Tiffany & Co has completed its final holiday season as an independent retailer before it becomes part of LVMH with record sales worldwide.
Net sales in November and December rose by 2%, according to preliminary data, setting a new high watermark for the business.
Global sales were boosted by a 20% rise in net sales in Asia (14% at constant currency). This offset weakness in the Americas where sales dropped by 5% and Europe, which was down 8% (10% at constant currency).
“In the midst of a worldwide pandemic and its dynamic impacts, these all-time high preliminary holiday period sales results, which follow a strong third quarter, reflect the successful convergence of our multi-year sales strategies with respect to the Chinese Mainland (greater than 50% increase from prior year), e-Commerce (greater than 80% increase from prior year), increasing average unit retail prices and accelerating product innovations. 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. 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,” explains Tiffany CEO Alessandro Bogliolo.
“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 jewelry market. I marvel at the dedication, agility and endurance of everyone at Tiffany who helped us to end the year in such a strong position and I want to thank each and every one of them for their exceptional focus, skill and professionalism,” Mr Bogliolo adds.