Graff Seeks $1 Billion in IPO, Plans New Asia Stores

Graff Diamonds Ltd., the London jewelry retailer that’s planning a $1 billion Hong Kong initial public offering, will open five new stores in Asia this year to tap demand for luxury goods in the region.

Graff, which has 18 stores globally including one in Beijing opened last year, plans to add new stores in Shanghai, Hangzhou, Hong Kong, Macau and Tokyo, according to a filing to Hong Kong’s stock exchange yesterday. Chinese consumers account for about 20 percent of global spending on luxury goods and will make Asia the fastest growing market for luxury goods in the world, Graff said in the filing.