New York-based luxury jeweller Tiffany & Co. said its Holiday Season preliminary sales, for the period from 1st November through 31st December, 2020, were at an all-time high.
Tiffany’s sales increased approximately 2% as compared to the same period in 2019, resulting in record net sales for any holiday period in the company’s history. However, sales in the Americas and Europe were down 5% and 8% respectively, on a year-on-year basis.
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.”
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.
News Source : gjepc