improving as jewelers begin stock replenishment after mediocre holiday season.
Independents outperform majors and online takes significant market share from
physical stores. China waking up for ‘Year of the Rooster’ with rising
expectations for Jan. 28 Golden Week. China doing much better than Hong
Kong. Luk Fook 3Q same-store sales -10% with China +5%, Hong Kong -11%. Rough