Monday, 29th January 2007 (3530 views)

Luxury jeweller Cartier is hoping to tap into the growing Chinese demand for high-quality jewellery and gold.

A senior executive has announced that the company is planning to open up to ten boutiques in the region over the next 12 months following escalating demand from the country's richest residents.

Cartier's greater China managing director, Nigel Luk, speaking to Reuters, explained that the jeweller is keen to benefit from strong consumer desire for high-quality gold and precious stone pieces and plans to increase its current China-based stores from 14 to around 22 to 24 outlets by 2008.

Mr Luk added: "We're expanding very fast, the pace is galloping."

Cartier opened its first Chinese boutique in 1997 and has enjoyed strong growth over the past decade especially as local demand for luxury goods continues to strengthen.

Prices for Cartier's wide range of gold and silver jewellery pieces in China can go as high as 22 million yuan (£1.44 million) – the recent price of a necklace offered for sale in the country.

 

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