With Hong Kong-listed jeweler Chow Tai Fook recently laying claim to the world’s most expensive cut diamond ever—sold at a Sotheby’s auction on April 4—the increasingly iconic Jewellery Group this week announced the further expansion of its global footprint, with the opening of its second American retail outlet, and the company’s first own-branded boutique in Hawaii.
Chow Tai Fook, who last November opened its first stateside store in Macy’s NYC, revealed on Monday that the second store will be opening in the heart of Honolulu, Hawaii, situated at T Galleria by DFS. The LVMH-owned duty-free retailer rebranded its worldwide T Galleria stores back in 2013, with the hope of attracting China’s increasingly sophisticated millennial consumers—and chose its Hawaii location in which to announce the renaming of its non-airport Galleria locations. Four years on, and the duty-free mall will next month be the location for the opening of Chow Tai Fook’s 970-square-foot-store, looking to capture the attention of wealthy travelers visiting the surrounding luxury resorts and beaches.
With Chinese tourists recently reported as the only group of travelers for whom Donald Trump’s presidency has made it more likely than ever for them to visit the United States, the current political climate encourages luxury outlets to increasingly target Chinese consumers from within America. The Chow Tai Fook Jewellery Group currently boasts an extensive network consisting of over 2,300 retail points globally, with more than 2,000 jewelry and luxury watch outlets in Greater China.
According to company Managing Director, Kent Wong, Chow Tai Fook will be “looking to capture the vast growth potential of leisure spending in the Hawaii market” and take advantage of the Hawaiian capital of Honolulu as both a popular holiday location, and a frequent luxury honeymoon and wedding destination. Aiming to entice consumers from both home and abroad with the opening of their first ever own-branded boutique in Hawaii, the agreement signed with the world’s leading luxury travel retailer promises the support of T Galleria’s 50 years of experience in the Hawaiian market.
The news, however, comes after reports earlier this year of Chow Tai Fook choosing to target younger consumers within China, opening outlets stocking jewelry at about a third of the price of that sold at the company’s flagship Chow Tai Fook-branded stores. With jewelry at these outlets sold at an average price of 2,000 RMB ($291), Chow Tai Fook seem to be turning their attention overseas to the more affluent Chinese traveler. The Chow Tai Fook boutique in Haiwaii will offer a range of luxury products including gem-set jewelry, fixed-price gold products and platinum and karat gold jewelry, alongside exclusive collections such as Oriental Blessings and Jardin Magique. The store will also stock exclusive wedding jewelry.
After the announcement of the store this Monday, there won’t be long to wait before the Jewellery Group can begin to determine whether its changing marketing strategy will pay off—Chow Tai Fook’s Hawaiian boutique will open this May at T Galleria by DFS, Hawaii.
Update: The headline has been corrected to reflect that this is Chow Tai Fook’s second branded boutique in the United States, not the first.