Xin Ou
Research expert covering Greater China
Chow Tai Fook Jewellery Group - statistics & facts
China’s rapid economic growth has bolstered consumer purchasing power for jewelry goods. Over the past several decades, tens of thousands of jewelry enterprises have registered in China, competing for a share of the world’s largest jewelry market. Within this context, Chow Tai Fook has asserted its leadership in this industry.
In 1972, Chow Tai Fook introduced gold products with 99.99 percent purity, creating a sensation within the jewelry industry. The launch of high-purity gold products rewarded the company with not only substantial profits but also a commendable reputation. In 1990, when bargaining was common in the jewelry market, Chow Tai Fook was the first to adopt the fixed price policy. This approach enhanced the customer experience and assured its clients that its products were the best available on the market for the same amount of money. Several years later, Chow Tai Fook expanded its business to mainland China, initiating its period of high-speed growth. Soon, thousands of Chow Tai Fook outlets sprouted across mainland China.
In fact, with a strong focus on gold jewelry, Chow Tai Fook now offers a variety of jewelry products. Moreover, it has created several sub-brands targeted at different consumer groups. Chow Tai Fook also pioneers in leveraging e-commerce as a retail channel and employing digital customization platform to craft tailored products. Thanks to these endeavors, Chow Tai Fook has upheld its dominance in the market despite fierce competition, emerging as the most influential jewelry brand in China in 2024.
An innovative way to success
Founded in 1929 as a small gold jewelry store in Guangzhou, Chow Tai Fook embarked on a transformative journey. In the late 1930s, Chow Tai Fook shifted its business to Macau before ultimately settling in Hong Kong, where it laid the foundation for its jewelry empire. In 1961, Chow Tai Fook Jewellery Company Limited was incorporated, marking the commencement of applying chain management techniques in the industry. Since then, Chow Tai Fook has established an extensive retail network around the world.In 1972, Chow Tai Fook introduced gold products with 99.99 percent purity, creating a sensation within the jewelry industry. The launch of high-purity gold products rewarded the company with not only substantial profits but also a commendable reputation. In 1990, when bargaining was common in the jewelry market, Chow Tai Fook was the first to adopt the fixed price policy. This approach enhanced the customer experience and assured its clients that its products were the best available on the market for the same amount of money. Several years later, Chow Tai Fook expanded its business to mainland China, initiating its period of high-speed growth. Soon, thousands of Chow Tai Fook outlets sprouted across mainland China.
A sophisticated combination of tradition and modernity
Chain management, good reputation, and brand awareness were only partly reasons for why Chow Tai Fook acquired substantial success in China within such a short time. The exquisite craftsmanship and unique modern design of Chow Tai Fook’s products also played a significant role. However, with the recently growing popularity of China Chic (also called “Guo Chao”), Chow Tai Fook has adjusted its strategy to integrate traditional Chinese elements into its products. Also, it has launched a series of products manufactured using traditional Chinese craftsmanship, which requires much more time and finesse. This, in turn, has led to a trend of adopting such traditional methods in the jewelry industry.In fact, with a strong focus on gold jewelry, Chow Tai Fook now offers a variety of jewelry products. Moreover, it has created several sub-brands targeted at different consumer groups. Chow Tai Fook also pioneers in leveraging e-commerce as a retail channel and employing digital customization platform to craft tailored products. Thanks to these endeavors, Chow Tai Fook has upheld its dominance in the market despite fierce competition, emerging as the most influential jewelry brand in China in 2024.
Xin Ou
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Sep 17, 2024
Xin Ou
Research expert covering Greater China
