Heirs to the crown

Along Kowloon's teeming Nathan Road, it is common to see multiple Luk Fook jewellery stores on the same block.

A top Hong Kong-based jeweller, Luk Fook Group has 1,189 shops around the world, with 1,132 shops (79 self-operated and 1,053 licensed) on the mainland, 42 in Hong Kong, 10 in Macau, one in Singapore and three in North America, with a newly opened store in Sydney, Australia, to cater to mainland tourists.

But all of this is not enough for Danny Wong Ho-lung, the ambitious likely successor to the family business. As deputy chairman and executive director, the 36-year-old already plays a key role in helping the firm compete for the best store locations in Hong Kong, the mainland and abroad. He is also eager to "update" the brand so that it can keep up with the rapidly changing tastes of the mainland's rising middle class.

"In the future, I would want to see the company open more international stores to serve Chinese tourists travelling overseas," Wong said. "Our jewellery designs would have to change to appeal to the broader international community as well, but the focus will stay on mainland customers."

Many of the leading jewellery companies in Hong Kong are facing a change in leadership, and the actions of the heirs to the city's colossal jewellery empires today may already be shaping the future of the gold and jewellery market in Asia. Their decisions could also help determine whether Hong Kong will continue to be a popular shopping destination for mainland tourists, or whether Hong Kong retailers will focus instead on opening stores on the mainland.

Wong and younger sister Nancy Wong Lan-sze appear to be taking the pressures in their stride. They sit relaxed on a couch at one of their two-storey shops, overlooking Canton Road a week before Christmas, animatedly discussing plans for the company's future with their father.

In 1991, William Wong Wai-sheung built Luk Fook from scratch after working as an apprentice at a small gold shop owned by his father. He recalls struggling to win the trust of early investors, mostly relatives and fellow jewellers. At 63, the affable chairman and chief executive continues to dominate at the company's public events, but today he is content to let his children do most of the talking.