China's rate of economic growth may be slipping and demand for diamonds in the world's second-largest diamond consumer declining with luxury sector sales falling, but Dior says it is still seeing strong consumer demand in the country, particularly for its most expensive categories, including jewelry, according to CEO Sidney Toledano. “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.”
Toledano declined to comment on the exact percentage China makes up in terms of Dior’s global sales. “We don’t ignore the slowdown of the economy,” he said. “But it would be nice to have the same kind of growth in Europe or in France where we have almost no growth.” He said Dior has not been impacted 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.