By Eurasia Business News – January 7, 2021
Photo credit : pexels
The American jewellery retail chain Tiffany & Co. increased sales during the past holiday season to a record.
The company’s sales in the period from November 1 to December 31, 2020, inclusive, increased by 2% compared to the same period a year earlier, according to preliminary sales results.
Including sales growth in mainland China exceeded 50%, and online sales jumped more than 80%, said Tiffany CEO Alessandro Bogliolo.
In the Asia-Pacific region, sales during the holidays increased by 20%, in Japan – by 8%. Meanwhile, they fell 8% in Europe and 5% in the Americas, the company said in a press release.
Excluding foreign exchange movements, Tiffany’s sales were flat in the fourth quarter. Including in the Asia-Pacific region they increased by 14%, in Japan – by 3%. At the same time, a 10% decline was recorded in Europe, and a 5% decline in America.
At the end of 2020, 320 stores operated around the world ( 122 in the American continents, 59 in Japan and 87 in other Asia-Pacific countries, 47 in Europe and five in the UAE ), which is 7 less than a year earlier.
Tiffany was founded in 1837 in New York. The staff now numbers over 14 thousand people. The French luxury group LVMH recently made a deal to buy the American jeweller.
On December 30, shareholders of Tiffany & Co. largely approved the updated merger agreement with the French LVMH. This merger will strengthen the LVMH’s position in hard luxury and also give it a much stronger foothold in the U.S. market.
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