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Tiffany Expects Double-Digit Growth in China Despite Weak Economy

Tiffany & Co. expects double-digit growth in China next year despite a weaker economy, as consumers curb their overseas luxury purchases and spend more at home.

The U.S. retailer, which last month agreed to be acquired by LVMH for $16 billion, sees momentum continuing in 2020 following “very high” double-digit growth in mainland China over the past two years, according to Tiffany Chief Executive Officer Alessandro Bogliolo. Sales are benefiting from Tiffany’s increased commitment to the world’s largest consumer market, as well as China’s moves to boost domestic spending, he said.