Yesterday we talked about the price of diamonds rising with increased demand, and that this is largely attributed to the growing market for luxury goods in China. Chinese brides are developing quite the appetite for diamonds, it would seem.Tiffany & Co. are firmly entrenched in the engagement market, so it makes sense to see its strong and confident expansion into China. According to company representatives, Tiffany is planning to open a number of new stores in China in the near future, driven by robust sales growth in the market. Apparently, within the next three years, there will be between 25 and 30 Tiffany & Co. stores in China– including, 14 this financial year. There are currently 12 Chinese Tiffany & Co. stores, but with a 27 per cent increase in the fourth quarter compared to the same time last year, there is certainly an appetite for more.
It is also of particular interest to us that the 2011 jewels and diamonds collections were unveiled in Beijing on October 22. This is the first time Tiffany & Co. have ever launched a new range outside of the US, but we won’t be surprised if it’s not the last.
We’ve said it before, China is rapidly becoming the world’s largest market for luxury brands. We expect to see many more brands paying much closer attention to this market, in an attempt to attract the attention of as many customers as possible.
Image credit: latimesblogs.latimes.com
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