Hong Kong jewelry retailer Luk Fook enjoyed a strong rise in sales in the opening quarter of the financial year.
Retail sales value improved by 24 per cent on a year-by-year comparison, with the company attributing the increase to relaxed pandemic restrictions in China.
Sales in Hong Kong and Macau spiked by 92 percent, while stores in mainland China enjoyed a 21 percent improvement.
Demand continued to increase for gold jewelry specifically, while the sale of diamond jewelry declined in mainland China.
“The group will continue to actively promote non-diamond fixed-price jewelery products, especially fixed-price gold products, in order to mitigate the impact of the soft demand in diamond products,” the company said in a statement.
Luk Fook’s same-store sales — at locations open for at least one year — increased by 62 percent. The company now operates more than 3,000 stores in the region.
Retail rival Chow Tai Fook reported similar findings earlier in the month, with sales increasing by 29 percent.
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