Tiffany restores growth in strong Holiday season

| February 8th, 2018

Tiffany restores growth in strong Holiday season
"Tiffany restores growth in strong Holiday season"

Tiffany & Co’s sales jumped 8% during the holiday season amid a sharp improvement in US demand and a recovery in Asian markets, the luxury jeweler reported.

Group sales grew to $1.05 billion during November and December, with comparable-store sales — those at branches open for at least a year — rising 5%.

Growth was registered across all regions and product categories, both in-store and online, Tiffany noted Wednesday. The Americas saw a 7% sales jump to $516 million, with comparable-store sales up 6%, mainly due to higher spending by local customers. In Asia Pacific, sales leapt 16% to $232 million, with comparable-store sales increasing 7%, driven by improvements in mainland China, Hong Kong and Korea. European sales surged 14% to $136 million.

The growth was strongest in high, fine, solitaire and fashion jewelry, while sales of engagement rings and wedding bands showed gentler increases, the New York-based retailer reported.

The results mark a turnaround for Tiffany, which suffered a 4% decline in holiday sales in the Americas a year ago as a result of weaker consumer spending and protests outside Trump Tower, which is next to the jeweler’s flagship New York store.

Since then, the company has hired a new CEO and launched a marketing campaign featuring Lady Gaga in a bid to make the brand more attractive to millennials. It also opened an in-store café to enable visitors to have breakfast at Tiffany’s, set up pop-up jewelry stores in busy New York locations, and introduced an attention-grabbing home-and-accessories line.

Tiffany & Co accessories

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Source Rapaport

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