Tiffany Expands China'S Market
Tiffany, the US jewellery company (Tiffany), said it plans to strengthen its entry into China.
market
It hopes to cater to the growing demand of luxury goods in China.
Tiffany, President of Michael J. Kowalski, told China Daily in a report that "China will soon become the place where we have the largest number of new stores".
The company plans to open 25 to 30 retail outlets throughout China in the next three years.
In the current financial year ending January, the company will open 14 new stores in the world, of which 4 are located in China.
Kowalski said, "we will keep the same shop opening speed in the next financial year, but will invest more in China's second tier or even three tier cities".
The report said that in the second quarter of 2010,
Tiffany
The highest growth rate recorded in China, an increase of 27% compared with 2009.
Kowalski said that the annual sales volume in the Asia Pacific region will probably increase by around 25% under the impetus of China.
Tiffany currently has 12 rooms in China.
Retail store
Three of them are in Beijing, four in Shanghai and one in Chengdu.
Tiffany expects China to overtake the United States as the world's largest jewellery market in the next five to ten years.
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