U.S. luxury jeweller Tiffany and Co. reported a sales uptick for the Holiday period, on the back of strong online revenues and demand from Chinese consumers.
Preliminary worldwide net sales increased approximately 2%, as compared to the same period in 2019, resulting in record net sales for any holiday period in the company’s history, said the New York-based Tiffany’s in a filing.
During the three months ending 31st December, net sales in the Chinese Mainland region witnessed more than 50% growth on the prior year, while e-commerce saw an uptick of some 80% from last year, the company said.
“During this period, we saw the Chinese Mainland market continue to drive our overall sales growth with certain other Asia Pacific markets also supporting the increase of
approximately 20% for that region,” added Alessandro Bogliolo, Chief Executive Officer, Tiffany & Co.
“We were also happy to see that the positive sales momentum from the third quarter continued through the 2020 holiday period for the Americas and Japan, with Japan increasing approximately 8% from prior year,” continued Alessandro Bogliolo.
Looking at comparable sales, the worldwide lifted 4%, APAC surged 27%, and Japan witnessed a 10% charge, but declines of 6% and 4% were felt in Japan and the Americas,
“This year has certainly stress tested the corporate strategies we set in 2017 to strengthen the brand and win in the highly competitive global luxury jewellery market,” concluded Boglio.
The news comes as Tiffany shareholders on December 30 voted in favour of French luxury group LVMH’s acquisition of the New York jeweller for $15.8 billion, ending a back-and-forth dispute between the pair that had stretched for more than a year.
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Founded by Charles Lewis Tiffany in 1837, Tiffany and Co. currently operates 320 stores globally, with 122 in the Americas, 87 in Asia-Pacific, 59 in Japan, 47 in Europe and five in the UAE.