The jewelry retailer is eyeing expansion, increasing the number of stores it plans to open this year.
Financials
The jewelry retailer is forecasting sales will fall as much as 14 percent in its third quarter.
The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
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Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
In contrast, the luxury giant’s watch sales fell 14 percent.
The company is expecting to see a 5 to 10 percent increase in engagements this year.
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The company attributed the decline to a “challenging” retail environment.
The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
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While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
The jewelry giant also posted a double-digit drop in same-store sales for the full year.
CEO Beth Gerstein spoke about the growing appeal of its non-bridal fine jewelry and its expansion plans on its recent earnings call.
The luxury conglomerate owns Boucheron, Pomellato, DoDo, and Qeelin.
While sales rose in the U.S. market, demand for watches and jewelry was slow in the U.K.
From lab-grown diamond sales to its holiday performance, these are the key takeaways from the jeweler’s 2023 performance.
Highlights included the opening of Tiffany & Co.’s new flagship and record revenue for TAG Heuer.
The company pointed to a “volatile” holiday season and a challenging macroeconomic environment.
Buccellati, Cartier, and Van Cleef & Arpels propelled the luxury titan to its highest quarterly sales total ever.
The retailer is still expecting a strong holiday season with improving demand for natural diamonds.
The company said it is facing a “challenging retail environment” but is prepared for the holiday season.
Rising jewelry sales and a rebound in the Asia-Pacific region were the main growth drivers for the company as a whole.
In its recent third-quarter results, CEO Beth Gerstein also shared her holiday prediction for the upcoming season.
Sales increased 5 percent after a down quarter as the brand saw in-store traffic pick up.
Sales of pre-owned watches, however, grew 80 percent following the company’s rollout of the Rolex Certified Pre-Owned program.
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