Chow Tai Fook Jewellery Group, controlled by the family of Hong Kong tycoon Henry Cheng, has appointed Gabriela Ferreira, formerly of LVMH’s Loewe, to lead its global expansion and elevate its luxury brand appeal. Ferreira, who previously served as general manager for Southeast Asia and Oceania at Loewe, will spearhead the group’s push into Southeast Asia and other key markets, focusing on enhancing the brand’s desirability and managing product offerings and sales channels.
This move comes as part of Chow Tai Fook’s broader strategy to reposition itself as a luxury accessories brand, shifting away from its traditional image. The company has revamped its logo and is in the process of renovating its 8,000 stores worldwide, aiming to appeal to a wealthier clientele. The brand has faced increasing challenges in recent months, with its shares dropping 47% this year. Rising gold prices have dampened demand for its gold products, which are a major source of revenue, while a consumer spending slowdown in China, its largest market, has further impacted sales.
The appointment of Ferreira is seen as a strategic move to diversify Chow Tai Fook’s customer base by targeting high-net-worth individuals, whose spending power has proven resilient even in the face of broader economic downturns. The success of top luxury brands like Hermès and Chanel, which have maintained strong sales through a focus on affluent consumers, highlights the potential benefits of this strategy.
By expanding into Southeast Asia, the group aims to tap into some of the world’s fastest-growing tourism markets and the burgeoning middle-class consumer base. Ferreira will oversee the expansion of the company’s retail network in these key regions, particularly in travel retail hubs where tourism is a significant driver of luxury spending.
Chow Tai Fook remains the largest listed company in the Cheng family’s business empire. The family’s leadership has been in the spotlight recently, as Henry Cheng, who remains chairman of the group, continues to search for a successor. In recent months, the family named three co-CEOs at Chow Tai Fook Enterprises, including Christopher Cheng Chi-leong, who will manage North Asia markets, Patrick Tsang On-yip, overseeing the Americas, Australia, and Europe, and Gilbert Ho Chi Hang, responsible for corporate operations and functions.
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