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.