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Jeweler plans mainland expansion

HONG Kong jeweler Chow Sang Sang will focus on opening shops on the Chinese mainland, which is expected to overtake Hong Kong as its biggest profits contributor in three years, its group general manager said today.

"Our business focus is on the mainland with its huge growth potential," said Vincent Chow, group general manager of Chow Sang Sang Holdings International, in an interview. "The mainland will rise within years to become our biggest profits engine."

Chow Sang Sang's mainland sales have hit double-digit growth in the past five years and Chow said he expect the momentum to continue.

In the first half of this year, the Hong Kong-listed company's retail jewelry sales on the mainland rose 22 percent year on year to HK$896 million (US$115.5 million). It accounted for 35 percent of the company's total retail jewelry sales in the mainland, Hong Kong, Macau and Taiwan.

Hong Kong and Macau, with sales of HK$1.65 billion in the first half, contributed 64 percent while Taiwan took the remaining 1 percent, said its first-half reports.

"Our Hong Kong sales were buoyed by purchases from mainland tourists," said Chow. "With China's rising economy, the mainland demand will keep growing."

Gold is cheaper in Hong Kong and Macau than in the mainland.




 

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