Record Profits for Tiffany & Co in First Year at LVMH
January 30, 22
(IDEX Online) - Tiffany & Co enjoyed a record year, said the French luxury conglomerate LVMH which finally acquired the jeweler, for $15.8bn, a year ago.
"Profit from recurring operations was almost six times higher than in 2020 and up 128% compared to 2019," LVMH said, as it announced a 44 per cent year-on-year rise in revenue across all its brands to $71.5bn.
Its watches and jewelry business group recorded revenue growth of 167 per cent in 2021 compared to 2020 thanks to Tiffany's remarkable performance.
"For its first year in the group, Tiffany saw record performance in terms of revenue, profits and cash flow, and increased its global attractivity as a result of its high impact innovations and collaborations," said LVMH.
The company finally agreed to buy Tiffany in October 2020 - at a modest $425m discount - weeks after it walked away from the deal, citing a tit-for-tat war over US trade tariffs and a poor pandemic performance by Tiffany.
The move was aimed at strengthening its hand in one of the few luxury segments where it has not dominated.
It revealed plans to increase its gold, precious gems and watch sales, to revamp many of its 320 US stores and to expand its operations in Europe and Asia.
Pic shows huge poster of Beyonce and Jay-Z on Tiffany & Co 's Fifth Avenue flagship store in New York