Chinese jeweller Chow Tai Fook to enter Middle East
Chow Tai Fook Jewellery Group, China’s biggest jewellery seller with thousands of stores across mainland China and Hong Kong, aims to enter the Middle East market within the next two years.
“We remain committed to measured, value-adding growth, with Dubai and Doha on the horizon — a testament to our brand’s enduring global appeal,” Sonia Cheng, the comapny’s vice chairman, said.
Chow Tai Fook is also looking further afield for fresh growth, starting in Southeast Asia with a new store in Thailand.
The company opened a flagship store in the Thai capital Bangkok’s luxury shopping and lifestyle mall Siam Paragon on Friday.
The move is part of a wave of Chinese and Hong Kong consumer brands shifting abroad to offset slowing domestic demand, rising market saturation and pricing pressure in the world’s second-largest economy.
Cheng said the company’s international expansion “is seeing strong momentum in Southeast Asia”.
Chow Tai Fook also plans to open its first store in Australia and another in Canada by the end of June.
Chinese brands are actively expanding globally, moving beyond low-cost manufacturing, to build a stronger international presence in the consumer and lifestyle sectors with brands such as Pop Mart, Miniso, Xiaomi and Anta.
Founded 97 years ago, Chow Tai Fook has been challenged by newcomers such as Laopu Gold, which has gained popularity with its luxury retail experience and traditional Chinese craftsmanship jewellery in recent years.
Further reading:
- The trade imbalance with China is focusing GCC minds
- Dubai bets big on the new geography of gold
- Turkish jewellery exports plunge as producers shut down
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