Hong Kong Liufu Jewelry will add another brand in 2023, called "Love LUKFOOK JEWELLERY". In the middle of May, the first Love LUKFOOK JEWELLERY brand store under Liufu Jewelry opened in Zhanjiang, Guangdong.
This brand store is located in the Dingsheng Square of Zhanjiang emerging city complex project. Love LUKFOOK JEWELLERY brand store takes pink as the main visual tone to create a warm and romantic atmosphere.
In an official statement, Liufu Jewelry said that this store is a continuation of the "warm and romantic brand of Liufu Jewelry". The main products in the store are diamond wedding jewelry, gold wedding jewelry, priced gold jewelry and national fashion ancient gold jewelry.
This is the fourth new sub brand store of Liufu Jewelry in the mainland of China. Previously, the Hong Kong Jewelry Group had opened three sub brand stores, including "The Legend of Fuman", "Goldstyle" and "Liufu Boutique Gallery". These sub brand stores are all extensions of the original product line of Liufu Jewelry Brand, which is a strategy adopted by the company to cover more different circles of consumption and diversify income.
Goldstyle brand store was launched in May 2019, mainly selling fashionable gold jewelry. Both Fuman Chuanjia Brand Store and Liufu Boutique Gallery are new concept stores launched by Liufu Jewelry in 2022. Among them, Fuman Chuanjia Store mainly sells ancient gold craft products, and gold jewelry accessories sold by Liufu Boutique Gallery are aimed at high-end markets.
Most stores of Liufu Jewelry are located in the mainland of China. As of March 31, 2023, Liufu Jewelry Group has 3029 stores in the mainland, including 2862 Liufu Jewelry Stores, 73 Goldstyle Stores, 81 Fuman Chuanjia Stores, and 13 Liufu Boutique Langmen Stores. At present, all sub brand stores (167 in total) of Liufu Jewelry are located in mainland China.
In fact, due to different consumption capacities in different regions of the mainland, there are significant differences in consumption preferences in different levels of the market. Almost all Hong Kong funded gold jewelry brands developed in the mainland have adopted the strategy of incubating sub brands and diversifying retail networks.
Hong Kong Zhou Shengsheng launched theme stores with different concepts in different cities and business districts in the first and second tier cities of the mainland. For example, Zhoushengsheng/Shengsheng · Huoyu community concept retail store, Zhoushengsheng Huayu store that mainly sells Guochao concept and ancient gold products for traditional wedding ceremonies, and three sub brands, namely EMPHASIS, MINTYGREEN and PROMESSA, which are independently incubated by Zhoushengsheng.
However, unlike Zhou Shengsheng, Liufu Jewelry has now extended in the mainland market and covered a large number of cities in the third and fourth tier and below. According to the interim report of Liufu Jewelry 2022/2023, the group has opened stores in 610 cities across the country, of which the third tier cities, the fourth tier cities and below accounted for 16.4% and 38.9% respectively, the second tier cities accounted for 15%, and the first tier cities accounted for 29.7%.
According to the data provided by Liufu Jewelry, each third tier city has an average of 7.3 Liufu Jewelry stores, and fourth tier and lower tier cities have an average of 2.1 stores. The average number of second tier and first tier cities is 22 and 51 respectively. In the first and second tier cities where the jewelry market has been relatively saturated, sinking to the third tier and below cities is the key to the new growth of jewelry brands.
In addition, it is worth noting that in the whole mainland market, Liufu Jewelry has the largest number of stores in South China and the highest market penetration rate: in South China cities where Liufu Jewelry has visited, on average, each city has 9 Liufu Jewelry stores.
Therefore, Liufu Jewelry also took South China as the first region to test the market acceptance of sub brands. In addition to the opening of the first Love LUKFOOK JEWELLERY brand store in Zhanjiang, Guangdong, the first Liufu boutique gallery and the first Fuman Chuanjia brand store launched in 2022 are all opened in the shopping center of Guangzhou Huadu.
