Revenue at Chow Tai Fook increased significantly, mainly due to robust holiday demand in its major markets. The group’s revenue climbed by 14.8% to HK$108,713 million for the fiscal year that ended on March 31, 2024, with a constant growth rate of 18.5% in currency rates.
During the fiscal year, mainland China—a crucial market for Chow Tai Fook—saw a 9.9% increase in revenue. Strong holiday sales and a consistent increase in the number of new stores that have opened over the last two to four years have supported this expansion. The underlying growth, assuming a constant exchange rate, would be 14.1%, accounting for 82.5% of the group’s total revenue.
Much of the credit for Chow Tai Fook‘s impressive 45.6% revenue increase in Hong Kong, Macau, and other regions goes to the ongoing improvement in incoming tourism. The resurgence of duty-free commerce in Hainan Province drove an 85.6% increase in wholesale revenue in these regions, while the return of tourists from the Mainland contributed to a 40.4% increase in retail sales.
Moreover, there was a strong rebound in other foreign markets, as seen by the 118.9% increase in retail sales value (RSV), which was concentrated in duty-free stores in Hainan, Canada, Singapore, and Malaysia. Both the rise in tourism and local demand greatly contributed to this boom.
Growth is anticipated to be further stimulated by Chow Tai Fook‘s strategic plans, which include the development into well-known tourist locations and areas with sizable Chinese populations. Especially in the rapidly rebounding Southeast Asian markets, the Group’s emphasis on matching its business model with local market conditions guarantees that investments deliver maximum profits.
The ongoing upward trend in Mainland China’s retail industry shows signs of a sustained economic recovery, especially in the jewelry sector. The total retail sales of consumer goods increased by 7.2% in 2023, according to the National Bureau of Statistics of China. Sales of jewelry increased by 13.3% during this same period.