Tiffany & Co shortlists media agencies

ZenithOptimedia and Maxus, who were also believed to be in conversations with the brand have not made it through to the second round of the review.

The pitch, believed to be run though R3, is thought to include six markets in the region including China, Hong Kong, Singapore and Malaysia, with a heavy focus on the luxury markets inTaiwan and Korea.

The Chinese market is thought to be especially important to the luxury brand. The company opened its third store in Shanghai earlier this year and, by the end of the first quarter, it operated 11 stores in China.

Tiffany & Co officials said they plan to have a total of 30 stores in China within the next five years.

Last year, Tiffany & Co became the latest luxury brand to embrace online initiatives in the Chinese mainland with a large-scale launch of a through-the-line digital campaign for its Tiffany Keys collection.

In the Asia-Pacific region, (excluding Japan), Tiffany & Co's revenue soared 50 per cent to US$122.3 million in the first quarter.