Despite the pandemic, Tiffany & Co. broke last year’s sales record during the holiday season. The iconic jewellery brand, which is set to be taken over by luxury conglomerate LVMH, announced its preliminary sales for the interim period from November 1, 2020 through December 31, 2020.
It posted a 2 per cent increase in its net sales compared to the same period in 2019, resulting in record net sales in any holiday period in the company’s history.
Robust sales in Mainland China and a surge in e-commerce sales contributed to the sales.
Alessandro Bogliolo, Chief Executive Officer, said, “In the midst of a worldwide pandemic and its dynamic impacts, these all-time high preliminary holiday period sales results, which follow a strong third quarter, reflect the successful convergence of our multi-year sales strategies with respect to the Chinese Mainland (greater than 50% increase from prior year), e-Commerce (greater than 80% increase from the prior year), increasing average unit retail prices and accelerating product innovations.
“During this period, we saw the Chinese Mainland market continue to drive our overall sales growth with certain other Asia Pacific markets also supporting the increase of approximately 20 per cent for that region. We were also happy to see that the positive sales momentum from the third quarter continued through the 2020 holiday period for the Americas and Japan, with Japan increasing approximately 8 per cent from prior year.”
Net sales in the Americas were down 5 per cent, while sales in Europe dropped 8 per cent.
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Bogliolo added, “This year has certainly stress tested the corporate strategies we set in 2017 to strengthen the Brand and win in the highly competitive global luxury jewellery market.”
As on December 31, 2020, Tiffany operated 320 stores – 122 in the Americas, 87 in Asia-Pacific, 59 in Japan, 47 in Europe and five in the UAE.
The shareholders of Tiffany & Co. approved of the LVMH merger on December 30. The transaction is expected to be completed today.