the six months that ended September 30 due to the economic slowdown in China and as Chinese tourists no longer visit the traditional destinations such as Hong Kong and Macau and have instead move to Korea, Japan, Europe and the U.S. 

Chow Tai Fook’s new store follows in the footsteps of a similar move by its rival Luk Fook, which opened its second U.S. location targeting the burgeoning Chinese community in Flushing.

 

Source: Rapaport

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