Tiffany China sales soar
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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.
Questions & Answers
Q.What proportion of Tiffany & Co's global store network is located in China?
What proportion of Tiffany & Co's global store network is located in China?
China currently accounts for 10 per cent of the US company's global store network. This percentage indicates the significant presence Tiffany already has in the world's second-largest luxury market.
Q.Does Tiffany & Co plan to alter its business approach in China, given the economic conditions?
Does Tiffany & Co plan to alter its business approach in China, given the economic conditions?
No, Tiffany stated in its latest quarterly earnings report that it has no intentions of adjusting its China strategy. This decision stands despite the devaluing currency and the recent decline in the stock market.
Q.Where does Tiffany China intend to expand its store presence in the upcoming year?
Where does Tiffany China intend to expand its store presence in the upcoming year?
Tiffany China plans to open new stores in the year ahead, including in tier 2 cities. The company is also focused on strengthening its existing presence within the traditional luxury hubs of Shanghai and Beijing.