Buccellati sees tenfold revenue rise

Buccellati, a Chinese-owned Italian jewellery and watch company, said on Thursday that it expects a tenfold rise in revenue over the next five years and by 20-fold in 10 years, on the back of its rapid expansion in the Asia-Pacific region, according to its largest shareholder.

Xu Jiangang, chairman and president of Gangtai Group, said in Shanghai on Thursday that Buccellati is planning to open 88 stores in the next three to five years to build a comprehensive global distribution network, out of which 18 will be in Chinese cities.

The Italian company opened its first outlet on the Chinese mainland in Shanghai's Plaza 66 on Thursday. Plaza 66 is Shanghai's luxury brand hub with stores of Cartier, Van Cleef & Arpels, and Bvlgari.