HONG KONG, June 18 Hong Kong's Chow Tai Fook
Jewellery Group Ltd said on Wednesday it has agreed to
buy U.S.-based diamond jeweller Hearts on Fire Co for $150
million in a move to extend its high-end product range.
Chow Tai Fook, the world's largest jewellery retailer by
market value, said in a statement it will buy 100 percent of the
supplier of bridal and fashion jewellery from co-founder Glenn
Rothman and other investors. Established in Boston in 1996,
Hearts On Fire products are sold in 31 countries.
Hearts on Fire reported audited net sales of $104.8 million
for 2013, up from $99.3 million a year earlier, Chow Tai Fook
said. About 75 percent of its jewellery sales in 2013 were
priced between $1,000 and $10,000, with the most of the
remainder carrying price tags above $10,000.
Chow Tai Fook on Tuesday reported a 32 percent jump in its
profit for the year ended March, helped by strong demand for
gold products early last year.
(Reporting by Donny Kwok; Editing by Kenneth Maxwell)