Harry Winston Diamond Corp., which is involved in diamond mining and jewelry retailing, sees sales of its luxury jewelry and watches to hit the $1 billion annually in the next decade as the number of rich people worldwide grows.
"There is an enormous concentration of wealth around the world," Frederic De Narp, head of Harry Winston's retail segment, said at the company's annual general meeting. "There is room for growth for Harry Winston in every single country on every single continent," he said.
The number of billionaires in China soared by 80 percent, while in Russia it jumped by 63 percent. By 2020, there are expected to twice as many ultra-high net worth individuals. "It is in this context that Harry Winston is expanding."
Harry Winston's recent year-end results showed luxury sales surged 53 percent to $344.8 million.
The sales growth would be based on expanding store numbers to about 35 by fiscal 2016 from 15 now. The firm will open two new stores in Shanghai in the final quarter of this fiscal year.
The company last week reported a 26-percent sales rise on the year in sales to $143.9 million in the first quarter.
The results for the quarter ending April 30 were boosted by rising rough diamond prices and a strong performance by its retail division. Net profit jumped 24 percent to $3.6 million.