The luxury retailer Tiffany & Co has signed an agreement with the Economic Development Company in China`s Xian district to establish a factory there. The company is interested in increasing its sales in China and aspires to boost its market share in the country with the world`s highest growth rate.

Tiffany has noted that it will focus its production and trade in the Xian district with the declared goal of boosting the level of jewelry manufacturing in that area.

Tiffany already has stores in Beijing and Shanghai and will open two new stores in Tianjin and Shenyang this winter.