Tiffany holiday sales up 2% on China demand, online shopping
US jeweller Tiffany & Co said sales during the 2020 holiday period rose 2 per cent on the back of increased online shopping by homebound buyers as well as strong demand for jewellery in China.
The company said sales from November 1 through December 31 were a record high for any holiday period in Tiffany’s history, with online sales soaring more than 80 per cent from 2019.
Sales in mainland China rose more than 50 per cent while other markets such as Asia Pacific and Japan saw increases of 20 per cent and 8 per cent, respectively. Last year’s holiday season happened in the midst of a pandemic that has altered the way goods are bought and sold, with people veering away from shopping districts and instead buying online.
Company CEO Alessandro Bogliolo commented, “During this period, we saw the Chinese mainland market continue to drive our overall sales growth.”
As of December 31, 2020, the jeweller operated 320 stores – 122 in the Americas, 87 in Asia-Pacific, 59 in Japan, 47 in Europe and five in the UAE – compared to 327 a year ago.
Tiffany & Co’s stakeholders earlier approved an amended agreement on its impending acquisition by French conglomerate LVMH.