The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Tiffany & Co said on Thursday sales have been rising through October with its business in the midst of a rebound, as the jeweller looked to counter claims from French luxury giant LVMH that its prospects were "dismal."
The companies have been locked in a heated legal battle since last month after LVMH said it would walk away from its $16 billion deal to buy Tiffany, citing an official foreign ministry request to delay the closing of the transaction and worsening business conditions at Tiffany because of the Covid-19 pandemic.
Tiffany said its sales in Mainland China were "extremely strong" and its business was recovering in the United States, boosted by strong online demand.
The company said fourth-quarter earnings are expected to increase by mid-to-high single digit percentage from a year earlier.
By Uday Sampath; editor: Sriraj Kalluvila and Shounak Dasgupta.
The sharp fall in the yen, combined with a number of premium brands not adjusting their prices to reflect the change, has created a rare opportunity to grab luxe goods at a discount.
Fashion’s presence at Milan Design Week grew even bigger this year. Savvy activations by brands including Hermès, Gucci, Bottega Veneta, Loewe and Prada showed how Salone has become a ‘critical petri dish for dalliances between design and fashion,’ Dan Thawley reports.
The Hood By Air co-founder’s ready-to-wear capsule for the Paris-based perfume and fashion house will be timed to coincide with the Met Gala in New York.
Revenues fell on a reported basis, confirming sector-wide fears that luxury demand would continue to slow.