Retail in Asia

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HK jeweller Luk Fook opens largest overseas shop in Canada

Hong Kong jewellery retailer Luk Fook Holdings (International) has opened its second retail shop in Canada, it said on Thursday. Located at Markville Shopping Centre in Markham, Toronto, the new shop is spread across more than 2,600 square feet. It’s the group’s largest overseas retail shop, and is also the group’s first overseas shop that comes with the VIP and Wedding Zone.

"Adhering to our corporate vision of ‘Brand of Hong Kong, Sparkling the World’, the group strives to expand our global retail network. The group currently has more than 1,400 shops globally in eight countries and regions. With the opening of the new shop in Markville Shopping Centre in Toronto, the group will continue to provide Toronto and global customers with high-quality jewellery products and professional services to further establish our reputation in the international market," said Wong Wai Sheung, Chairman and Chief Executive of Luk Fook.

Established in 1991, Luk Fook is one of the leading jewellery retailers in Hong Kong and Mainland China. Ever since it opened the first shop in Mainland China in 1994, it has been expanding rapidly in the first and second tier cities including Beijing, Shanghai and Guangzhou. There are over 1,330 Luk Fook stores in Mainland China and it plans to further expand into third and fourth tier cities.

The jeweller hopes to enhance its global exposure and strengthen its penetration into the international jewellery market by opening retail shops overseas. It has tapped into the North American market since 2003 by establishing its first shop in Canada, marking the milestone of the group’s overseas expansion. Eyeing the strong purchasing power of Chinese tourists, the group opened an outlet in Korea’s Seoul in March 2015 to capture the market potential.

In May 2015, Luk Fook signed a three-year Sightholder rough diamond sales contract with De Beers Group which gave the jeweller direct access to high quality diamonds from the world’s largest rough diamond supplier.