HK jeweler eyes rapid growth on mainland
By Zhang Fengming |
May 15, 2010, Saturday
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Print Edition
Print Edition
HONG Kong-based jeweler Chow Sang Sang plans to expand its business quickly on the Chinese mainland, which is becoming its "major profit engine," by opening 50 stores annually in the next three to five years, its senior executive said yesterday in Shanghai.
"Our focus is on the mainland with its huge growth potential," Vincent Chow, group general manager of Chow Sang Sang Holdings International, told Shanghai Daily yesterday. "The mainland is becoming our major profit engine."
Mainland sales of the publicly listed jeweler, which started as a small family firm over 70 years ago, have grown by double digits in the past five years.
Chow said the company will expand beyond Shanghai and Beijing to other cities on the mainland. "We will also push into second- and third-tier cities to boost our sales," he said.
The company now has 160 outlets on the mainland, where it competes against rivals such as Hong Kong-based Chow Tai Fook Jewelry and Shanghai Laofengxiang. It has more than 200 stores in China, including Hong Kong, Macau and Taiwan.
Chow Sang Sang's net profit jumped 22 percent on an annual basis to HK$574 million (US$74 million) in 2009, with the mainland market a major contributor.
Its retail revenue in Hong Kong grew to HK$5.9 billion last year, an annual increase of 11 percent while that on the mainland rose 22 percent to 1.9 billion yuan (US$278 million).
"With China's expanding economy, mainland demand will keep growing," Chow said. "Even in Hong Kong, our sales are underpinned by mainland tourists."
"Our focus is on the mainland with its huge growth potential," Vincent Chow, group general manager of Chow Sang Sang Holdings International, told Shanghai Daily yesterday. "The mainland is becoming our major profit engine."
Mainland sales of the publicly listed jeweler, which started as a small family firm over 70 years ago, have grown by double digits in the past five years.
Chow said the company will expand beyond Shanghai and Beijing to other cities on the mainland. "We will also push into second- and third-tier cities to boost our sales," he said.
The company now has 160 outlets on the mainland, where it competes against rivals such as Hong Kong-based Chow Tai Fook Jewelry and Shanghai Laofengxiang. It has more than 200 stores in China, including Hong Kong, Macau and Taiwan.
Chow Sang Sang's net profit jumped 22 percent on an annual basis to HK$574 million (US$74 million) in 2009, with the mainland market a major contributor.
Its retail revenue in Hong Kong grew to HK$5.9 billion last year, an annual increase of 11 percent while that on the mainland rose 22 percent to 1.9 billion yuan (US$278 million).
"With China's expanding economy, mainland demand will keep growing," Chow said. "Even in Hong Kong, our sales are underpinned by mainland tourists."
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