Chow Sang Sang, one of China’s largest jewelry retailers, experienced a challenging year in 2024, suffering a net loss of 74 stores out of its 1,032 locations. The company faced weak demand, record-high gold prices, and an economic slowdown across China, Hong Kong, and Macau.
For the year ending December 31, 2024, the jewelry retailer reported a 15% drop in sales, totaling HKD 21.18 billion ($2.72 billion). Same-store sales fell 38% in mainland China and 24% in Hong Kong and Macau, mainly due to a decline in diamond demand. Profit also decreased by 20%, reaching HKD 805.6 million ($103.6 million).
In its Annual Results, Chow Sang Sang indicated that further store closures were possible. The company stated, “Under the current economic conditions, continuing to consolidate our physical store network would be a prudent strategy.”
Despite the challenges, the company continued its store network adjustments, opening 48 stores but closing 122, mainly in mainland China.
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