2011 was a hugely successful year in terms of sales for both the watch and jewellery sectors in China; consumers in tier 1 cities purchased both as investments and in the case of watches, as gifts. Sales in tier 2 cities increased as brands expanded their sphere of influence.

In early 2012, the economic landscape changed, which to a greater extent was predictable, and at the same time Chinese business leaders and officials put the brakes on investments in preparation for the change of party leadership due to take place in November…

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