Tiffany (Tiffany & Co) completed its last holiday sales season as an independent retailer, after which it will become a brand under LVMH, and its global sales have reached a record high.
Tiffany e-commerce sales soar
On September 18, 1837, the first Tiffany store opened at 259 Broadway in New York. After nearly two centuries of development, Tiffany has become a small number of world-class luxury brands in the United States.
Affected by the pandemic this year, Tiffany adjusted its sales strategy, successfully integrated online and offline sales, and opened up the Asian market.
Tiffany CEO Alessandro Bogliolo said that net sales in Asia increased by 20% (14% at a constant exchange rate), driving global sales growth. This made up for the growth disadvantage of the Americas, where sales fell by 5%, while Europe fell by 8% (at a constant exchange rate, it was a drop of 10%).
After the focus of sales shifted to online, its e-commerce sales also increased significantly, an increase of 80% over the previous year. This growth rate will continue after the adjustment of average retail prices and the acceleration of product innovation.
Alessandro also added that this year is undoubtedly a stress test of Tiffany's corporate strategy formulated in 2017, but fortunately Tiffany has withstood the test and won in the highly competitive global luxury jewelry market. This is also due to the rapid development of e-commerce, which has promoted online jewelry purchases to become a new consumer trend.
The global online jewelry market is expanding
The global pandemic has affected not only the traditional luxury jewelry Tiffany, but other jewelry sellers have also been affected to varying degrees.
Since May of this year, Signet Jewelers, one of the world's largest jewelry retail companies, has been selling diamond products in the stores of its online brand James Allen. Turning more attention to online sales helped Signet's declining sales in the second quarter rebounded.
Signet CEO Drosos said the company has completed five times the number of e-commerce orders compared to last year.
In addition, according to data from RM Global Online Jewelry Market Analysis Report, it is estimated that the global online jewelry market will reach 40 billion U.S. dollars in 2021.
