Chow Tai Fook Jewellery Group will open its first high-end concept store outside mainland China in October 2025, with a new store at Singapore’s Jewel Changi Airport. The opening is part of the company’s international expansion strategy, aimed at reducing reliance on the Chinese market in response to slowing demand and US tariffs. The Hong Kong-listed group is also assessing growth opportunities in Southeast Asia and Canada.
Responding to Market Shifts
The group, which operates more than 6,000 stores globally, generates over 80 per cent of its revenue from mainland China. For the financial year ending 31 March 2025, revenue fell by 17.5 per cent due to softer sales in its core market. However, operating profit rose nearly 10 per cent, supported by cost management and improved sales at its eight premium outlets in China, including collections such as Rouge and the Palace Museum series.
The brand currently has six stores in Singapore and plans to open an eighth outlet in the country by the end of the year. Gabriela Ferreira, General Manager for International Markets, said the company’s strategy focuses on both strengthening existing operations and entering new markets. “We have been in the market for over 10 years already. We have a good brand reputation and we feel that it’s important for us to unveil a new image in Singapore,” she said.
Bangkok is scheduled as the next market for a premium outlet by the end of 2025.
New Format and Regional Design Focus
The Jewel Changi Airport outlet will introduce a new store format with private rooms, fewer display items and a focus on higher-value gemstone pieces. Designs specific to the Singapore market are also planned. The store will feature a new signature colour as part of the brand’s lead-up to its centenary in 2029.
Master craftsman Lei Hui, who oversees around 100 artisans at the company’s studio in Foshan, China, said the group is exploring designs that combine Chinese and Southeast Asian influences to suit regional preferences. The studio also produces bespoke pieces for individual and corporate clients.
Singapore Market Outlook
According to Statista, Singapore’s jewellery market is projected to grow 5 per cent annually over the next five years, reaching US$1.13 billion in 2025. The average annual per capita spend is forecast at US$186. Retail sales data shows continued growth in jewellery and watch sales during the first seven months of 2025, with the exception of May.
Data from the Singapore Jewellers Association also indicates an increase in gold jewellery purchases among consumers aged 35 and below, who are buying 20 to 30 per cent more in recent years. This trend has been attributed to greater market awareness and rising gold prices.
Industry Implications
Chow Tai Fook’s expansion into premium formats and overseas markets aligns with broader industry trends, including increased jewellery demand in Southeast Asia and changing consumer demographics. The emphasis on redesigned store formats and tailored product offerings reflects an industry shift toward more segmented and personalised retail strategies.
Ferreira acknowledged growing competition in the region. “We are actually very happy to see an increase in consumer demand for Chinese jewellery and jewellery in general,” she said.
