Hong Kong-listed Chow Tai Fook Jewellery Group reported a strong rebound in sales in the last quarter of 2025, as improving consumer sentiment and higher spending on gold jewellery lifted performance across mainland China, Hong Kong and Macau.
The world’s largest jewellery retailer by market value said group retail sales value rose 17.8 percent year-on-year in the quarter ended December 31st, according to unaudited operational data released on Tuesday.
Jewellery sales growth for the subsidiary was led by the Chinese mainland, which accounted for nearly 85 percent of group retail sales value and posted a 16.9 percent increase. Hong Kong, Macau and other markets recorded faster growth of 22.9 percent, albeit from a smaller base.
Same-store sales showed a marked recovery, rising 21.4 percent in mainland China and 14.3 percent in Hong Kong and Macau. In Macau alone, same-store sales jumped 31.3 percent, outpacing Hong Kong’s 10.1 percent increase.
The company said demand was supported by higher average selling prices, particularly for gold jewellery. In mainland China, the average selling price of weight-based gold jewellery rose to HK$11,000 ($1,430), up sharply from HK$7,300 ($949) a year earlier. In Hong Kong and Macau, the figure climbed to HK$20,100 ($2,613), compared with HK$13,300 ($1,729) in the same period last year.
Fixed-price jewellery also performed strongly on the mainland, with retail sales value rising nearly 60 percent year on year. Its contribution to total mainland sales expanded to just over 40 percent, helping improve margins, while the share of weight-based gold jewellery declined.
Chow Tai Fook said consumer appetite for higher-value products remained resilient, even as overall sales volumes fell. Same-store sales volume dropped 13.9 percent in mainland China and 21.6 percent in Hong Kong and Macau, reflecting fewer transactions but higher spending per purchase.
E-commerce sales on the mainland rose 25.3 percent during the quarter, supported by strong performance during the annual “Double 11” shopping festival and collaborations with popular intellectual property brands, the company said.
As part of its ongoing brand transformation, Chow Tai Fook continued to refresh its store network, closing underperforming outlets while opening higher-productivity stores in prime locations. During the quarter, it opened 34 jewellery stores in mainland China and closed 264, resulting in a net reduction of 230 outlets. Three new stores were opened in Hong Kong and Macau during the period.
By the end of December, the group operated 5,813 points of sale globally, down from more than 6,600 nine months earlier. About 72 percent of its mainland China jewellery stores were franchised.
Chow Tai Fook Jewellery is under the CTF conglomerate. As part of its real estate interests, the parent company is part of a joint venture with Far East Consortium (FEC) which owns the Queen’s Wharf Brisbane integrated resort in Australia, bought from The Star Entertainment Group Limited.
Last year Australian gaming and entertainment company Star Entertainment Group Limited sold its assets in Destination Brisbane Consortium (DBC) and Destination Gold Coast Consortium (DGCC) in Brisbane, Australia, to Chow Tai Fook Enterprises Limited (CTFE) and Far East Consortium International Limited (FEC).
