Tiffany Reports 90% Sales Jump in China: First real sign of Pandemic Luxury Recovery
With e-Commerce ready pre-lockdown, Tiffany was already positioned to participate in China's luxury rebound, reporting 90% sales jump, a sign of pandemic recovery. They have also exercised their option to delay completion of LVMH acquisition deal.
The post Tiffany Reports 90% Sales Jump in China: First real sign of Pandemic Luxury Recovery appeared first on LUXUO.
On 28 October 2018, French luxury giant LVMH said it was exploring a takeover of famed US jewellers Tiffany & Co; but as the world traversed the early months of 2020, reports of a growing coronavirus pandemic spreading from Wuhan, China would little prepare the global economy for the impending faecal storm. As the world entered quarantine mode severely limiting consumer spending and crashing the retail industry, shares of LVMH plummeted more than 17% year to date prompting the billionaire to explore ways to reopen negotiations on his $16.2 billion acquisition of US jewellery chain Tiffany & Co in June 2020. That month, Tiffany & Co had reported that same-store sales were down 44% in the fiscal first quarter of 2020, prompting some observers to suggest that Arnault, the billionaire CEO of LVMH was getting cold feet in the wake of the retail apocalypse. With revenue falling 45% to $555.5 million, a net loss of $64.6 million, or 53 cents a share, from earnings of $125 million in the same period last year ending April 2019; even CEO Alessandro Bogliolo’s assertion that “a robust recovery was un...
The post Tiffany Reports 90% Sales Jump in China: First real sign of Pandemic Luxury Recovery appeared first on LUXUO.
On 28 October 2018, French luxury giant LVMH said it was exploring a takeover of famed US jewellers Tiffany & Co; but as the world traversed the early months of 2020, reports of a growing coronavirus pandemic spreading from Wuhan, China would little prepare the global economy for the impending faecal storm. As the world entered quarantine mode severely limiting consumer spending and crashing the retail industry, shares of LVMH plummeted more than 17% year to date prompting the billionaire to explore ways to reopen negotiations on his $16.2 billion acquisition of US jewellery chain Tiffany & Co in June 2020. That month, Tiffany & Co had reported that same-store sales were down 44% in the fiscal first quarter of 2020, prompting some observers to suggest that Arnault, the billionaire CEO of LVMH was getting cold feet in the wake of the retail apocalypse. With revenue falling 45% to $555.5 million, a net loss of $64.6 million, or 53 cents a share, from earnings of $125 million in the same period last year ending April 2019; even CEO Alessandro Bogliolo’s assertion that “a robust recovery was un...
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