The Danish jewelry company plans to open up to 150 concept stores this fiscal year.
Financials
The retailer said it will file the necessary paperwork to regain compliance as soon as it is able.
Sales fell 15 percent for the luxury conglomerate in the third quarter, led by a 26 percent drop in sales for flagship brand Gucci.
Latest in Financials
Sales slipped 4 percent in the third quarter in an environment the company described as economically and politically uncertain.
The jewelry giant said it expects to see an uptick in engagements in the second half of the year.
CEO Efraim Grinberg pointed to a challenging consumer spending environment, particularly in the watch category.
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The jewelry retailer is eyeing expansion, increasing the number of stores it plans to open this year.
The jewelry retailer is forecasting sales will fall as much as 14 percent in its third quarter.
The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
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Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
In contrast, the luxury giant’s watch sales fell 14 percent.
The company is expecting to see a 5 to 10 percent increase in engagements this year.
The company attributed the decline to a “challenging” retail environment.
The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
The jewelry giant also posted a double-digit drop in same-store sales for the full year.
CEO Beth Gerstein spoke about the growing appeal of its non-bridal fine jewelry and its expansion plans on its recent earnings call.
The luxury conglomerate owns Boucheron, Pomellato, DoDo, and Qeelin.
While sales rose in the U.S. market, demand for watches and jewelry was slow in the U.K.
From lab-grown diamond sales to its holiday performance, these are the key takeaways from the jeweler’s 2023 performance.
Highlights included the opening of Tiffany & Co.’s new flagship and record revenue for TAG Heuer.
The company pointed to a “volatile” holiday season and a challenging macroeconomic environment.
Buccellati, Cartier, and Van Cleef & Arpels propelled the luxury titan to its highest quarterly sales total ever.
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