China’s largest jewelry retailer Chow Tai Fook Jewelry Group Ltd. has appointed an govt from LVMH’s style model Loewe to steer a worldwide enlargement and increase its enchantment to luxurious consumers.
Gabriela Ferreira, who served as normal supervisor for Southeast Asia and Oceania at Loewe, shall be in control of Chow Tai Fook’s push additional into Southeast Asia and different markets, the corporate stated in a press release Wednesday. She is going to give attention to enhancing model desirability and oversee the jeweller’s product combine and gross sales channels within the area and internationally, it stated.
The appointment comes as Chow Tai Fook, a flagship firm of Hong Kong billionaire Henry Cheng’s household empire, has revamped its emblem and is renovating some 8,000 of its shops in a bid to restyle itself from a conventional gold jewelry retailer right into a luxurious equipment model.
The group, which has seen its shares plunge 47 p.c this yr, is dealing with rising challenges from surging gold costs which have curbed demand for its essential revenue-generating gold merchandise and squeezed revenue margins. A client spending droop in China, its greatest market, is additional weighing on gross sales.
An upgraded picture might assist the model draw extra rich consumers whose spending energy stays sturdy. High luxurious manufacturers like Hermès Worldwide SCA and Chanel have remained resilient towards the broader slowdown, largely due to their give attention to cultivating high-net-worth clients. By diversifying into Southeast Asia, Chow Tai Fook additionally seems to be to seize the potential of a few of the world’s fast-growing tourism and middle-class client markets.
The corporate will look to Ferreira to drive the enlargement of its retail community in widespread journey retail markets, in line with the assertion.
Co-led by Henry Cheng’s daughter Sonia Cheng, Chow Tai Fook is at present the most important listed firm by market capitalisation within the household’s sprawling enterprise empire. The highlight on the household has grown in current months after Henry Cheng, who stays Chow Tai Fook’s chairman, stated he was nonetheless searching for a successor.
By Shirley Zhao
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