NEW YORK — Tiffany & Co. plans to boost its presence in Europe.

The New York-based luxury firm said Thursday it will open its second freestanding store in London in spring 2004 on the corner of Sloane Street and Sloane Square. The 4,200-square-foot, two-story unit will be located in a new development by the Cadogan Estate in the Chelsea section of the city, near the department store Peter Jones and such stores as Smythson stationers, Jo Malone, Patrick Cox footwear and apparel, Cobra & Bellamy jewelers and Hackett men’s wear.

The store’s product assortment will include fine, engagement, silver and designer jewelry, as well as a small amount of nonjewelry offerings such as china and crystal, said Mark Aaron, vice president of investor relations.

Tiffany currently has a 15,000-square-foot flagship on Old Bond Street in London, and also operates units within Harrods and at the Royal Exchange, a center which has offices and retail tenants.

“We feel Europe is an underdeveloped area and an area of growth for Tiffany,” said Aaron, who noted that the company has 11 stores in Europe which represent about 5 percent of overall sales. In addition to the U.K., European stores are located in Italy, Germany, Paris and Switzerland.

Tiffany now has 137 stores worldwide and has been rapidly opening units in both domestic andinternational markets, including recently opened stores in Coral Gables, Fla., and Guam. International sales have been growing steadily and accounted for sales of $334.4 million in the six-month period ended July 31, while overall sales in the period were $838.3 million.

Tiffany is also slated to open stores in Palm Desert, Calif.; São Paulo, Brazil, and Puebla, Mexico later this year, Aaron noted.

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