Chow Tai Fook Jewellery Group Ltd is opening its first branded store in Japan to take advantage of an increase in spending by Chinese tourists while tapping into business opportunities in the local market.
Chow Tai Fook signed a partnership agreement with Japan-based Laox, a tax-free store operator with 40 shops around Japan. Under the agreement, Chow Tai Fook will open a branch in one of the stores operated by Laox in Tokyo.
The shop will debut at Laox WATCH, one of Japan’s major wristwatch specialty stores in Shinjuku. The new store will offer a wide range of jewellery products including gem-set, gold products, platinum and karat gold jewellery pieces.
Kent Wong, Chow Tai Fook managing director, remarked, “Seeking to tap into the growing demand for leisure spending of Chinese, we are thrilled to partner with Laox to provide our customers in Japan with high-quality products. Shinjuku serves as a major economic centre in Tokyo, and together with opportunities arising from the 2020 Tokyo Olympics, we see great business potential in the Japanese market.”
Luo Yiwen, Laox president and representative director, commented, “In collaboration with Chow Tai Fook, we hope to actively promote its high-quality and fashionable products. We have noticed a high demand for jewellery in Japan as an increasing number of ladies enjoy wearing it as a fashion item and we aspire to create a new market for it in the future.”