It was not a stellar Chinese New Year for Chow Tai Fook– but it also wasn’t a terrible one.
The Chinese jewelry giant said Tuesday that its same-store sales between Jan. 14 and Feb. 3 were basically in line with last year’s holiday period as far as Mainland China is concened, rising just one percent. Meanwhile, the jeweler said sales in Hong Kong and Macau slid seven percent.
The Hong Kong-based company said that same-store sales of gem-set jewelry in Mainland China took an especially hard hit, falling 20 percent as Chinese New Year 2016 came later in the year and coincided with Valentine’s Day. Chow Tai Fook said same-store sales of gem-set jewlery declined 37 percent in Macau as the copmany sold fewer big-ticket items than last year. Gold jewelry fared better, growing 14 percent in Mainland China and 13 percent in Hong Kong and Macau in terms of same-store sales.
Retailers and industry observers had said they were optimistic about Chinese spending heading into the Lunar New Year Holiday. Cartier was especially bullish.
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“I think Chinese New Year 2017 is going to be by far our record Chinese New Year in China,” said Cartier China ceo Renaud Litre, who added that the French jewelry and watch brand is anticipating a double-digit jump on sales compared to the holiday period last year.