Hong Kong jewellery 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 per cent, while in mainland China stores enjoyed a 21 per cent improvement.
Demand continued to increase for gold jewellery specifically, while the sale of diamond jewellery declined in mainland China.
“The group will continue to actively promote non-diamond fixed-price jewellery 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 per cent. 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 per cent.
More reading
Surging sales continue for Chow Tai Fook
Positive jewellery sales following ease of restrictions
Chow Tai Fook records significant sales rebound
Significant jewellery sales increase for Chow Tai Fook
Pandemic restrictions damage Asian jewellery retail sales
Significant sales jumps for Chow Tai Fook and Luk Fook
