Adds particulars on gross sales, background Jan 5 (Reuters)
Adds particulars on gross sales, background
Jan 5 (Reuters) – U.S. jeweler Tiffany & Co TIF.N stated it reported report gross sales for the 2020 vacation interval as shoppers caught at house shopped extra on-line and customers in China spent extra on jewellery.
The corporate, which can quickly be purchased by France’s LVMH LVMH.PA, stated its total preliminary web gross sales rose about 2% for the interval Nov. 1 by way of Dec. 31, in contrast with a yr earlier, with e-commerce gross sales surging greater than 80% through the interval.
The 2020 vacation season was uncommon because the virus outbreak upended purchasing patterns, with extra shoppers avoiding malls and retail shops and opting to buy on-line.
Tiffany, recognized for its engagement rings and robin’s egg blue containers, stated web gross sales within the Asia-Pacific area soared 20%, with mainland China posting a development of over 50%.
“Throughout this era, we noticed the Chinese language Mainland market proceed to drive our total gross sales development,” Chief Govt Officer Alessandro Bogliolo stated.
Nonetheless, web gross sales in Americas and Europe declined because it misplaced out on some essential in-store gross sales in sure markets.
Final week, Tiffany’s shareholders overwhelmingly voted in favor of LVMH’s $15.eight billion deal, about $400 million decrease than the European luxurious big’s first supply.
(Reporting by Nivedita Balu and Praveen Paramasivam in Bengaluru; Modifying by Shounak Dasgupta)
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