Retail in Asia

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HK jeweller Luk Fook opens first store in Korea

Hong Kong-listed jeweller Luk Fook Holdings said on Wednesday that it opened its first store in Seoul, Korea on 3 March.

The first Lukfook Jewellery retail outlet in Korea is situated in Walkerhill Duty Free in the central area of Seoul. With convenient transportation, high traffic, as well as leisure and entertainment facilities, the hotel is one of the shopping hotspots in Seoul.

The jewellery retailer has been expanding overseas markets to explore business opportunities. Currently, it has over 1,390 shops in Hong Kong, Macau, Mainland China, Singapore, the US, Canada and Australia, according to Wong Wai Sheung, Chairman and CEO of the group.

"Following the opening of our first retail outlet in Korea, our retail network now covers 8 countries and regions, which will broaden the customer base and further build the brand in the international market," said Wong.

According to the statistics from the Korea Tourism Organization, the number of Chinese tourists visiting Korea reached approximately 5.7 million by the end of November last year, accounting for more than 43 percent of the total number of travellers visiting Korea, and doubled compared with five years ago. Eyeing the strong purchasing power of Chinese tourists, the group opens an outlet in Korea to capture the market potential and strengthen its penetration in the international jewellery market.