Tiffany’s holiday season is set to be jolly, following Dow Jones reports of a 27 per cent increase in third quarter profit on Wednesday. Consumer confidence is back on the rise, international expansions, timed nicely with the end of the GFC and the return of prosperity, make music to Tiffany’s earrings.The MO Down has commented on Tiffany’s recent growth, as well as an increase in the global demand for diamonds. Yes, you guessed it, expansion into China has been a major contributing factor to their recent boom. Tiffany has swiftly responded to Chinese demand for jewels and luxury goods, investing confidently in between 25 and 30 stores, set to open in the next three years (14 this financial year!). Looking at third quarter figures, this may even be a conservative investment. Tiffany & Co. is experiencing enormous popularity in China at the moment, and there seems to be a bit of a chicken or egg scenario. Which came first, their presence, or their popularity?
It's great to see Tiffany's figures shining as bright as its jewels. Further proof that luxury spending is recovering from economic downturn, and we look forward to watching other brands follow suit.
Image credit: tiffany.com
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