HONG KONG — Chow Tai Fook, China’s largest jeweler by market share, reported a 13.2 percent drop in net profit for the fiscal year endedMarch 31 due to sluggish consumer spending.
Net profit for the year declined to 5.51 billion Hong Kong dollars, or $710 million. Same store sales in mainland China declined by 3 percent while same store sales for Hong Kong and Macau fell by 3.7 percent. Revenue for the year rose 1.5 percent to 57.4 billion Hong Kong dollars, or $7.39 billion, despite slowing same store sales due to growth in the number of points of sales.
Speaking to members of the Hong Kong press from Beijing via video conference, Chairman Henry Cheng acknowledged that with 70 percent of the company's sales coming from mainland China, Chow Tai Fook is of course affected by government policies regarding luxury spending. But “it’s beyond our control,” he said.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"