Chow Tai Fook’s Profits Double in Fiscal 2020

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Chow Tai Fook has had its finest year since 2014.

Chow Tai Fook, a Hong Kong-based jeweller, reported net earnings of $777 million in fiscal 2020, IDEX Online reports, citing the company’s “highest performance since 2014.” “Lower gold prices, good foreign currency rates, and one-time rent cuts due to COVID-19” benefited the earnings, which exceeded expectations.Revenue increased by over 24% to just over $9 billion in fiscal 2020, while profit attributable to shareholders increased by 108 percent. In the year to March 31, Chow Tai Fook, China’s largest jeweller by market value, opened 741 new outlets of sale across the mainland. In addition, it intends to open over 700 retail locations in the coming year. It currently has 4,591 retail locations.“Market volatility in the last year created possibilities for innovators to preserve competitive advantage,” stated Chairman Henry Cheng. The organisation advanced digital transformation activities in the smart retail space and expanded its retail network across online and offline channels in pursuit of long-term and sustainable company development.”