Upscale Japanese jeweler, Mikimoto & Co, saw strong demand from Chinese shoppers in its Tokyo store with sales tripling in February, from a year ago. In celebration of China’s New Year, Chinese tourists splurged on luxury goods.
The Company sees huge growth in China which many expect to become the world’s largest jewelery market. Mikimoto will open its fourth store in China next month. “In about three years’ time, sales from China will probably double to account for some 10 percent of our total sales. China is Asia’s big consumption country,” according to Mikimoto’s President Noriyuki Morita. Japan External Trade Organization projected China’s jewelry market to grow to $33 billion.
Mikimoto, founded in 1899, is a pioneer in pearl cultivation and its pearl jewelry is popular with royalties and celebrities. Its 2009, total sales fell by 20% to 24 billion yen (US$264 million) from the previous year due to the global economic crisis. The Company expects sales to remain flat this year, but to pick up next year with improving consumer confidence.
photo courtesy of mikimoto & co