The recent depreciation of the renminbi is worrying that it will affect the retail industry in Hong Kong. Mr. Huang Shaoji, managing director of Chow Tai Fook, said that he believes that the RMB depreciation is about 2%. The short-term impact on the Group's sales is limited. Because Hong Kong has no tariffs, it is still attractive in terms of price. At present, the proportion of the Mainland's passenger-occupied group is 55%, and it is expected to maintain a level of 50% to 55% in the future.
Huang Shaoji also said that the decline in gold prices was favorable for sales. In July and August, the number of shop visitors increased by two to 30% compared with that in May and June, while the sales of gold products increased by 30% to 40% compared with the same period of last year. In terms of cost, as the group has hedged its gold inventories, the fall in gold prices has not affected the business. Huang Shaoji pointed out that Chow Tai Fook will close four Hong Kong branches this year. Another one-third of the stores will expire in this year. They will re-examine the operation of each store and negotiate with the owners to reduce rents. The rent is expected to decrease by about two. Up to 30%, but it does not rule out that more branches will be closed, but emphasize that employees are important assets of the company and there is no intention to lay off employees.
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