×
71 379
Fashion Jobs
MACY'S
Manager, Omni Operations
Permanent · Skokie
MACY'S
Director, External Communications – Product And Brand
Permanent · New York
MACY'S
Credit Finance Analyst ii
Permanent · Deerfield Township
MACY'S
Manager, Merchandise Execution
Permanent · Florence
MACY'S
Asset Protection Captain, Clackamas Town Center - Full Time
Permanent · Happy Valley
MACY'S
Multi-Store Detective, Tacoma - Full Time
Permanent · Tacoma
MICHAEL KORS
Part Time Sales Supervisor, Memorial City Mall
Permanent · Houston
MICHAEL KORS
Sales Supervisor, Sugar Land, tx
Permanent · Houston
MICHAEL KORS
Sales Supervisor The Woodlands Mall
Permanent · Houston
JCREW
Junior Account Executive
Permanent · New York
JCREW
Senior Counsel, Intellectual Property & Product Compliance
Permanent · New York
JCREW
Brand Marketing Director, mw Men's
Permanent · New York
JCREW
Product Manager
Permanent · New York
JCREW
Distribution Supervisor
Permanent · Lynchburg
MARSHALLS
Loss Prevention Detective
Permanent · Charlotte
MARSHALLS
Loss Prevention Detective
Permanent · Bloomfield
MARSHALLS
Loss Prevention Detective
Permanent · Charlotte
MARC JACOB'S
Business Analyst, Supply Chain
Permanent · New York
MARC JACOB'S
Director, Business Applications
Permanent · New York
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time - Outlets at Orange
Permanent · Orange
BLOOMINGDALE'S
Outlet Keyholder Selling, Full Time - Riverhead
Permanent · Riverhead
MACY'S
Asset Protection Detective, Temecula Promenade - Part Time
Permanent · Temecula
By
Reuters
Published
May 25, 2011
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Chow Tai Fook hires underwriters for IPO

By
Reuters
Published
May 25, 2011

May 24 - Jewellery retailer Chow Tai Fook, controlled by billionaire Cheng Yu-tung, has hired Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc and JPMorgan Chase & Co as the main underwriters for its Hong Kong IPO, said a source familiar with the matter.


Chow Tai Fook store on Queen's Road Central, Hong Kong. (Photo by Wikipedia user ShingWong)

The company could raise $3 billion (1.85 billion pounds) from the initial public offering, slated for the first quarter of 2012, Thomson Reuters publication IFR reported late on Monday.

he retailer had also hired Citigroup Inc, Credit Suisse Group AG and UBS AG, to underwrite the offer, the source told Reuters on Tuesday.

The source was not authorised to speak to media as the mandates had not yet been made public. Chow Tai Fook officials were not immediately available for comment.

Consumption of luxury items in China, the world's second-largest economy, has surged at double-digit rates in recent years as a new class of consumers snaps up jewellery from Tiffany & Co, ties and scarves from Hermes International SCA and handbags from LVMH Moet Hennessy Louis Vuitton SA.

Chow Tai Fook, founded by Cheng's father-in-law Chow Chi Yuen in Guangzhou in 1929, has 1,400 stores, mostly in greater China. It competes with domestic players, such as Luk Fook Holdings (International) Ltd and Emperor Watch and Jewellery Ltd, and foreign brands such Tiffany.

"We aim to open 200 stores every year, with 90 percent of them in China," Alan Chan, Chow Tai Fook Jewellery's global branding director, told the Reuters Global Luxury Summit in Hong Kong on Monday.

China would likely account for 20 percent of the global luxury market by 2015, with spending expected to nearly triple to $27 billion from about $10 billion in 2009, according to consulting firm McKinsey & Co.

By Elzio Barreto and Fiona Lau
(Editing by Denny Thomas and Chris Lewis)

© Thomson Reuters 2022 All rights reserved.