WhatsApp
Email
Facebook
Twitter
LinkedIn
Chow Sang Sang’s sales grew for the full year as the Hong Kong-based retailer benefited from rising gold prices and strong demand for the metal.
Group revenue for 2025 rose 6% to HKD 22.45 billion ($2.87 billion), with the company seeing a “positive uptake of sales” in the second half of the year in both its key markets of mainland China and Hong Kong, it said last week. Same-store sales — at shops open for at least a year — of gem-set jewelry grew 14% in China and 17% in Hong Kong. Meanwhile, same-store revenue from gold-jewelry products climbed 3% on the mainland and 7% in Hong Kong and Macau.
“Firstly, the rising gold price generally raised the profit as older inventory was sold,” Chow Sang Sang explained. “Secondly, the group has been able to promote fixed-price jewelry, which has a higher margin profile.”
Proceeds from jewelry retail advanced 5% to HKD 21.66 billion ($2.77 billion), while revenue from other businesses — including property — increased 64% to HKD 784.5 million ($100.4 million). Profit more than doubled to HKD 1.72 billion ($219.5 million) compared with HKD 805.6 million ($102.9 million) a year ago.
Revenue from mainland China grew 2.3% to HKD 13.82 billion ($1.77 billion), while in Hong Kong and Macau sales rose 12% to HKD 8.17 billion ($1.04 billion).
During the year, the jeweler closed a net 118 stores, putting its total at 840 locations as of December 31, 2025. This was part of its consolidation strategy to close underperforming stores and open new shops in key strategic locations.
In the first quarter of 2026, until March 15, Chow Sang Sang saw stability in the Chinese market, with same-store sales up 4%. Demand was much stronger in Hong Kong, as revenue climbed 42% during the period.
In Hong Kong, “the movements of the price of gold certainly heightened the interest and demand for gold products, ornamental or otherwise,” the company added. “In contrast, the operating environment in Chinese mainland remains more challenging. Lower foot traffic in shopping malls [and] gold being priced beyond the reach of many, have conspired to weigh on sales volume, particularly in mass-market segments. Consumer sentiment remains cautious and spending continues to be selective. Stores in premium shopping malls continue to outperform others and deliver high sales growth. The group will continue…to focus on the high-end segments.”
Image: A Chow Sang Sang store in Hong Kong. (Shutterstock)
