NEW YORK, NY - NOVEMBER 29: The flagship Tiffany & Co. store is seen on November 29, 2011 in New York City. The high-end jewelry retailer saw its fiscal third-quarter earnings climb 63%. Despite this growth, Wall Street expressed disappointed as a projection for the current quarter fell short of expectations. (Photo by Spencer Platt/Getty Images)

Tiffany & Co has reported an 8% year-on-year drop in sales in the European market over the Christmas trading period of 2020.

Compared to 2019, European net sales for the company were down 8% last year, while net sales worldwide increased 2%.

This was thanks to a boost from the Asian market, with Japanese sales seeing an 8% boost and the Asia-Pacific area growing by 20%.

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The Americas, meanwhile, saw a 5% net sales decline similar to that witnessed in Europe.

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 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% 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% from prior year.”

“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.

“I marvel at the dedication, agility and endurance of everyone at Tiffany who helped us to end the year in such a strong position and I want to thank each and every one of them for their exceptional focus, skill and professionalism.”

Meanwhile, Roger Farah, chairman of the board of Tiffany & Co, added: “We are so proud of all the employees at Tiffany whose sound strategic decisions and collective actions allowed the company to persevere in this challenging and ever-changing year and raise the standard of stewardship for a global luxury jeweller.

“We congratulate and thank Alessandro, for the remarkable achievement of elevating and modernising the brand over the past three years, and the extraordinary management team and all the employees for a job superbly done.”