M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
Making sense of the holiday sales
As any retailer would tell you, it is difficult anymore to predict the ebbs and flows of the economy. This was as evident as ever on Tuesday, when three of the industry’s largest chains reported sales for the all-important months...
As any retailer would tell you, it is difficult anymore to predict the ebbs and flows of the economy. This was as evident as ever on Tuesday, when three of the industry’s largest chains reported sales for the all-important months of November and December.
News from Tiffany & Co. that “sales weakened markedly in the United States and Europe” over the holiday season surprised me. Tiffany has been one of the strongest performers in the market in recent years, seemingly one of the first jewelry chains to begin showing signs of economic recovery after the global meltdown.
Overall, same-store sales in the U.S. were up 2 percent for the chain. Sales declined 1 percent in the brand’s flagship store on Fifth Avenue in New York, with foreign tourists accounting for the bulk of the sales there. Same-store sales were up 3 percent in Tiffany’s branch stores.
Also interesting to note were the results from Zale Corp., where holiday comps were up 6 percent but there was a marked difference between the months of November and December. The chain’s comps climbed 10 percent in November but only 4 percent the next month.
While both Tiffany and Zale comped positive, their overall results have sparked concern among analysts that consumer spending is on the decline heading into the new year.
During a conference call Tuesday morning, analysts asked executives Sterling Jewelers about the results reported by Tiffany and Zale. They wanted to know if Sterling was concerned about Valentine’s Day given what seems to be a pattern of waning consumer spending. (Sterling executives said no.)
Zale’s December comps were less than half of what they were in November.
And Tiffany noted that sales weakened at the end of the year after three “very strong” quarters of better-than-expected sales and earnings growth. In this article, Forbes contrasted the results of Tiffany with that of high-end athletic apparel retailer Lululemon, which had a strong holiday season and raised its guidance. Forbes wonders if consumers are “reigning in their spending on jewelry.”
In reading all of this news over the past couple of days, it brought to mind something I reported early on in the holiday shopping season, during one of our many Black Friday wrap-up stories. In this story, one analyst noted that while consumers flooded stores right after Thanksgiving to take advantage of deals, they were less enthusiastic about
If consumers were “tapped out” in late November, how are they feeling now, as they sit amidst piles of bills that they accumulated buying holiday presents, throwing parties and traveling?
I think the answer is: Nobody really knows anymore.
The Latest
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.