Chow Tai Fook opens First Store in United States

Hong Kong: Chow Tai Fook, the Hong Kong based jeweler, has opened its first branded store in the United States. The company has opened its store inside the Macy’s department store in New York. The outlet, which covers around 500 square feet, will sell the company’s branded products, including gem-set jewelry, gold products, and platinum pieces. The company’s unique product offerings such as 24-karat gold jewelry products, designed and distributed by Chow Tai Fook, are also available at Macy's Flushing store.

Chow Tai Fook has more than 2,000 sales outlets in Mainland China, in excess of 100 altogether in Hong Kong and Macau, and close to 20 in other countries in the Pacific region, such as Taiwan, Malaysia and Korea. The move is the first step in an overseas expansion program, prompted by declining sales in its key markets in the Far East.

TechSci Research depicts that the company’s plan to open its store in USA has been due to its declining sales in China, Hong Kong, and other Asian countries, moreover other competitors have also been vying for a greater market presence in USA and other European countries. By opening its store in USA, the company plans to try to attract the local population towards its unique product offerings.

According to recent report published by TechSci Research “Global Gems & Jewelry Market Forecast & Opportunities, 2020”, the global market for gems & jewelry is projected to grow at a CAGR of around 6% during 2015-20. In 2014, the gold jewelry segment dominated the global gems & jewelry market, followed by diamond and platinum jewelry. Demand for precious gem stones has also been growing due to changing preferences of younger generation from gold to colored gemstone, platinum, and palladium jewelry. Growing brand consciousness is also boosting sales of branded jewelry in developed as well as developing economies, and this trend is expected to gain strengthen over the next five years. Few of the major branded gems & jewelry companies with operations spread across the globe include Tiffany & Co., Gitanjali, Signet, LVMH, Chow Tai Fook, and Richemont.