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According to Deloitte and its top 10 luxury companies ranking, the Chow Tai Fook brand seems to be so successful that it is swimming among the big luxury sharks. How to explain the success of the only Chinese player in the ranking?
The Chow Tai Fook Group is a privately held Hong Kong-based conglomerate specializing in luxury goods including jewelry and watches. Founded in 1929, the Group’s iconic brand is widely recognized for its reliability and authenticity, and is renowned for the design, quality and value of its products. A long-standing commitment to innovation and craftsmanship has contributed to the Group’s success, as well as that of its iconic brand. This success is based on their long-standing core values of “Sincerity, Eternity“.
According to Deloitte‘s Global Powers of Luxury Goods study, Chow Tai Fook is the only Chinese player in the Top 10, behind French brands such as LVMH, Kering, Chanel and Hermès. The Hong Kong-based jewelry conglomerate managed to generate $7.19 billion in luxury goods sales amid pandemic-related disruptions and gold price fluctuations.
For the six months ended September 20, 2021, the group’s revenue jumped 79.1 percent to HK$4.4 billion (about $564 million). The group reached 10th place in the Deloitte ranking with with $7.19 billion generated in luxury.
How to explain its success?
Chow Tai Fook has focused in part on lower tier cities, which have seen an increase in disposable income and e-commerce spending. In the first half of 2021, the company added 624 outlets, half of which were in tier 3 and lower cities. In addition, the group continued its smart retail strategy to improve customer experience, including CloudSales 365, a CRM platform that works with WeChat to provide better in-store and post-sale communication.
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But a big part of Chow Tai Fook’s success is that the group has established a reputation for quality and trust. Building on its gold heritage, the 93-year-old company transformed the business by introducing 999.9 gold jewelry in 1956. This purity guarantee was later adopted as an industry standard in Hong Kong. Although it has since expanded into diamonds and jewelry, its enduring reputation allows it to continue to charge high prices and rub shoulders with the world’s leading luxury brands.
Read also> FRENCH LUXURY INDUSTRY STILL IN GREAT SHAPE, ACCORDING TO DELOITTE
Featured photo : © Chow Tai Fook[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
According to Deloitte and its top 10 luxury companies ranking, the Chow Tai Fook brand seems to be so successful that it is swimming among the big luxury sharks. How to explain the success of the only Chinese player in the ranking?
The Chow Tai Fook Group is a privately held Hong Kong-based conglomerate specializing in luxury goods including jewelry and watches. Founded in 1929, the Group’s iconic brand is widely recognized for its reliability and authenticity, and is renowned for the design, quality and value of its products. A long-standing commitment to innovation and craftsmanship has contributed to the Group’s success, as well as that of its iconic brand. This success is based on their long-standing core values of “Sincerity, Eternity“.
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According to Deloitte and its top 10 luxury companies ranking, the Chow Tai Fook brand seems to be so successful that it is swimming among the big luxury sharks. How to explain the success of the only Chinese player in the ranking?
The Chow Tai Fook Group is a privately held Hong Kong-based conglomerate specializing in luxury goods including jewelry and watches. Founded in 1929, the Group’s iconic brand is widely recognized for its reliability and authenticity, and is renowned for the design, quality and value of its products. A long-standing commitment to innovation and craftsmanship has contributed to the Group’s success, as well as that of its iconic brand. This success is based on their long-standing core values of “Sincerity, Eternity“.
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