Chow Tai Fook Jewellery Group saw higher revenue on the back of the progressive return of mainland tourists during the first half of FY24.
The jewellery group’s revenue climbed 6.4 per cent year over year to HK$49.5 billion (US$6.3 billion) as revenue in Hong Kong, Macau, and other markets surged 57.7 per cent to HK$8.8 billion.
However, revenue in Mainland China dropped 0.6 per cent to HK$40.7 billion.
“Hong Kong and Macau experienced a rapid acceleration as popular destinations to Chinese tourists,” said Henry Cheng Kar-shun, chairman at Chow Tai Fook.
“Business recovery in Asean is also gaining strong traction, supported by both domestic consumption and tourist expenditure. By staying responsive and agile, we will ensure that we remain at the forefront of markets with strong retail demand.”
The company noted that despite a surge in gold price, preference for the precious metal remained strong, attributed to an increased appreciation for Chinese culture and aesthetics among younger customers.
An overall shift in consumer spending and perspective towards gold jewellery also contributed to the robust sales during the period.
Chow Tai Fook’s profit during the period jumped 36.4 per cent to HK$4.6 billion ($590 million).
The company expects a gradual recovery and normality for the full year, fuelled by a steady improvement in retail sales value and overall profitability.
