×
4 268
Fashion Jobs
DR. MARTENS
Assistant Digital & Social Marketing Manager Apac
Permanent · HONG KONG
HUGO BOSS UK LTD.
Warehouse Operations Manager
Permanent · LONDON
HUGO BOSS UK LTD.
Learning & Development Partner (Corporate)
Permanent · LONDON
HUGO BOSS UK LTD.
Project Coordinator
Permanent · LONDON
GANT
Brand Consultant - Part Time - Gant John Lewis Cribbs
Permanent · PATCHWAY
L'OREAL GROUP
Business Category Manager
Permanent · London
L'OREAL GROUP
Lancôme Deputy Business Manager, 1.0, John Lewis, Oxford Street (Ftc)
Permanent · London
L'OREAL GROUP
Senior Visual Merchandising Manager - l'Oreal Paris - Cpd
Permanent · London
L'OREAL GROUP
Advocacy Brand Manager - Cpd
Permanent · London
L'OREAL GROUP
Warehouse Team Leader - am / pm
Permanent · Manchester
L'OREAL GROUP
Corporate Finance Director (Contract)
Permanent · London
L'OREAL GROUP
Senior Brand Manager – Ldb
Permanent · London
TK MAXX
Loss Prevention Officer (Door Marshall) - Ayr - Full-Time/Permanent
Permanent · Ayr
HOMESENSE
Loss Prevention Officer - Full Time 37.5 Hours - Homesense Watford
Permanent · Grand Londres
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Graduate Manager in Training, Ashford Designer Outlet
Permanent · Ashford
STELLA MCCARTNEY
Junior Art Director
Permanent · LONDON
MULBERRY
Global vm Manager
Permanent · LONDON
SELFRIDGES
Pat Mcgrath Business Manager
Permanent · MANCHESTER
JIGSAW
Financial Controller
Permanent · LONDON
NEW LOOK
CRM Executive
Permanent ·
PRIMARK
Project Manager
Permanent · READING
SUPERDRY
Accounts Payable Assistant
Permanent · CHELTENHAM
By
Reuters
Published
Jul 19, 2013
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Jeweller Chow Tai Fook named in price-fixing probe

By
Reuters
Published
Jul 19, 2013

HONG KONG - Chow Tai Fook Jewellery Group Ltd, the world's biggest jewellery retailer by market value, is among a number of gold shops being probed for price fixing, the official People's Daily newspaper reported.

Shares of Hong Kong-based Chow Tai Fook and other jewellery stores named in the report, including Chow Sang Sang International Holdings Ltd, fell on the news.

The People's Daily, citing unidentified sources, said China's National Development and Reform Commission was probing price manipulation by some jewellery shops in the commercial capital of Shanghai.

The online report, which was later reposted on a government web site, said several shops had admitted to authorities that they colluded on prices.

A spokeswoman for Chow Sang Sang told Reuters the company did not know why it had been named in the report.

"We don't understand why we got involved in the story," spokeswoman Cathy Tam said.

"We set the gold price every day based on the New York market close. The gold price is the same within the whole region of China and we don't have district differences."

A spokeswoman for Chow Tai Fook told Reuters the company planned to issue a statement in response to the report later on Friday.

Shanghai-based jewellery retailer Lao Feng Xiang , which was also named in the report, could not immediately be reached for comment.

Shares in Chow Tai Fook fell 3.2 percent by midday and was set for its worst day in four weeks, while Chow Sang Sang shed 0.8 percent.

Gold posted a record quarterly fall from April-June, luring mainland Chinese buyers to Chow Tai Fook's almost 1,800 jewellery and gold stores across China, Hong Kong and Macau.

The company earlier this month reported a 63 percent spike in first-quarter revenue, with sales of gold products from its own stores soaring 78 percent in the quarter ended June 30.

The shares of firms not named in the report also fell, with Emperor Jewellery & Watch tumbling 4.8 percent, and Luk Fook Holdings (International) Ltd falling 1.8 percent.

The benchmark Hang Seng Index was trading up 0.2 percent by midday.

© Thomson Reuters 2023 All rights reserved.