French luxury player to open more stores in China

French luxury jewelry brand Van Cleef & Arpels said it will continue to open new boutiques and increase investments in China, one of its three largest markets globally, fueled by its confidence in sales growth potential in China.

The luxury jewelry brand said that after the COVID-19 pandemic, Chinese consumers have become more mature with regard to services and experiences, and their price sensitivity has declined. Many people choose to purchase luxury products in the country, instead of going abroad for cheaper prices.

Entering the China market in 2005, Van Cleef & Arpels now has 29 boutiques in the Chinese mainland, with eight stores in Beijing and Shanghai. In some other major cities, the company generally operates one store in each, and aims to launch more.