The retail recovery in Hong Kong has continued for Luk Fook, recording a significant increase in second-quarter sales as tourism returns following the pandemic.
The jewellery retailer recorded a 31 per cent increase in sales for the three months concluding 30 September.
The company’s 41 per cent sales increase in Hong Kong and Macau countered an eight per cent decline in mainland China, which was attributed to weakened consumer sentiment.
“Since the full reopening of borders among Hong Kong, Macau and mainland China, the Hong Kong and Macau market has shown consistent improvement,” the company said in a statement.
“The macroeconomic in the mainland market showed no signs of improvement, and its consumption sentiment exhibited a slower recovery compared to the Hong Kong and Macau market.”
Of particular note was the sale of gold jewellery, which increased by 30 per cent on a year-on-year comparison. Luk Fook operates more than 3,000 stores in the region.
Rival jewellery retailer Chow Tai Fook has reported a similar increase in sales during the same period.
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