Chow Tai Fook, the world’s largest retailer of jewellery, has revealed that its current rate of expansion is “in line with” its plans to add 5,000 new points of sale by 2025.

The Chinese retailer expanded to 5,214 sites in the six months leading up to 30 September 2021, with a net addition of 623 POS during the period.

Figures show that its minimal retail presence outside of China has remained steady or even decreased slightly between 2018 and 2021.

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Its presence in China in that time, however, has more than doubled.

This comes via its recent Interim Report 2021/2022, which also showed that “core operating profit rose by 9.6% year-on-year” for the business.

It added: “Core operating profit margin stayed at 10.1%, thanks to favourable operating leverage.

“Revenue increased by 79.1% in 1HFY2022, boosted by resilient demand for gold jewellery and products and our rapid retail network expansion by using franchise model in Mainland China.”

Gross profit, meanwhile, saw an increase of 32.6%.

A statement from the chairman, Henry Cheng Kar-Shun, said: “As we combine our 92 years of experience with our pioneering spirit, we are confident that by implementing our ‘Dual-Force Strategy’, Chow Tai Fook will stay ahead of the curve and offer customers blissful fulfilment.”