Tiffany & Co to open Blue Box cafe in Shanghai
Luxury jeweller Tiffany & Co is planning to open a Blue Box cafe in Shanghai as well as the one earlier announced in Hong Kong.
The new eateries will be the first permanent cafes launched by the brand outside its New York City flagship. The location of the Blue Box cafe in Shanghai was not revealed.
The plans were announced by the group’s CEO Alessandro Bogliolo during a conference call on the firm’s second-quarter results, however details were scant.
Bogliolo also revealed a new duty-free store will open at Beijing International Airport.
Other issues discussed during the call included the firm’s plans to speed up the development of new lines and products, and expectations to recover from a downturn in sales caused by a recent website overhaul that negatively impacted on its search engine optimisation.
Tiffany’s global sales dropped 3 per cent to US$1 billion during the second quarter, while comp-store sales dropped 4 per cent. Bogliolo said the decline was partially due to losing almost a week’s trading time during the Hong Kong protests.
The firm’s executive VP and CFO also voiced concerns about the US-China trade war.