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Tiffany Earnings Down 62%
(Source: LuxuryBrandNetwork.com)
Sales and profit fell at Tiffany & Co. for the quarter ended 30 April 2009. On a constant-exchange basis, worldwide sales dropped 18%, with a 21% fall in same-store revenue. Net earnings dropped 62.2% to $24.3 million for the quarter. . . . keep reading
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Tiffany Buys Lambertson Truex from Bankruptcy
(Source: MarketWatch.com)
Luxury jeweler Tiffany & Co. has bought handbag maker Lambertson Truex from bankruptcy. Tiffany spokesman Mark Aaron said that the hiring of the label's founders, Richard Lambertson and John Truex, was the "real catalyst" of the deal, according to MarketWatch.com. . . . keep reading
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Tiffany Same-Store Sales Down 23% Last Quarter
(Source: LuxuryBrandNetwork.com)
A dismal fourth quarter reversed gains made during the year and pushed Tiffany to a 3% sales decline to $2.86 billion for the 12 months ended 31 Jan 2009. Comparable store sale revenue fell 23% on a constant currency basis in the latest quarter and 9% for the full year. The company's inventory ballooned 17% during the year to $1.6 billion. . . . keep reading
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Buffett Buys Tiffany Debt
In a vote of confidence, legendary investor Warren Buffett has invested $250 million of debt from jeweler Tiffany & Co. The company will use the funds to refinance existing debt and for general purposes. . . . keep reading
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eBay Held Responsible for Counterfeit Luxury Sales
(Source: Bloomberg)
eBay says it will appeal a French court's ruling that it pay nearly €40 million to LVMH for not adequately preventing the sale of counterfeit goods on its website. The verdict helps establish an important precedent for luxury goods makers, as well as help maintain the integrity of luxury brands by restricting the resale of goods by unqualified merchants. . . . keep reading
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Tiffany Sparkled in 2007
(Source: Forbes)
Most people don't think of Tiffany & Co. as a bargain retailer. But thanks to a weakening greenback, this purveyor of high-end jewelry and other luxury goods is becoming a discount warehouse for oil-rich Muscovites, sterling-laden Londoners, billionaires from Beijing and the like. Sales at the company's Manhattan flagship store rose 25% last quarter. . . . keep reading
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