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Tiffany to boost China investment

American luxury jeweller Tiffany & Co plans to make a difference in China.

It says it is boosting its investment in the world’s second largest economy to increase its brand awareness there.

“We learned that we need to be more overt about how we present the brand,” said CEO Michael Kowalski.

The company is also hosting more VIP breakfasts and housing more private rooms in its stores to entice more Chinese customers, who are increasingly seeking understated luxury.

Demand for jewellery in China has slowed in the past years but remains robust. Despite the market’s volatility, Tiffany still expects to generate over 10 per cent sales growth in there.

It plans to open three stores a year in China on top of its current network of 24 stores.

The New York-based jeweller faces competition from local retailers like Chow Tai Fook, which will continue to expand into China’s third-tier and lower tier cities after net profit surged 90.4 per cent in the six months to September.

Another local jeweller, Luk Fook, has reported a net profit rise of more than 70 per cent during the first half.

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