Hong Kong’s Sonia Cheng is on a mission to transform the Chow Tai Fook jewelry chain and attract new customers

Cheng will overhaul Chow Tai Fook over the next five years to “take the brand to the next level,” improve customer experience, establish distinctive products and collections and ensure it remains a market leader.

“I see a lot of similarities between Rosewood and Chow Tai Fook Jewelery,” she said. “Both are heritage brands, with a very strong, loyal customer base.

“Both also share a very strong dedication and commitment to connecting cultures and traditions.”

Cheng is the only daughter of tycoon Henry Cheng Kar-shun, 77, chairman of Chow Tai Fook and real estate giant New World Development.

He and his family were ranked this year by Forbes as Hong Kong’s third richest, with a net worth of $22.1 billion.

Her older brother, Adrian Cheng Chi-kong, 44, is executive vice chairman and CEO of New World Development, where she is executive director, and younger brother Brian Cheng Chi-ming, 41, is a non-executive director.

Sonia Cheng said that as a member of the fourth generation of the family dynasty, she saw her mission to transform the jewelry industry as an effort to pass on its legacy and traditions to her daughters and their children.

Cheng was decked out in an array of glittering earrings, bracelets and a gold and diamond ring designed with a motif of breedingthe Chinese word for happiness, all part of a collection celebrating the group’s 95th anniversary this year.

Chow Tai Fook was founded in Guangzhou in 1929 by entrepreneur Chow Chi-yuen, who grew the company and expanded to Hong Kong.

Cheng Yu-tung – Chow’s son-in-law and Sonia Cheng’s paternal grandfather – took over from him, and phenomenal success followed.

The jewelry chain now has nearly 8,000 stores, 98 percent of which are in mainland China and the rest in Hong Kong and elsewhere.

Chow Tai Fook wants to renew the brand and its 8,000 stores in the mainland and Hong Kong

Sales reached HK$49.52 billion (US$6.32 billion), with a net profit of HK$4.55 billion, in the first half of the financial year ended September 30 last year.

The group announced its overhaul last week, including a new logo, store renovations, an emphasis on technology-driven shopping and the creation of a flagship branch in Shanghai.

Shoppers can use a tablet to try on different jewelry items in stores through augmented reality, a technology designed to create interactive experiences.

“The younger generation really values ​​a personal experience,” says Cheng.

Her cousin Conroy Cheng Chi-heng, 46, is also vice chairman at the jewelry company and they will work together to transform the jewelry industry and pursue growth in the Asean group of countries.

Sonia Cheng said Southeast Asia had a strong Chinese community and the brand was well known there.

“We see the opportunity to grow in overseas markets, especially in the ASEAN countries, where we currently have a presence in Singapore, Thailand, Malaysia, as well as Japan and Korea,” she added.

Conroy Cheng said the 400 skilled workers at the group’s factory in Shunde, Guangdong province, had embraced the technology, using artificial intelligence in production to boost efficiency.

He added that his and his cousin’s different styles came together and they worked well as a team.

Conroy explained that he chose to stay behind the scenes and focus on logistics and production, leaving the brand management and spotlight to Sonia.

“We always work in harmony,” he says. “It was our grandfather’s motto that we work together harmoniously as a family.”

Hong Kong can now ‘pull out all the stops’ to stimulate the economy: Beijing’s top man in the city

Sonia Cheng added: “Even if there are difficult decisions or disagreements, we can discuss openly, understand the pros and cons and reach decisions together.”

She declined to discuss the family’s succession plans or comment on an unexpected remark her father made last year about the possibility of bringing in outsiders to run the business empire.

“My father is chairman and oversees the entire family business,” she says. “We are all here to support the family in achieving the company’s goals.

“That is what we focus on. We don’t want anything to distract us.”

She said she did not see a major decline in confidence in Hong Kong as a global business hub after the domestic security law came into effect in March.

“Hong Kong will take some time to overcome the impact of the 2019 social unrest and pandemic,” she said.

She added that the government should bring in more visitors from abroad to see that the city has not changed despite the unrest.

She is one of a minority of female leaders of blue-chip companies in Hong Kong, married to Ocean Park Corporation chairman and wine merchant Paulo Pong Kin-yee, and they carefully guard the privacy of their five children.

Cheng said she did not believe her father assigned her to the jewelry side of the business and the hospitality industry because she was a woman, while older brother Adrian was placed in the group’s main real estate arena.

“I don’t think my assignment was related to gender,” Cheng said. “My interest has always been in building brands and I am passionate about building brands.”