"Sleeping Beauty" Tiffany: Profits Double under LVMH
January 30, 25
(IDEX Online) - Tiffany & Co saw revenue rise by 9 per cent in the last quarter of 2024, said Bernard Arnault, chairman and CEO of LVMH, the luxury conglomerate that now owns the iconic jeweler.
He said LVMH had "woken the sleeping beauty," and that its profit for 2024 was twice that before the acquisition four years ago.
LVMH published its full year results on Tuesday (28 January) and said revenue for its watch and jewelry division had decreased by 3 per cent, but did not provide a breakdown for each maison.
However, at a press conference later that day Arnault (pictured) said Tiffany had bucked the trend, with a 9 per cent quarterly increase, as reported by Bloomberg.
LVMH bought Tiffany in January 2021 for $15.8bn after protracted negotiations and threats of legal action by both sides.
Arnault said on Tuesday that they'd paid an "excellent price".
LVMH was keen to strengthen its luxury jewelry division and boost its presence in the US and Asian markets.