China’s leading jeweller Chow Tai Fook opens in Bangkok, plans more global stores
The move is part of a wave of Chinese and Hong Kong consumer brands shifting abroad
[BEIJING] Chow Tai Fook Jewellery Group, 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 South-east 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 (Jan 16). 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 South-east 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, which has gained popularity with its luxury retail experience and traditional Chinese craftsmanship jewellery in recent years.
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The jeweller also named Chinese actor Yang Yang as its global brand ambassador on Friday. REUTERS
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