Sales at Tiffany higher than they were a year ago as customers snap up luxury jewellery despite coronavirus slump
Sales at Tiffany are higher than they were a year ago as customers snap up its luxury jewellery despite the coronavirus slump.
The retailer, known for its distinctive turquoise branding and diamond engagement rings, said takings so far this month are above where they were in August last year.
Bucking the trend: The retailer, known for its distinctive turquoise branding, said takings so far this month are above where they were in August last year
Tiffany also bucked expectations during the second quarter of its financial year as it noted ‘encouraging trends’. Worldwide sales were still 29 per cent lower for the three months to July at £566.4m, as the firm was hit by store closures.
But the jeweller’s online sales were up 123 per cent globally, with key markets such as the US and the UK posting gains of 122 per cent and 93 per cent respectively.
In China, which is an increasingly important market for luxury brands with its growing middle class, sales began to pick up in April before jumping 90 per cent in May.
Chief executive Alessandro Bogliolo added that the strong results in August ‘in light of these challenging times, confirm the power and resilience of this venerable brand’.