Regina Miracle’s revenue decreased by 10.9% year-on-year to HK$7.02 billion in the last fiscal year.

In terms of individual markets, the Chinese Mainland is the second-largest market, achieving a strong growth of 19.3% at constant exchange rates, accounting for 12.9% of the group’s sales and becoming a key growth engine for the group.

Gold jewelry and products are increasingly popular among young consumers due to their value retention and defensive characteristics.

The CEO stated that the Chinese market has significant growth potential in store expansion, digital business, and brand awareness.

The total sales of the jewelry brand divisions, including Buccellati, Cartier, and Van Cleef & Arpels, increased by 6%, surpassing the €14 billion mark.

In 2023, 9% of the sales growth came from pricing adjustments, while 7% came from increased sales volume.

The core operating profit in the Chinese market amounted to 1 billion yen, marking a significant increase of 2.3 billion yen compared to the previous year, thanks to effective cost management strategies.

The brand hopes that in the coming years, sales in the Chinese market alone will account for over 10% of the total.

In 2023, the average revenue per store for Laopu Gold reached 93.9 million yuan, doubling from the previous year. Among them, the total revenue of the two stores located in Beijing SKP was 336 million yuan, with a monthly sales per square meter of 440,000 yuan.

Most of our improvements in the Chinese market stem from streamlining our operations and aligning them more closely with local market demands. In fact, we haven’t actually expanded our distribution network.