Piaget Sees China Sales Slowing as Stronger Yuan Boosts Travel

Swiss luxury watchmaker Piaget said its sales in China may grow less than 10 percent this year, the slowest in eight years, as Chinese consumers take advantage of the stronger yuan and travel overseas to buy premium goods.

Piaget, which makes the $53,000 Altiplano Skeleton 1200S, is also tempering the pace of store openings in China, Dimitri Gouten, its Asia Pacific president, said in an April 27 interview from Shanghai. Sales may lag the “double-digit” growth rates since around 2005, he said. The watchmaker, which is owned by Cie. Financiere Richemont SA, has 20 boutiques in China and 50 points of sale in total.