Photo: Richard Drew / AP
Tiffany’s may be looking at a rough 2012.Nearly half its sales are foreign, and the majority of those are from Europe, which is dealing with a sovereign debt crisis, and Asia, where growth is slowing in China, reports Bloomberg. In fact, “no U.S. luxury merchant is more exposed internationally.”
European luxury sales will grow 5 per cent in 2012 after two years of growth over 10 per cent, according to a December report from CA Chevreux in Paris.
It’s been expanding in the Asia-Pacific region, but maybe too much so, since its boutique stores weren’t all that popular in China, where people prefer to shop in larger venues.
Domestically, Tiffany’s brought in 24% higher sales at its Fifth Avenue flagship store in Manhattan.