HONG KONG — Hong Kong-based jeweler Chow Tai Fook said net profit for fiscal year 2014 rose 9 percent, driven by strong retail sales and an improving wholesale business in mainland China.
Net profit for the year ending March 31 was 7.45 billion Hong Kong dollars, or $961 million, compared with 5.68 billion Hong Kong dollars, or $732.7 million, a year ago. Revenue rose 34.8 percent to 77.4 billion Hong Kong dollars, or $9.98 billion. Chow Tai Fook, the largest jeweler in China, said the sales growth was driven mainly by an increase in gold sales and that the wholesale growth was driven by strong inventory replenishment demand from franchisees at existing and new stores.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)