Biggest China jewellery chain slows expansion

New look: Customers shop inside a Chow Tai Fook store in Macau, China. The group will relaunch with a new logo and upgraded shop facilities around summer next year. — Bloomberg

BEIJING: Chow Tai Fook Jewellery Group Ltd, one of the world’s largest jewellery retailers by market value, is dialling back expansion plans in an effort to boost profitability as the company fends off intensifying competition.

The group is planning to add 600 to 800 new stores in mainland China in the fiscal year ending March 2024, vice-chairman Sonia Cheng said in an interview last Thursday, down from more than 1,500 it added over the past year.