According to ffany’s latest financial report, its global sales in the second quarter of this year fell by 3% to $1 billion year-on-year in the three months ended July 31, while net income fell 6% year-on-year to 1.36. Billions of dollars, but still higher than Wall Street expectations. In the first half of FY 2019, Tiffany’s global net sales fell 3% year-on-year to $2.1 billion, and net income fell 9% year-on-year to $261 million.
The Chinese market has played an important role in the performance of the brand. Although the spending power of US overseas tourists has decreased, Tiffany has achieved rapid growth in mainland China, and sales in the second quarter of the region surged 25% year-on-year. In FY 2018, the Asia Pacific region also contributed 28% of Tiffany’s sales, and the Greater China region accounted for 60% of the Asia Pacific region.
This depends on the brand’s more active business strategy in China in the past two years.
For example, Tiffany opened a brand new boutique in Beijing New International Trade Mall this year, limestone and black granite façade outside Tiffany’s new international trade boutique, and Atlas giant clock just above the store. The brand’s Fifth Avenue flagship store.
This new store follows and pays tribute to the brand’s 182-year history, and it also emphasizes a more interactive and personalized retail experience in this store. It is not difficult to find that the significance of this store for the brand is actually innovation.
And on September 19th, the two-year-old “Ingenious Art: Tiffany’s 180 Years of Innovative Art and Diamond Treasures Exhibition” was also opened at the Shanghai Fuxing Art Center. In this exhibition, Tiffany Chief Art Officer Reed Krakoff told the interface fashion, “It’s like making a puzzle, it’s very difficult and time consuming to put these pieces together in this storyline.”
