Fendi says time is right for expansion of watch sales

Despite the global economic slowdown, Italian luxury fashion house Fendi SRL is strengthening its presence in China's watch market and plans to open more stores in second- and third-tier cities across the country.

Domenico Oliveri, CEO of Fendi Timepieces, said the watch brand is bullish about the prospects for the luxury market in China, and believes there is huge potential for growth as consumers' spending power is growing.

"The Chinese market is very important for the luxury business and I hope the success of Fendi in China could expand to Fendi Timepieces," said Oliveri, adding that Chinese customers are very mature, conscious of trends and willing to spend money buying luxury goods worldwide.