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.
US jeweler Tiffany & Co said it reported record sales for the 2020 holiday period as consumers stuck at home shopped more online and shoppers in China spent more on jewelry.
The company, which will soon be bought by France’s LVMH , said its overall preliminary net sales rose about 2 percent for the period Nov. 1 through Dec. 31, compared with a year earlier, with e-commerce sales surging more than 80 percent during the period.
The 2020 holiday season was unusual as the virus outbreak upended shopping patterns, with more consumers avoiding malls and retail stores and opting to shop online.
Tiffany, known for its engagement rings and robin’s egg blue boxes, said net sales in the Asia-Pacific region soared 20 percent, with mainland China posting a growth of over 50 percent.
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“During this period, we saw the Chinese Mainland market continue to drive our overall sales growth,” chief executive officer Alessandro Bogliolo said.
However, net sales in Americas and Europe declined as it lost out on some crucial in-store sales in certain markets.
Last week, Tiffany’s shareholders overwhelmingly voted in favor of LVMH’s $15.8 billion deal, about $400 million lower than the European luxury giant’s first offer.
By Nivedita Balu and Praveen Paramasivam. Edited by Shounak Dasgupta.
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.
IWC’s chief executive says it will keep leaning into its environmental message. But the watchmaker has scrapped a flagship sustainability report, and sustainability was less of a focus overall at this year’s Watches and Wonders Geneva.
The larger-than-life Italian designer, who built a fashion empire based on his own image, died in Florence last Friday.