Chow Tai Fook Jewellery Group Ltd and Luk Fook Holdings (International) Ltd reported significant improvement in the second fiscal quarter ending September 30, 2025, signalling a steady rebound in consumer demand across Greater China and overseas markets.

Both jewellers maintained a cautious but optimistic outlook, highlighting domestic recovery, resilient gold demand and ongoing network optimisation as key growth drivers heading into the second half of the financial year.

Chow Tai Fook marked a turnaround quarter with 4.1 per cent year-on-year retail sales value (RSV) growth from July 1 to September 30, 2025, according to the company’s unaudited key operational data. Same-store-sales (SSS) rebounded across Mainland China, Hong Kong and Macau, fuelled by the strong performance of its fixed-price products and an improving trend in weight-based gold products.

The group’s e-commerce sales in Mainland China rose 28.1 per cent, contributing nearly 7 per cent of total retail value, thanks to enhanced customer engagement and successful IP collaborations.

Its fixed-price gold products registered a 43.7 per cent RSV surge. RSV of gem-set, platinum and k-gold jewellery rose 10 per cent, with Fei Cui jewellery sales more than doubling.

Chow Tai Fook said it made steady progress in its brand transformation and remained focused on strengthening its fixed-price signature collections, such as the launch of the CTF Joie Collection and the Heaven and Earth Collection.

“With a clear emphasis to drive earnings quality and ensure margin resilience, our current priorities on retail network management remain unchanged, which are to sustain market leadership and enhance the overall financial health of our retail network by maximising store productivity,” Chow Tai Fook stated.

The company closed 300 points of sale in mainland China and added two in Hong Kong and Macau in the second quarter, giving it 6,041stores worldwide by the end of September.

Meanwhile, Lukfook’s RSV rose 18 per cent year on year for the fiscal quarter ended September 30. Retail revenue and SSS increased by 15 per cent and 10 per cent, respectively.

Lukfook said growth was led by robust sales in mainland China where RSV and retailing revenue were up by 20 per cent and 23 per cent, respectively, primarily driven by e-commerce business.

Hong Kong, Macau and overseas markets also delivered a strong performance with double-digit year-on-year growth across RSV, retailing revenue and SSS, buoyed by improved business and a low base effect.

Despite high gold prices, Lukfook reported resilient sales across product categories. Fixed-price gold products and fixed-price jewellery products were standout performers, with SSS climbing 67 per cent and 25 per cent, respectively.

“Gold prices reached new highs again in September. Although sales were affected in the first week of September, a gradual recovery was observed in the second week, indicating that consumers are gradually adapting to the high gold price environment,” it remarked.

Lukfook had a total of 3,113 shops worldwide as of September 2025, after closing 49 shops in the second quarter.