“We are not expanding for the sake of expansion, nor are we seeking short-term gains, but rather we are focused on truly building the brand for the next five, ten, or fifteen years.”

Chow Tai Fook plans to open a new five-story store in Shanghai in 2025, which will also be the group’s first flagship store in the Chinese Mainland.

In the first 10 months of this year, the global export value of Swiss watches totaled approximately CHF 21.5 billion, marking a 2.6% decline compared to the same period last year.

Despite the complex macroeconomic environment, luxury consumption has remained remarkably stable due to consumers’ strong desire for exceptional living experiences.

“The strong performance across each geographic region this quarter highlights the resilience of our diversified growth drivers and the growing strength of our high-end consumer base, giving us the confidence to raise our fiscal year outlook ahead of the critical holiday season.”

During the reporting period, Capri Holdings’ total sales revenue was $1.08 billion, reflecting a 16.4% decline compared to the previous year at both reported and constant currency rates.

The Chinese market is the company’s most significantly declining market.

Analysts stated that the revised outlook still appears conservative, expressing optimism about future growth opportunities.

In the first nine months, the company’s gross profit margin reached 55.4%, and its operating profit margin was 17.4%, both setting record highs for the second consecutive year.

At constant exchange rates, sales in the Asia-Pacific region contracted by 18%. Although certain markets, including South Korea and Malaysia, experienced growth, combined sales in the Chinese Mainland, Hong Kong, and Macau declined by 27%.