Luk Fook buys rival

Hong Kong jeweller Luk Fook is to acquire a 50 per cent stake in China Gold Silver Group.

The group operates over 400 jewellery retail and franchise businesses under the brand name of 3D-Gold in Hong Kong, Macau and other regions in the PRC.

“With Lukfook’s expertise in jewellery retail sector as well as brand management, we are confident in enhancing the ‘3D-Gold’ brand and its retail network,” said Luk Fook CEO Wong Wai Sheung.

“We believe the partnership of two prominent brands with similar business concepts will create effective synergy to facilitate both parties’ long term development, enhance our competitiveness and achieve further economies of scale. This is an important win-win milestone for both parties,” he added.

Upon the completion of acquisition, China Gold Silver will become an associated company of Luk Fook which will become the former’s supplier.

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