Hong Kong-based jewellery group Chow Tai Fook Jewellery Group aims to expand its footprint in Greater China and the wider Asia region, and travel retail has a key part to play. The company has said that it wants to increase brand awareness throughout the region and, at the same time, to “become the most trusted jewellery group in the world”.
Over-ambitious? Not according to Chow Tai Fook Director of Overseas Business Development Po Liu. In less than five years – and under Liu’s leadership – Chow Tai Fook has moved into five new markets: Cambodia, Japan, Korea, Philippines and Vietnam.
At the same time, it has consolidated its position, not just in China and Hong Kong, but also in Singapore, Malaysia and Taiwan, where the jeweller has been present for many years.
| Chow Tai Fook means good luck or good fortune in Cantonese. The business was founded in Guangzhou in 1929 and Chow Tai Fook expanded to Hong Kong in 1939 to open a branch store on 148 Queen’s Road Central. It now boasts 3,134 stores. The Group’s multi-brand strategy includes the Artrium, Jewelria and CTF watch brands, Hearts on Fire, T Mark, Soinlove and Monologue. |
Liu said while Chow Tai Fook is intent on expansion, its target market remains Chinese and middle class Asian consumers.
The company made its first foray into travel retail in 2014, partnering with The Shilla Duty Free in Jeju, Korea. Since then it has secured partnerships with Shinsegae Duty Free, Entas Duty Free and Hyundai Duty Free to extend the company’s presence in downtown Seoul and at Incheon International Airport.
Chow Tai Fook is also collaborating with Lotte Duty Free at Cam Ranh International Airport in Nha Trang, Vietnam and with China Duty Free Group at Sanya Phoenix Airport.
Liu said trustworthiness and authenticity are mainstays in Chow Tai Fook’s strategy and development, adding that the company is known for its product design, quality and value.
“A long-standing commitment to innovation and craftsmanship has contributed to the Group’s success, along with that of its iconic retail brand, and has been embodied in its rich 90-year heritage. Underpinning this success are our long-held core values of sincerity and eternity,” she said.
Liu described Chow Tai Fook’s comprehensive business model as “unparalleled in the industry”.
“It gives our management an effective and tight control over the entire business operation from raw material procurement, design, production, to marketing and sales through our extensive distribution channels,” she added.
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In travel retail, Liu said Chow Tai Fook’s brand and product portfolio can cater for a wide range of customers. She highlighted the Chow Tai Fook jewellery brand and the T Mark, Hearts on fire, Monologue and Soinlove brands which form the base of the Group’s multi-brand strategy.
Liu highlighted a Chow Tai Fook line, which is crafted in gold and colourful enamel, and is exclusive to the Korean market. Prices range from US$150 to US$200.
Liu said: “In pursuit of excellence, our artisans are relentlessly dedicated to providing each customer with exquisite designs and exceptional craftsmanship.”
She said the group’s commitment to sustainable growth is anchored in a ‘Smart+’ strategy, which promotes long-term innovation in the business, in people and in culture. “With an extensive retail network in Greater China, Japan, Korea, Southeast Asia and the USA, and a fast-growing e-commerce business, the group is implementing effective online-to-offline (O2O) strategies to succeed in today’s omnichannel retail environment,” Liu concluded.
