Luxury jeweller Tiffany & Co. is reporting increased global sales of one to three per cent for the holiday period.
In a statement today, the company, said its preliminary unaudited results reflected the uptick for the period November 1 to December 24, when compared to the same period last year. Much of the improvement was credited to growth in several of its Asian markets.
Chief Executive Officer, Alessandro Bogliolo, said “We are pleased to present our interim sales results for this important season, which reflect improved global trends compared to previous quarters this year. During this period, we continued to see the Chinese Mainland drive our overall sales growth with a strong double-digit increase, offset by the persisting declines in the Hong Kong market and, to a lesser degree, Japan – which we believe continues to be negatively impacted by the recent increase in the consumption tax. We are happy to see sales growth in the Americas, a momentum shift in the region.”
What’s more, Bogliolo said the period was marked by improvements to its stores globally, including the enlargement of its flagship store in Shanghai, now its largest location on the continent.
“At this location, we also just celebrated the opening of the first Tiffany Blue Box Café on the Chinese Mainland. Our London flagship store on Old Bond Street was renovated. Additionally, we opened our third store in Kyoto, Japan and our newest one in the US, at Hudson Yards, our fifth store in New York City.”
“During this period, we continued to see the Chinese Mainland drive our overall sales growth with a strong double-digit increase, offset by the persisting declines in the Hong Kong market and, to a lesser degree, Japan…”– Tiffany and Co.’s Chief Executive Officer, Alessandro Bogliolo
Tiffany was recently bought by LVMH, the world’s largest luxury goods company, for US$16.2 billion.
Tiffany and Co. now finds itself the company’s massive stable of high-end brands including Louis Vuitton, Givenchy and pop star Rihanna’s Fenty Beauty.
The famed jeweller was founded in 1837 and employs more than 14,000 people around the world in its 300 retail stores. It rose to prominence in with the success of the Audrey Hepburn-led film Breakfast at Tiffany’s which catapulted it into the cultural zeitgeist.