SHANGHAI: After a bumpy few years, luxury brands are re-committing to China's market as a weaker yuan and the US trade war funnel more Chinese high-end spending back home, Tiffany & Co CEO Alessandro Bogliolo said in an interview.
China's yuan has steadily declined against the US dollar - a trend hastened lately by trade-war uncertainty.A significant portion of luxury retailers' sales comes from spending by Chinese tourists overseas, but the weaker currency curbs such buying. Today, he said,"it's people like you and me buying for our own pleasure and our friends and family. There is no reason why the government should be concerned by that".
Tiffany, with 35 shops in mainland China, will open a new one in Beijing's international airport within weeks, and expand its China flagship stores in Beijing and Shanghai.Wang Rui, a popular Chinese fashion influencer, said the brand has come up with youthful products.