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.
ADVERTISEMENT
“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 guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.
After growing the brand’s annual sales to nearly €2.5 billion, the star designer has been locked in a thorny contract negotiation with owner LVMH that could lead to his exit, sources say. BoF breaks down what Slimane brought to Celine and what his departure could mean.