Luk Fook Eyes International Expansion as Sales Soar

Hong Kong-based jeweler Luk Fook plans to open 50 stores in at least three new countries between 2026 and 2028, following strong sales in the first fiscal half.

Group revenue rose 26% year on year to HKD 6.84 billion ($879 million) for the six months that ended September 30, the company said last week. Net profit grew 44% to HKD 601.2 million ($77.2 million).

The company benefited from the rise in gold prices, as consumers adapted to regular spikes in cost. During the period, the average international price per ounce for the yellow metal increased by nearly 91% year on year. The increase also came as a result of a strong comparison with the same period a year ago, when consumers struggled with rising prices and the jeweler saw weak demand for diamond jewelry.

Sales in Hong Kong, Macau and overseas rose 10% year on year to HKD 3.86 billion ($495.6 million) for the period. On the mainland, sales were up 54% to HKD 2.98 billion ($383.3 million).

In the six months, Luk Fook added eight new overseas shops, including entry into the Vietnamese market for the first time.

At the start of the third fiscal quarter, sales results were looking even more positive, Luk Fook said.

“Gold prices hit new highs again starting in September,” the retailer said. “Although sales were impacted during the first week of September, they began to gradually recover from the second week onward, indicating that consumers have gradually adapted to higher gold prices. From October 1 to November 21, the group continued to record satisfactory sales growth across all markets. Same-store sales in both the Hong Kong, Macau and overseas market and the mainland market recorded double-digit growth. The mainland market exhibited significant improvement compared to the second quarter.”

Image: A Luk Fook store in Hong Kong. (Shutterstock)