Chow Tai Fook Wanxiang Series: How Priced Jewelry Breaks Through Amid Gold Price Turbulence周大福万相系列爆红启示录：定价首饰如何在金价震荡期逆势突围
Published 发布时间：2026-07-26
1. Wanxiang Series: A Bright Spot in the Gold Price Winter
On July 23, Chow Tai Fook released its Q1 FY2027 operating data for the quarter ending June 30. Against the backdrop of severe gold price volatility and overall weak gold jewelry consumption, one data point stood out: the Wanxiang Series launched in April generated over 870 million HKD in first-quarter retail value, far exceeding management expectations. This design series centered on Oriental aesthetics achieved counter-trend success against a backdrop of gold prices plummeting from $5,598 per ounce at the start of the year to around $4,000. The success of the Wanxiang Series is no accident; it precisely captures the shift in consumer psychology from value preservation to emotional value and cultural identity. In June, Chow Tai Fook also launched the Oriental Couture fine jewelry series, adding 4 premium image stores in Changsha IFC and Nanjing Deji Plaza.
2. Priced Jewelry vs. Weight-Priced Gold: The Deep Shift in Growth Logic
Chow Tai Fook's Q1 data reveals an important structural change: mainland direct-operated store same-store sales grew by 19.6%, but same-store sales volume decreased by 5.2%, meaning growth came primarily from higher average transaction values. More critically, priced jewelry same-store sales declined by 1%, with retail value down 8.2% and its share dropping from 34% to 29%. This seemingly contradictory data actually reflects the consumption window effect following gold price retreats. The World Gold Council data shows June gold shipments from the Shanghai Gold Exchange increased 36% month-on-month to 87 tons. However, the Wanxiang Series as an exception in priced jewelry demonstrates that priced jewelry does have a market, but requires sufficiently strong design power and cultural narrative to justify the premium.
3. Store Network Optimization: From Scale Expansion to Quality Upgrading
While adjusting product strategy, Chow Tai Fook is accelerating the structural optimization of its store network. This quarter, it opened 14 new retail points in mainland China while closing 272, a net reduction of 258. As of June 30, mainland retail points decreased to 5,047, with 69.4% being franchise stores. This massive store closure is not a contraction but a strategic transformation from scale expansion to quality upgrading. This trend has profound implications for the jewelry packaging and display industry: while store numbers are decreasing, the display standards for individual stores are significantly increasing. Premium image stores require more refined jewelry display props, more design-forward jewelry display racks, and more ceremonial jewelry box packaging to match their premium positioning.
4. Accelerating Overseas Expansion: Global Layout Driven by Cultural Narrative
The Wanxiang Series being in short supply in Southeast Asian markets validates the powerful appeal of cultural narrative in global markets. Chow Tai Fook opened a new design store in Sydney, Australia in January, entered Oakridge Park in Vancouver, Canada in June, and plans to expand its international store network from 63 to over 100 locations. The co-branded gold products with Black Myth Wukong are widely popular in North American markets, demonstrating the cross-border appeal of integrating traditional Chinese cultural IPs with jewelry design. The World Gold Council is promoting the New Silk Road Innovative Gold Jewelry Export Plan. This overseas expansion wave requires the jewelry packaging supply chain to upgrade simultaneously. Overseas store display solutions need to balance Chinese cultural elements with local aesthetic preferences.
5. Conclusion: Design Power and Cultural Power Define Future Competition
The breakout success of the Wanxiang Series and Chow Tai Fook's strategic transformation provide valuable insights for the entire jewelry industry. In a market environment of severe gold price volatility, pure weight-priced gold competition can no longer sustain growth. The breakthrough of priced jewelry must be built on strong design power and cultural narrative. From scenario-based innovation in jewelry display props to ceremonial design in jewelry boxes, from light and shadow layering in jewelry display racks to material upgrades in watch display props, professional jewelry packaging and display capabilities will become important enablers for brands transitioning from product export to brand export.
Original content by Junyimei. All rights reserved. Please indicate the source when reprinting.一、万相系列：金价寒冬中的一抹亮色
