The 182-year-old New York jeweler — which was recently purchased by luxury conglomerate LVMH — entered the mainland in 2001 and started building out its retail network there about six years later, according to Alessandro Bogliolo. He said that was a"little bit late compared to most luxury brands."Bogliolo called ramping up Tiffany's presence in China one of his first major decisions as chief executive.
Chinese shoppers account for a third of global consumption on luxury goods, spending about $115 billion last year, according to consulting firm McKinsey. And while they've typically traveled outside of the mainland to buy those items, their habits are now changing as Beijing slashes import taxes and brands reduce the price gap that typically makes their products cheaper in Hong Kong and other cities, according to consultancy Bain and research firm Bernstein.
The company is also trying to win over young Chinese shoppers by building a Blue Box Cafe in its Shanghai store. The signature eatery will soon be open to anyone who wants to have breakfast, lunch or dinner at Tiffany's. Tiffany has experienced challenges in Hong Kong over the last two quarters because of"significant disruptions," the company told investors earlier this month. But Bogliolo said that"doesn't change our strategy in Hong Kong."
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