5-9-2018
Tiffany & Co. reported a 12 percent rose in its worldwide net sales to US$1.1 billion in the second quarter, the net earnings ascended 26 percent to $145 million. The growth was reported in most areas across the globe, with 28 percent of the growth occurred in the Asia-Pacific region. Sales of jewellery collections and engagement jewellery were up for a two-digit growth.
Backed by a second consecutive quarter of better-than-expected revenue, the brand plans to pour money into a new engagement-ring design, Tiffany True, in the coming weeks. “With the launch of Tiffany True, I think we will benefit also from the newness in this important category, even if we know [it] takes time to establish a new setting, a new design as a classic and as a bestseller,” said Tiffany CEO Alessandro Bogliolo. Tiffany also plans on expanding its personalization program, ‘Make it My Tiffany’ and its engagement-ring customization program to various markets outside the US. Bogliolo believes the expense is necessary to generate sustainable sales and earnings growth.
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