Chow Tai Fook, Hong Kong's $11 bln jeweller, plans to close up to 15 of its local stores. Its decision comes at a moment of calm after months of protests. That suggests a recovery is distant, but it signals a new retail model forward: sharonlamhk
Hong Kong-listed retailer Chow Tai Fook Jewellery will review the performance of its Hong Kong stores, and plans to shut up to 15 of them by the end of its financial year, which runs from April 2020 to March 2021. It plans to open 600 points of sale in mainland China in the current financial year.
Retail sales in Hong Kong fell 23.6% in November to HK$30 billion , government data showed. It was the tenth consecutive month of declines and compared with a revised 24.4% drop in October. Sales of jewellery, watches, clocks and valuable gifts fell almost 44% year-on-year in November.
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