China's leading jeweller Chow Tai Fook opens in Bangkok, plans more global stores

Reuters
01/16
China's leading jeweller <a href="https://laohu8.com/S/01929">Chow Tai Fook</a> opens in Bangkok, plans more global stores

BEIJING, Jan 16 (Reuters) - Chow Tai Fook Jewellery Group 1929.HK, China's biggest jewellery seller with thousands of stores across mainland China and Hong Kong, is beginning to look 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.

Sonia Cheng, its vice chairman, 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. It also aims to enter the Middle East market within the next two years.

"We remain committed to measured, value-adding growth, with Dubai and Doha next on the horizon -- a testament to our brand's enduring global appeal," Cheng said.

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 6181.HK, which has gained popularity with its luxury retail experience and traditional Chinese craftsmanship jewellery in recent years.

The jeweller also named Chinese actor Yang Yang as its global brand ambassador on Friday.

(Reporting by Sophie Yu, Casey Hall; Editing by Christian Schmollinger)

((Sophie.Yu@thomsonreuters.com; 861056692136;))

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