Biggest China Jewelry Chain Slows Expansion to Boost Profit

(Bloomberg) — Chow Tai Fook Jewellery Group Ltd., one of the world’s largest jewelry retailers by market value, is dialing 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 the Chinese mainland in the fiscal year ending March 2024, vice-chairman Sonia Cheng said in an interview Thursday, down from more than 1,500 it added over the past year. Instead, it’ll focus on increasing productivity and sales growth at existing stores, while trying to attract younger consumers, said the 42-year-old daughter of billionaire and company chairman Henry Cheng.