Adrian Cheng: this young man inherits the world's largest jewelry empire
Adrian Cheng belongs to one of the four richest dynasties in Hong Kong. He is the successor and manager of his father's business. Having studied at the prestigious Harvard University, he is currently co-founder of two companies. Two major Hong Kong companies owned by one of the richest dynasties in the city. These are New World Development Co. and Chow Tai Fook Jewellery Group. Find out in this article, what you need to know about the revolutionary strategies of this young heir.
Real estate market and jewelry collapse
Hong Kong may have the most expensive real estate market in the world, but this is not always good for society. The high cost of land is driving down profit margins. Land previously purchased by Adrian Cheng generated low returns. To cope with this situation, the company acquired properties in smaller cities. This offers more possibilities and opportunities to expand its business and satisfy its customers.
Profits at Chow Tai Fook, the jewelry company, have fallen to their lowest level since 2011. As a result, anti-corruption campaigns have hurt luxury goods sales and tourism. However, Adrian Cheng said in an interview that he will introduce more fashionable designs and launch his brand internationally. In the coming years, Chinese brands, Chinese originality and Chinese creativity will become part of the world. This is the goal of the revolutionary Cheng, and he intends to achieve it.
Last year, the heads of state of Hong Kong and Macau attended the funeral of Cheng's grandfather. This illustrates the good and strategic friendships that Cheng's grandfather had. Ties that will be vital for Cheng to maintain, as "Hong Kong barely knows him. Indeed, some family businesses lose 60% of their value when management is transferred. This is true because certain intangible values, such as trust and relationships, are not passed on.