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Tiffany Says October Sales Strong as Legal Battle With LVMH Drags on

The jeweller said its sales in Mainland China were 'extremely strong' and its business was recovering in the United States.
Tiffany & Co. store sign | Source: Shutterstock
By
  • Reuters

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.

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