Tiffany sees rise in holiday sales on higher China spending
Tiffany & Co, which is being bought by Louis Vuitton owner LVMH, estimated sales growth of 1% to 3% during the holidays, with the biggest contribution coming from China.
Last year, holiday sales in Asia-Pacific and the Americas fell 3% and 1% respectively, which Chief Executive Officer Alessandro Bogliolo attributed to a slowdown in tourism and softening demand among locals in its home market.
"We continued to see the Chinese Mainland drive our overall sales growth with a strong double-digit increase, offset by the persisting declines in the Hong Kong market and, to a lesser degree, Japan," Bogliolo said.
In the Americas, Tiffany expects net sales growth of 2% to 4%.
Sales in Japan, however, fell 9% to 11% during the period, hurt by the recent increase in the consumption tax.