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21 - 01 - 2020 Hong Kong’s Chow Tai Fook, world’s second-largest jewellery retailer, kicks off mainland China expansion with acquisition of gems maker Enzo
Hong Kong-listed Chow Tai Fook Jewellery Group, the world's second-largest jewellery retailer by market value, has acquired mainland Chinese retailer Enzo Jewelry for an undisclosed amount, four days after announcing plans to shut a fifth of its shops in Hong Kong. The acquisition is in line with CTF’s focus on expanding in mainland China, a spokesperson said. “Enzo can leverage Chow Tai Fook’s retail and industry know-how to generate greater value to its customers,” Adrian Cheng, its executive director, said in a press statement. Luxury natural coloured gems maker Enzo Jewelry operates 60 stores in China. CTF said on Tuesday it would not renew leases of as many as 15 of its Hong Kong stores expiring between April this year and March 2021, amid a challenging retail landscape. The city’s economy slipped into a technical recession in October, as it faced its worst political crisis in the second half of 2019, initially triggered by the now-withdrawn extradition bill. Retail sales of luxury items such as jewellery and watches plummeted by a staggering 43.5 per cent in November year on year, according to government data. Earlier, in October, CTF signed a lease contract for a 3,068 sq ft shop on Russell Street in Causeway Bay, the world’s most expensive shopping location. It will pay a monthly rent of HK$1.3 million (US$167,340) to Emperor International Holdings, the landlord, which represents a 19 per cent discount on what cosmetics chain Bonjour Holdings, the shop’s previous tenant, paid. Emperor said it was open to adjusting rents upon renewal. It had offered rent cuts ranging from one month to half-yearly arrangements, Alex Yeung, its executive director, said on Friday. “We are in close communication with our tenants, if they need short-term measures to ease the pressure they face in the retail environment. So far, our commercial retail occupancy rate is still above 90 per cent,” he said. Meanwhile, leasing demand is expected to be limited in 2020, as the global and local economies remain shrouded in uncertainty, said Cathie Chung, senior director of research at international property consultancy JLL. “Vacancies on prime high streets in the core market stood at 9.0 per cent in the fourth quarter of 2019, compared with 4.8 per cent a year ago. Vacancy levels are expected to rise even more, once the seasonal trade tenants start to leave following Lunar New Year,” Chung said. Retail has been hurt across sectors by the recession and anti-government protests. I.T. Limited, a Hong Kong-listed fashion retailer, saw its same-store sales growth in Hong Kong and Macau drop by 33.3 per cent in the three months ending on November 30, according to an exchange filing on Friday. “Our Hong Kong and Macau businesses were adversely impacted by the recent social instability, and the associated decrease in inbound tourist traffic, as evidenced by the same-store sales growth decline in the segment,” the company said. Leather goods and third-party vendor Bauhaus posted a net loss of HK$339.2 million for the six months ending on December 31 2019, after its in-store sales in Hong Kong and Macau fell by 20 per cent, according to the company’s exchange filing on January 9. Source: SCMP 18-1-2020
 
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第六十五屆泰國曼谷寶石及珠寶展
日期 : 2020年2月25日 - 2月29日
地點 : 泰國曼谷Impact Exhibition & Convention Centre,Challenger Hall 1-3
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