CEO Sidney Toledano said that although China's rate of economic growth and demand for diamonds is declining and luxury sales are also on a downward trajectory, the jewelry and fashion house is still seeing solid consumer demand.
In particular, demand is strong for jewelry.
"We had years where we had super strong, double-digit growth,” said Toledano. “It is not double-digit now, but we are in line with our plans, and we are confident for the coming years.
"We have seen the top clients buying more in couture and fine jewelry. The more expensive products have been selling more sometimes than the less expensive. Global numbers don’t give you what is happening in detail. This is why you need to know your clients.”
“We don’t ignore the slowdown of the economy. But it would be nice to have the same kind of growth in Europe or in France where we have almost no growth.”
He commented that Dior has not been hit by the Chinese government’s sweeping anticorruption campaign, which has hit sales of luxury brands with products given as gifts between businesspeople and officials for favorable treatment. “We don’t have this kind of problem,” Toledano said.