The demand in the Chinese luxury goods market is recovering, but the pace of recovery may not be as fast as anticipated.

During the second quarter’s golden period, the Asian market also performed well.

In the first quarter, adjusted diluted earnings per share increased by 18% year-on-year to $0.93, surpassing analysts’ expectations of $0.90.

Compared to the same period in 2021, sales in the Chinese market for the first nine months still achieved double-digit growth.

Overall, the Chinese market, Jewelry Division, and both retail and online retail collectively contributed 74% to the group’s sales revenue.

In the Asia-Pacific market, revenue saw a remarkable 13% year-on-year growth, outperforming all other markets.

Thanks to double-digit sales growth in Southeast Asia & the Pacific region and the Chinese market, the Asia-Pacific market saw a 21% increase in third-quarter sales at constant exchange rates.

In the Chinese market, deliveries for the first nine months increased by 1.7% year-on-year, reaching 603,900 units.

The expected completion date for Xi’an Taikoo Li has been adjusted from late 2025 to 2026.

The overall growth of the high-end beauty business in mainland China has slowed down, as evidenced by the current pre-sale stage data for the Double Eleven shopping festival.