Notwithstanding its status as an emerging market, the Philippines is attracting foreign entrepreneurs that carry world-renowned luxury brands.
Hong Kong-based Chow Tai Fook Jewellery Group Ltd. is one of the latest prestigious brands that entered the Philippine market. With 90 years of experience and history, the leading jeweler launched their Manila store on September 24, 2019, at The Shoppes, Solaire Resort and Casino in Parañaque City.
Charles Sy, the Kho Group’s director, pointed out that their entry to the Philippine market is in recognition of the Filipino’s passion for artistry and Chow Tai Fook’s renowned craftsmanship into the local fashion and lifestyle scene.
“Chow Tai Fook is a brand that values creativity, authenticity and originality, something that I believe fits into the Filipino principles. It just makes perfect sense that [all of these] combined, something extraordinary will just come out of it,” he said.
Peter Suen Chi-Keung, Chai Tai Fook business head for Hong Kong, Macau and overseas business, said their entry into the Philippines is one of their major moves to expand their brand in the region.
He added the country’s stable macroeconomic performance has given foreign major brands the confidence to enter the Philippines.
According to analysts, tax cuts, consistent gross domestic product growth and plans to open up the economy to more investors resulted in an increase in luxury consumption in the Southeast Asian country.
Nevertheless, the Philippines is not on a par with its richer neighbors like Malaysia and Singapore. Unlike its two richer neighbors where the local population has the lion’s share of purchases, the Philippines’s luxury market is being propped up by foreign tourists, particularly from China.
Meanwhile, a sand-pouring ceremony to officiate the opening was led by Chow Tai Fook Hong Kong executives, Executive Director Peter Suen, Director of Overseas Business Development Po Liu and Senior Vice President Kenneth Lao who were joined by distinguished guests, such as Manila Mayor Isko Moreno, Manila Vice Mayor Maria Sheilah “Honey” Lacuna-Pangan and Kitson Kho, chairman of The Kho Group.
As the highlight of the day, Chow Tai Fook’s set pieces were showcased as models ramped their way through the 200-square- meter store. The brand’s most sought-after pieces were displayed against the warm light palette of the store, accentuated by the iconic red logo of Chow Tai Fook.