House of Dior Ginza’s champagne-fuelled opening on Wednesday comes as spending by visitors to Japan is at record levels, but growth has slowed due partly to Chinese tourists buying less.

But Sidney Toledano, chief executive of Christian Dior Couture, told Reuters he was not concerned about cycles in tourism, which he has seen go through many phases during two decades running the French fashion house.

“What we want to do in Japan is look for the local market. We look for the Japanese customers,” who have long been “super customers for luxury and high fashion,” he said.

“Our business is not based on the tourist business ... my objective always in a country is to have a very strong local plan,” said Toledano, who is also CEO of Christian Dior SE , the holding company for luxury group LVMH.

Dior’s new boutique occupies five floors in Ginza Six, the largest retail facility in the popular Tokyo shopping district with 241 stores, half of which are flagships. Other luxury brands’ stores include Celine, Saint Laurent and Valentino.

Ginza Six sees tourists as a key target as the Japanese government aims to nearly double the number of overseas visitors to an annual 40 million by 2020, when Tokyo hosts the Olympics.

Japan’s market for personal luxury goods was worth US$23 billion in 2016, ranked second after the United States, with tourists accounting for 30 per cent of revenue, according to Bain & Company.