Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
Tiffany Loses, Birks Gains in 2016 Holiday Season
While Birks Group turned in a strong performance, Tiffany’s Trump Tower woes brought down sales.
New York--Holiday retail results keep filtering in, and while Birks Group turned in a strong performance, Tiffany & Co.’s sales were affected by Trump Tower-caused foot traffic woes at its New York flagship.
In the two-month period ended Dec. 31, Tiffany reported that both same-store sales and total sales ($483 million) in the Americas were down 4 percent year-over-year.
The company attributed the decline to lower spending in the region overall being compounded by the 14 percent drop in sales at its flagship store on Fifth Avenue in New York due to post-election traffic disruptions, an issue the company also noted during its third quarter results.
Worldwide, the company saw comparable store sales decline 2 percent while net sales were basically flat at $966 million during the two-month period, with sales growth in Asia-Pacific and Japan offsetting the weaker performances in the Americas and Europe.
In the Asia-Pacific region, total sales were up 7 percent to $200 million and comps were down 4 percent, while in Japan sales rose 16 percent to $143 million and comps were up 21 percent on higher spending by local customers.
In Europe, total sales of $119 million were 10 percent below the prior-year period and comps declined 11 percent over 2015 as demand across the continent remained weak among both locals and foreign tourists.
Tiffany CEO Frederic Cumenal said that the holiday season results were “somewhat lower” than what they had expected.
He also noted that while Tiffany doesn’t expect 2016’s macroeconomic challenges to ease this year, it will continue to focus on enhancing the in-store experience for customers and adding to the product lineup.
Meanwhile, the Birks Group, which operates 46 luxury jewelry stores across Canada, Florida and Georgia, also released its holiday results.
The company said U.S. comps during the season (Oct. 30 to Dec. 31) increased by 16 percent while Canadian comps grew 3 percent on a constant-exchange-rate basis. The growth in both areas was due largely to the company’s growth in average sales transaction and conversation rates.
Overall same-store sales for the company increased 11 percent year-over-year on a consolidated constant- exchange-rate basis.
The company attributed its strong holiday season to a focus on Birks-branded products, marketing campaigns and the in-store customer experience.
The Latest
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
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.
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.
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.