Domenico Oliveri, CEO of Italy's Fendi Timepieces, is bullish on future prospects for business in China

Domenico Oliveri, chief executive officer of Fendi Timepieces, a spin-out watch firm of Italian luxury fashion house Fendi SRL, is bullish about the luxury market in China. He believes there is a huge potential for growth as Chinese consumers' spending power is growing.

Despite the global economic slowdown, Oliveri said the company is strengthening its presence in China's watch market and plans to open more stores in second- and third-tier cities across the country.