Tiffany Posts Holiday Sales Gain Helped By China, Online
NEW YORK: Tiffany & Co. on Tuesday reported a 2% gain in preliminary holiday sales, helped by strong sales in China and online.
The New York-based jewelry company said its net sales for the Asia-Pacific region rose 20% for the Nov. 1 through Dec. 31 compared with the same time in 2019. That included a more than 50% surge in business in China. Sales in the Americas fell 5%, while business in Europe dropped 8%, while rising 8% in Japan.
Online sales surged more than 80% for the period.
Tiffany said that worldwide sales at stores opened at least a year rose 4% during the holiday period. By region, Asia Pacific enjoyed a 27% sales increase, while Japan had a 10% gain. Europe posted a 6% drop, while The Americas had a 4% decline.
In late October, Tiffany agreed to be purchased by French luxury conglomerate LVMH Mot Hennessy Louis Vuitton for $15.8 billion, down from the $16.2 billion that was first offered earlier last year.
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