Despite being the world’s largest jewellery retailer, Chow Tai Fook has set out a rapid expansion plan that looks to give the business more than 2,000 new stores by 2025.
The more-than 90-year-old Chinese company issued an update to its five-year plan, which will take the business up to 2025, at its first ‘Virtual Media Day’.
It set out two areas of focus – retail expansion and smart retail – that it believes will facilitate rapid growth during that period.
Kent Wong, managing director of Chow Tai Fook Jewellery Group, said: “In 2018, we have executed our three-year ‘Smart+ 2020’ strategic framework which solidified our business foundation by developing innovative technology, differentiation strategy and enhancing supply chain capabilities.
“We are well poised for accelerated retail expansion and omni-channel integration with our ‘dual-force strategy’.
“This new strategy helps us move towards our four long-term goals steadily, which include market share expansion, operational efficiency improvement through digital transformation, be a tech-savvy jewellery company, and develop a comprehensive jewellery ecosystem.”
The group, which as of June 2021, had 4,850 stores, hopes to have more than 7,000 by 2025.
Chan Sai-Cheong, managing director of Chow Tai Fook Jewellery Group, said: “It is encouraging to see that the Mainland China market has regained momentum in the past year.
“With the ‘dual circulation’ strategy, we believe that the jewellery industry can share the fruits of economic prosperity.
“Leveraging our strong brand equity, competitive edge in various channels and product design capabilities, we have geared up to continue our steadfast penetration into the lower tier cities to bring in new customers and drive business growth.”