Chow Tai Fook’s Sales dips 60% amidst Coronavirus fears

Following the highly volatile gold market and Covid-19 striking terror amidst people across the world and particularly in South-East Asian countries -- Chinese jewellery major, Chow Tai Fook Jewellery (1929) posted a 60 per cent sales slump in Hong Kong and Macau in the first two months this year after shutting down 40 stores in the two cities. 

The company has shifted production to its bases in Shunde and Shenzhen.

Chow Tai Fook said that about 70 per cent of its retail stores in mainland China and 64 per cent of stores in Hong Kong and Macau resumed operations in February.

Its production centre in Wuhan, which accounted for 15-20 of capacity, is still closed, and the company has reallocated production to facilities in Shunde and Shenzhen.

Its retail network has gradually resumed working, with around 70 per cent of its points of sale in mainland China and 64 per cent in Hong Kong and Macau operational as of February 29, it noted. The e-commerce business saw a marginal decline, with sales down by 24 per cent in Mainland China.