Sure production of jewelry and other goods coming out of China have been getting a bad rap lately. It seems that if it's not news stories about jewelry being made with cadmium, then it is about lead-based toys. But let's not get that confused with how jewelry and luxury brands are faring IN China. China has the 3rd largest economy in the world and is quickly inching up on Japan for the number 2 spot. This has not been lost on brands based outside of the country in unstable economic conditions looking to ride the wave of sales elsewhere.
For example, cultured pearl extraordinaire Mikimoto & Co. will be opening it's 4th location in China, after sales to Chinese tourists in Japan have increased. Tiffany & Co., which already has 11 stores in China, aims to have a total of 30 in the next 5 years according to the AP. Their revenue from Asia alone (not including Japan) rose by 50% indicating that the Chinese have the means to make higher end purchases. Even China-based manufacturer and retailer, LJ International which ENZO falls under, is seeing the serge in sales.
While reports out today indicate that the growth of China's economy may have slowed last month, it seems that jewelry brands are looking to China as the new frontier to invest in their business. Will this trend continue? What do you think?
