Located in Tokyo’s Shinjuku district, the store will span approximately 820 square feet and will debut at Laox Watch. The new store will offer a wide range of jewellery products including gem-set jewellery, gold products and platinum & karat gold jewellery.
The city’s Shinjuku district is a prime destination for Chinese tourists in Tokyo. A drop in the value of the yen has made Japan a more attractive destination for Chinese tourists. Visitors to Japan from China jumped 28% to 6.4 million in 2016, according to data from the Japan National Tourism Organization.
Chow Tai Fook said the store aims to serve the growing number of tourists from the mainland to Japan.
“Seeking to tap into the growing demand for leisure spending of Chinese, we are thrilled to partner with Laox to provide our customers in Japan with high quality products in superlative craftsmanship,” said Chow Tai Fook Managing Director, Kent Wong.
“Shinjuku serves as a major economic centre in Tokyo, together with opportunities arising from 2020 Tokyo Olympics, we see great business potentials in the Japanese market.”
Laox, a renowned Japanese tax-free store operator with over 80 years of heritage and 40 general tax-free stores around Japan, said the partnership is an opportunity to meet the demand for jewellery in Japan.
“We have noticed a high demand for jewellery in Japan as an increasing number of ladies enjoy wearing it as a fashion item and we aspire to create a new market for it in the future,” said Laox President and Representative Director, Luo Yiwen.