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Reuters
Published
Mar 15, 2010
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Van Cleef to double shops in China

By
Reuters
Published
Mar 15, 2010

PARIS, March 15 (Reuters) - French jeweller Van Cleef & Arpels will double the number of its shops in mainland China this year, as it regards the fast-growing market as "a priority", its head said on Monday 15 March.


Van Cleef & Arpels necklace

Van Cleef & Arpels, which is part of the Richemont Group (CFR.VX) is planning to open seven shops worldwide this year, the number as in 2009, including four in mainland China and three in the Middle East, Chief Executive Stanislas De Quercize said at a summit on luxury and creativity in Paris.

"We have four boutiques in mainland China, we will have eight," Quercize told Reuters on the fringes of the summit.

China is widely regarded as the most powerful engine of growth for the luxury goods industry, which has seen worldwide sales slump 8 percent in 2009.

Referring to China, Quercize said "this is a priority number one".

He added that the jeweller planned to open three boutiques in the Middle East including one in Kuwait, one in Qatar and one in Bahrain.

He also said the jeweller planned to expand some shops in the United States this year. (Reporting by Astrid Wendlandt and Pascale Denis)

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