The holiday season seems to have been a prolific one for the American luxury jewelry brand – Tiffany & Co.
According to the company's preliminary data, its sales result for the 2020 holiday period (November 1, 2020 – December 31, 2020) reached a record high, up 2%. Part of the increase was due to sales reported in China and online transactions. "In the midst of a worldwide pandemic and its dynamic impacts, these all-time high preliminary holiday period sales results, which follow a strong third quarter, reflect the successful convergence of our multi-year sales strategies with respect to the Chinese mainland (greater than 50% increase from prior year), e-commerce (greater than 80% increase from prior year), increasing average unit retail prices and accelerating product innovations," according to Alessandro Bogliolo, Tiffany's CEO.
Moreover, Tiffany is waiting to be officially purchased by LVMH in a deal that costs the latter $15.8 billion. The takeover already received regulatory approval and is expected to be closed in early 2021.
Following the news, Tiffany & Co stock price was flat, but in the past twelve months, it lost 2%. During the same period, USA500 gained around 15%.
Sources: marketwatch.com, ca.finance.yahoo.com