Business Intelligence on Retailing, Franchising, and Consumerism in China

Chow Tai Fook, Richemont Group Form JV For Watch Sales

Swiss luxury group Richemont and the Chinese jewelry chain Chow Tai Fook have reportedly reached an agreement to establish a joint venture for the sale of high-end watches in mainland China.

An insider from Richemont Group revealed that the new JV will be responsible for the sales of Richemont Group's Baume & Mercier brand high-end watches in mainland China. Each of the two parties will hold a 50% stake in the JV.

Chow Tai Fook sees this partnership with Richemont Group as a significant boost to the development of its high-end watch business in mainland China; while its deep China experience, long-standing reputation and country-wide retail penetration will enhance the reach of the Swiss watchmaker across the country.

Listed in 2011, Chow Tai Fook is a leading jewelry retailer in mainland China, Hong Kong, and Macau. So far, it has become the distributor of many Swiss brands, including Richemont Group's Cartier, Piaget, and Jaeger-LeCoultre.

Financial details of the deal have not been revealed.

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