CNBC: "Wealth Gap at Tiffany’s: Shares Hit Record High... ...“We continued to see bifurcated performance, with declines in sales and transactions below $500, but double-digit percentage increases in most every other higher price category, indicating to us the diverging effects to one degree or another that the economy is having on consumer spending,” said Mark Aaron, Tiffany’s Vice President of... [more]
CNBC: "Wealth Gap at Tiffany’s: Shares Hit Record High...
...“We continued to see bifurcated performance, with declines in sales and transactions below $500, but double-digit percentage increases in most every other higher price category, indicating to us the diverging effects to one degree or another that the economy is having on consumer spending,” said Mark Aaron, Tiffany’s Vice President of Investor Relations, on the company’s third-quarter earnings conference call on Nov. 24th..."
So....tax cuts for the rich (rather than say using that same amount of money for a payroll tax holiday...)
http://www.cnbc.com/id/40473227?__source=yahoo|headline|quote|text|&par=yahoo[less]
Response by truthskr10
over 15 years ago
Posts: 4088
Member since: Jul 2009
Bad example;
Tiffany's along with a couple other specific global luxury brands are enjoying great success because the asian nouvea riche is are ravishing their goods.
Had a friend sell a case of some ridiculously old Lafite (30s/40s) wine for $20K to a chinese buyer. And they mixed it with lemonade to soften the "wine" taste!
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Response by malthus
over 15 years ago
Posts: 1333
Member since: Feb 2009
"the asian nouvea riche is are ravishing their goods"
That's no way to treat a luxury item.
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Response by jason10006
over 15 years ago
Posts: 5257
Member since: Jan 2009
Is it not funny that Tiffany's ITSELF does not say what truthskr claims. Yes, APAC helps, but same store sales for Tiffany's in the US is up - even in non-touristy areas. Ditto for Saks, Neiman-Marcus, BMW dealers, Mercedes dealers...across the board, high-end retailers IN THE US are reporting better same-store sales gains than most.
And last question(s)... How many nouvea riche Chinese traveling to the US to buy luxury goods? How many European tourists traveling to the US on that lovely exchange rate buying goods??
Bad example;
Tiffany's along with a couple other specific global luxury brands are enjoying great success because the asian nouvea riche is are ravishing their goods.
Had a friend sell a case of some ridiculously old Lafite (30s/40s) wine for $20K to a chinese buyer. And they mixed it with lemonade to soften the "wine" taste!
"the asian nouvea riche is are ravishing their goods"
That's no way to treat a luxury item.
Is it not funny that Tiffany's ITSELF does not say what truthskr claims. Yes, APAC helps, but same store sales for Tiffany's in the US is up - even in non-touristy areas. Ditto for Saks, Neiman-Marcus, BMW dealers, Mercedes dealers...across the board, high-end retailers IN THE US are reporting better same-store sales gains than most.
Couldn't remember the study I read, here is an article on China's influence on luxury goods.
Here is a pertinent article;
http://blogs.wsj.com/scene/2010/11/10/chinas-biggest-spenders-spend-big-overseas/
And I vaguely recall half of Tiffany's new store openings are in Asia.
US, Canada, and Latrin America were under 10% increases while Asia and Europe north of 20% increases.
Isn't it funny that this information doesn't aid the headline of the CNBC article? ;)
http://thestockmarketwatch.com/stock-market-news/hot-stocks-to-watch/tiffany-co-reports-strong-q3-earnings/2289
And last question(s)... How many nouvea riche Chinese traveling to the US to buy luxury goods? How many European tourists traveling to the US on that lovely exchange rate buying goods??