Chow Tai Fook launches jewelry policy

Chow Tai Fook's jewelry policy mainly includes one-price policy, diversified brand strategy, vertically integrated supply chain, cultural excavation and design innovation, experience store model and sinking market strategy.

1, one-price policy

Chow Tai Fook initiated the "one-price" policy of jewelry on 1990, abandoning the bargaining method, allowing all consumers to buy and sell jewelry at an equal and reasonable price, free from human factors, and protecting customers' rights and interests at a fair and reasonable price. This policy has been widely welcomed by the public and changed the business model and social consumption culture of this industry.

2. Diversified brand strategy

Chow Tai Fook built a multi-brand matrix through endogenous extension. In 20 14, it acquired American premium diamond brand Hearts On Fire, in 20 16, T MARK and Monologue, in 20 17, SOINLOVE and ENZO in 2020. These brands cover the needs of different age groups, different income levels, different life attitudes and personalities, which is conducive to scale expansion and increase market share.

3. Vertical integration of supply chain

Chow Tai Fook has established a vertically integrated business model, covering raw material procurement, design, production, marketing and sales through the retail network. On the raw material side, Chow Tai Fook cooperates with international giants to ensure the supply of quality products; In the processing link, Chow Tai Fook has strong diamond polishing strength; In the midstream manufacturing process, internal production controls quality. This model is conducive to the company's control of product quality and rapid response to customer needs.

4. Cultural excavation and design innovation

Chow Tai Fook has invested heavily in design and development and has an excellent design team. Chow Tai Fook pays attention to integrating cultural connotation into product design, and the inheritance series is a typical representative of China culture and traditional crafts.

5. Experience store mode

Chow Tai Fook gradually opened theme-based experience stores in important cities and regions in Hong Kong and the Mainland, integrating local culture into the experience stores to create a unique shopping experience. In addition, the company has opened limited-time pop-up stores with different themes in several cities to strengthen customer interaction.

6, sinking market strategy

In recent years, Chow Tai Fook has strengthened its layout in the mainland market of China. On 20 18, the "new town planning" was implemented. It is planned to open no less than 1000 stores in Chinese mainland New Town in five years, and implement the "provincial generation" policy in 20 19 years to expand the low-end market by joining mode. Chow Tai Fook adopts a two-line development strategy, focusing on improving customer experience and increasing the average customer unit price in first-and second-tier cities; Expand market share with franchisees in third-and fourth-tier cities and low-tier cities.