CHOW TAI FOOK: Diverse Luxury Holdings from Hong Kong
Become the Most Trusted Jewellery Group in the World
Chow Tai Fook: A Journey from 1929
The story of Chow Tai Fook began in 1929 when Chow Chi-yuen founded the first jewelry store in Guangzhou, China. The brand navigated tumultuous times, moving its business first to Portuguese Macau in the 1940s, then to British Hong Kong, adapting to the changing political and economic landscapes. Returning to mainland China after the market reforms of the 1980s, Chow Tai Fook expanded significantly, establishing itself as a leader in the jewelry industry with a reputation for quality and innovation.
Diversification and Growth under Cheng Yu-tung
In 1956, Cheng Yu-tung took over the business from his father-in-law, Chow Chi-yuen, and transformed Chow Tai Fook into a diversified empire. Under Cheng’s guidance, the brand expanded beyond jewelry retailing to include real estate, hotels, transportation, and more. Chow Tai Fook’s real estate division was launched in the 1960s, eventually becoming the listed company New World Development.
The brand’s expansion included the innovative introduction of 99.99% pure gold jewelry, setting a new standard in Hong Kong, and a significant presence in the diamond market following a licensing agreement with De Beers in 1964.
Leading the Diamond and Jewelry Market
Chow Tai Fook is recognized as a vertically integrated jewelry retailer, active in all aspects of the diamond and jewelry supply chain. The company sources rough diamonds directly, produces polished diamonds in-house, and designs and manufactures jewelry for its retail outlets. This comprehensive involvement gives Chow Tai Fook an in-depth understanding of market dynamics. Gold remains its most significant category, accounting for about 55% of sales. However, diamond-set jewelry, especially for the burgeoning middle class in China, represents a growing segment, reflecting the evolving consumer preferences and rising demand for diamond jewelry in the country.
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What is Chow Tai Fook and its business scope?
Chow Tai Fook is a Hong Kong-based private conglomerate primarily known for its jewelry business. It also has diversified interests in real estate, transportation, and telecommunications. The company serves a wide geographical area, including mainland China, Hong Kong, Japan, Macau, Malaysia, Singapore, South Korea, Taiwan, the United States, and Canada.
What is the history and global presence of Chow Tai Fook?
Founded in 1929 in Guangzhou, China, Chow Tai Fook shifted its business to Portuguese Macau and then to British Hong Kong following the Second Sino-Japanese War and the establishment of the People’s Republic of China. The group returned to mainland China following market reforms in the 1980s.
As of 2018, the group included two more parent companies in its structure, Chow Tai Fook Capital Limited and Chow Tai Fook (Holding) Limited
What are some significant milestones and achievements of Chow Tai Fook?
By 2010, Chow Tai Fook had 1,000 chain stores in mainland China and aimed to open 2,000 stores by 2020. The company has been a market leader in its segment, particularly since 1997. In 2010, it set a record by purchasing a 507-carat diamond for $35.3 million, and in 2017, it acquired the Pink Star diamond for $71.2 million. In 2018, Chow Tai Fook partnered with the Gemological Institute of America to use blockchain for diamond grading. In 2020, the company acquired the natural-colored gem specialist ENZ
Where is the head office of Chow Tai Fook Group?
The Guangzhou Chow Tai Fook Finance Centre (CTF Finance Center also called East Tower) is a 1,739-foot (530 m) tall mixed-use skyscraper in the southern Chinese city of Guangzhou, which was completed in October 2016. It is the tallest completed building in Guangzhou, the third-tallest in China, and the seventh-tallest in the world. The Guangzhou CTF Finance Centre has a total of 111 above ground and five below ground floors and houses a shopping mall, offices, apartments, and a hotel.