Jewellery | Europe

Tiffany & Co plans store openings to gain European market share in 2010

Tiffany & Co has announced it will open two additional European stores this year, as part of its plans to increase its share of the international market.

The new stores will add to the retailer’s growing portfolio of 27 European stores, which includes three new stores opened in the past 12 months. The announcement came as the company released its latest financial report revealing that European sales increased 14% to $76.9m (£49.9m) in the second quarter, and 19% to $145.5m (£94.5m) in the first half of the year 2010. Worldwide net sales increased 9% to $668.8m (£434.7m).

The results echoed those of other leading companies experiencing a resurgence in both the mature and emerging luxury markets. Tiffany & Co plans to continue its global expansion with a raft of store openings during the financial year 2010, cashing in on the improved fortunes among consumers. As well as the European openings, it plans to open five stores in the Americas and seven in the Asia Pacific region.

Michael J Kowalski, chairman and CEO of Tiffany & Co said: “Tiffany’s financial performance in the quarter continued to demonstrate the benefits derived from a growing global presence, with roughly half of our sales now occurring outside the US. In the quarter, we were pleased that sales increased in most countries and product categories.”

The company expanded its range of own-stores to 223 in the first half of 2010, against 211 in the same period 2009.