Luxury jewellery brand Tiffany & Co reported a small rise in worldwide net sales during the Christmas period.
Throughout the company, turnover increased by 1-3%, with sales being particularly strong in China.
Christmas trading has been defined by the brand as the time between November 1 to December 24.
During this period Europe witnessed a healthy increase in sales (4-6%), while sales increased by 2-4% in the Americas region and 7-9% in the Asia-Pacific region. Turnover in Japan plummeted by 11-13%.
Tiffany & Co chief executive officer, Alessandro Bogliolo, says: “We are pleased to present our interim sales results for this important season, which reflect improved global trends compared to previous quarters this year. During this period, we continued to see the Chinese Mainland drive our overall sales growth with a strong double-digit increase, offset by the persisting declines in the Hong Kong market and, to a lesser degree, Japan – which we believe continues to be negatively impacted by the recent increase in the consumption tax. We are happy to see sales growth in the Americas, a momentum shift in the region.”
He continues: “During this period, we have continued to make enhancements to our global store network. We completed the enlargement of our flagship store in Shanghai, now the largest Tiffany store in Asia, in a prominent street-facing location within the Hong Kong Plaza mall. At this location, we also just celebrated the opening of the first Tiffany Blue Box Café on the Chinese Mainland. Our London flagship store on Old Bond Street was renovated. Additionally, we opened our third store in Kyoto, Japan and our newest one in the U.S., at Hudson Yards, our fifth store in New York City.
The company’s iconic flagship store on Fifth Avenue in New York City remained open throughout the 2019 Christmas period, but will close later this month as part of a major refurbishment. Operations duing the closure will be moved temporarily next door to 6 East 57th Street.
The chief exec says of the flagship: “We have received an enthusiastic reaction from customers to this new space with our interactive men’s pop-up store and the extraordinary Very, Very Tiffany Holiday gift items presented there this month. Now we are eager for our customers to experience our full product range – including high jewellery – in the new space, while we start working to transform our iconic building into its future form.”
In November, Tiffany reached a deal to be acquired by luxury conglomerate LVMH for £12 billion. That deal should be completed by the middle of 2020. It is expected financial results will be negatively affected by the process of completing that merger.