Tiffany beats profit estimates on soaring demand in China
The US jeweller sees e-commerce sales surge 92% in the quarter
24 November 2020 - 20:24
Bengaluru — Tiffany, which is being bought by French luxury giant LVMH, beat Wall Street expectations for quarterly profit on Tuesday as the US jeweller benefited from an over 70% rise in sales in China and a recovery in demand at home.
The results bode well for the coming holiday season for the jeweller and other luxury retailers in general, which have been hit hard by the pandemic. They also underscore the growing importance of sales within mainland China to offset dependence on tourism, especially on Chinese tourists visiting fashion hubs such as Milan and Paris...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.