Tiffany China sales soar

Jeweller Tiffany & Co says its 30 China stores posted record double-digit sales growth in the second quarter.

China is the world’s second largest luxury market and accounts for 10 per cent of the US company’s global store network.

And despite the Chinese economy’s much-publicised slowdown, demand remains high for in fashion brands like Tiffany and Apple.

Tiffany said in its quarterly earnings report it has no plans to adjust its China strategy despite the devaluing currency and stock market decline.

Tiffany China will open an unspecified number of new stores in the year ahead and has previously said it is looking at tier 2 cities in addition to building its presence in traditional luxury market hubs of Shanghai and Beijing.

The company says it expects strong growth in the quarter ahead.