(Yicai Global) Sept. 30 -- Diamond retailer Tiffany & Co. is looking to impress consumers in China, its second-largest market outside the US, with a breath-taking exhibition of rare and valuable jewels in Shanghai to offset negative growth.
Sales in China were up 25 percent in the second quarter, according to the New York-based jeweler's latest earnings report. This is in contrast to a general dip in earnings worldwide. The firm's net sales fell 3 percent to USD1 billion in the second quarter, down 4 percent in the Americas and 1 percent in the Asia-Pacific Region.
Aimed to thrill and educate its local audience, the 'Vision & Virtuosity' exhibition will run at the Fosun Foundation Art Center in Shanghai until Nov. 10. After two years in the making, it offers an immersive experience into the rich history and creative masterpieces of the world-renowned jewelry maker.
The exhibition showcases more than 350 legendary jewels and precious artifacts, some on display for the first time. They include the 128.54-carat Tiffany Diamond, the brand's modern engagement ring the Tiffany Setting and its fine jewelry catalog the Blue Book Collection.
A reconstruction of the jeweler's Fifth Avenue flagship store in New York, made famous in the film 'Breakfast at Tiffany's' with Audrey Hepburn, is also on display, featuring the classic revolving door entrance and side windows.
The jeweler plans to open the Tiffany Blue Box Café in Shanghai by the end of the year, hoping that it will follow in the success of the New York eaterie which requires reservations weeks in advance in order to get a seat.
Tiffany has 35 stores in China. This is sufficient since the focus is on quality, not quantity, Chief Executive Alessandro Bogliolo said.
The brick-and-mortar stores should focus on giving customers an enriched experience to raise brand awareness and generate publicity, Bogliolo stated. E-commerce should focus on penetrating the second- and third-tier city markets.
Tiffany's e-commerce business in China only started in August this year, although it had engaged in e-commerce services in the 1990s. This is late compared to rival luxury brands Cartier and Bulgari which opened their online boutiques in October 2015 and February 2018, respectively.