China’s largest jewelry retailer Chow Tai Fook Jewelery Group is setting up a premium store in Singapore amid a global expansion plan.
The 96-year-old Hong Kong-listed firm is set to open its first overseas upscale store in October at Changi Airport, aiming to attract Singaporeans and tourists despite an average price tag of around SGD40,000 (US$31,000), according to The Straits Times.
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This photo taken on Feb. 5, 2024 shows customers browsing gold jewellery at a Chow Tai Fook store in Beijing. Photo by AFP |
The group also plans to launch another premium outlet in Bangkok before the end of the year. It now operates eight premium stores in cities including Beijing, Shanghai, Wuhan, Shenzhen, and Hong Kong.
Gabriela Ferreira, the company’s general manager for international markets, said that the U.S. tariffs have prompted Chow Tai Fook to shift investments toward regions such as Latin America, Southeast Asia, and Canada.
Chow Tai Fook, which has been operating in Singapore for over 10 years with six outlets, considers the new Changi outlet the first of many in Southeast Asia.
“We have a good brand reputation, and we feel that it is important for us to unveil a new image in Singapore. Then slowly, we will move to other Southeast Asian markets,” Ferreira said.
The brand has over 6,000 stores worldwide. Around 60 of these stores are located outside China, of which 20 are in Southeast Asia.
