Tiffany sets sights on booming Chinese market

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Luxury jeweller expects China to overtake US market inside a decade.

Tiffany & Co is planning a major push into the Chinese market with the four store openings in the pipeline before January.

The jeweller said that the expansion drive is a reaction to China’s increasing appetite for luxury goods. It will take the total of Tiffany stores in the country to 14 within just a few months.

Tiffany’s sales in China have been on the rise with sales in the region in the second quarter of 2010 rocketing 27 percent – the fastest ever growth for the brand in China.

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The brand said that full-year sales in the Asia-Pacific region, which is led by China, could show an uplift of 25 percent and that it expects China to sur3pass the US over the next decade.

Tiffany chairman Michael Kowalski told Chinese newspaper China Daily: “China will rapidly become the place where we will have the greatest number of new stores. We will keep the same pace on store openings during the next fiscal year, but will invest more in China’s second- and even third-tier cities.”
 

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