Chinese jewellers regained momentum in the third quarter of 2020, with major retailers reporting double-digit growth on the back of strong consumer demand.
Lao Feng Xiang said sales rose 24 per cent year on year to RMB 17.38 billion (about US$2.63 billion) in the third quarter. Sales of gold jewellery were up 22.41 per cent. The National Day Holiday – China’s traditional wedding season – could have driven demand for gold jewellery. From January to September, the company’s sales grew 4.12 per cent.
Yuyuan Jewelry and Fashion Group, a subsidiary of Chinese conglomerate Fosun International Ltd, likewise showed recovery during the quarter, with an 18.56 per cent uptick in jewellery sales. Overall sales during the first three quarters increased by 8.07 per cent to RMB 16.3 billion (about US$2.48 billion). The company owns Chinese jewellery brands Laomiao and First Asia. It has previously acquired the International Gemological Institute and French jeweller Djula.
As of end September 2020, Yuyuan’s jewellery sales network has reached 3,222 stores, after opening a record number of 255 stores during the quarter.