(Reuters) -US jeweler Tiffany & Co said it reported record sales for the 2020 holiday season as home-stuck consumers were buying more online and buyers in China were spend more on jewelry.
The company, which will soon be bought by LVMH France, said its total pre-sales rose by about 2% for the period November 1 through December 31, compared to a year earlier, with e-commerce sales exceeding more than 80% over the period.
The 2020 holiday season was unusual as the virus revolution went up in shopping patterns, with more shoppers avoiding malls and retail stores and opting to buy online.
Tiffany, famous for its engagement rings and robin egg blue boxes, said net sales in the Asia-Pacific region were up 20%, with mainland China posting growth of more than 50%.
“During this time, we have seen the Mainland China market continue to drive our overall sales growth,” said CEO Alessandro Bogliolo.
But overall sales in America and Europe declined as it lost some vital internal sales in niche markets.
Last week, Tiffany shareholders voted overwhelmingly for the $ 15.8 billion deal at LVMH, about $ 400 million lower than the first offer by the European luxury giant.
Reporting by Nivedita Balu and Praveen Paramasivam in Bengaluru; Edited by Shounak Dasgupta