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China buoys Tiffany & Co holiday sales

Tiffany store
Tiffany store in Beverly Hills. Image: Reuters/Lucy Nicholson

US jeweller Tiffany & Co has reported record sales for the 2020 holiday period as consumers stuck at home shopped more online and shoppers in China spent more on jewellery.

The company, which will soon be bought by France’s LVMH , said its overall preliminary net sales rose about 2 per cent for the period November 1 through December 31, compared with a year earlier, with e-commerce sales surging more than 80 per cent during the period.

The 2020 holiday season was unusual as the virus outbreak upended shopping patterns, with more consumers avoiding malls and retail stores and opting to shop online.

Tiffany, known for its engagement rings and robin’s egg blue boxes, said net sales in the Asia-Pacific region soared 20 per cent, with Mainland China posting a growth of more than 50 per cent.

“During this period, we saw the Chinese Mainland market continue to drive our overall sales growth,” CEO Alessandro Bogliolo said.

However, net sales in Americas and Europe declined as it lost out on some crucial in-store sales in certain markets.

Last week, Tiffany’s shareholders overwhelmingly voted in favor of LVMH’s $15.8 billion deal, about $400 million lower than the European luxury giant’s first offer.

  • Reporting by Nivedita Balu and Praveen Paramasivam in Bengaluru; Editing by Shounak Dasgupta, of Reuters.

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