Chow Tai Fook Group held a groundbreaking ceremony for its China jewelry headquarters building in Yantian district, Shenzhen.
With an investment of CNY200 million, the building reportedly has a construction area of nearly 60,000 square meters and will be put into use in 2013. On its completion, it will serve as the operation, settlement, logistics, and marketing center for Chow Tai Fook Group's businesses in China.
Chen Shichang, director of Chow Tai Fook Group and general manager for the China region, said that due to the rapid growth of the Chinese mainland market, the group's sales in 2009 reached CNY20 billion. At present, the existing offices cannot meet the rapid growth of its businesses. Therefore, with the support of Yantian district, the group plans to build its Chinese headquarters, which can satisfy its needs in development, marketing, logistics, and management over the next ten years.
Chen said Chow Tai Fook now has over 1,000 jewelry retail stores on the Chinese mainland, and its sales will reach CNY30 billion in 2010, a year-on-year increase of 50%. Over the next ten years, the group will double the number of its stores in the mainland market to 2,000.