Chow Tai Fook plots new grounds as tourists range further

Chow Tai Fook Jewelry Group Ltd plans to open new stores outside its main markets of Hong Kong and the Chinese mainland, as it chases new customers.

"Overseas travel is increasingly popular among the mainland Chinese, and means more and more of their shopping budgets are spent in new tourist destinations outside our major markets," the world's largest listed jewelry chain said in a statement to the Hong Kong Stock Exchange on Tuesday.

Chow Tai Fook plans to double its number of points of sale, including concessionaires and stand-alone outlets, in the next 10 years. Stores in tourist hot spots outside the mainland and Hong Kong will also be its target "to capture the spending power of the affluent outbound mainland Chinese tourists," it said.