Tuesday, 6th April 2004 (4161 views)

Tiffany has announced plans to launch two new stores in Japan this year, following its significant worldwide profit growth of 24 per cent in the fourth quarter.

Although Japanese sales dropped by seven per cent for the company, it remains optimistic about its future in the country, claiming the recent decrease was just the economic situation catching up.

Mark Aaron, Tiffany's Vice President of Investor Relations said the drop in sales was just part of a cycle that all businesses have to go through at times.

"We have a very active, ongoing product design process so we can easily introduce innovative new designs that can help sales," he added.

The jeweller predicts a single digit increase this year for sales in Japan, a modest growth in the first half and slight gains in the second half.

Japan is Tiffany's largest market outside of America and recent market reports have indicated that demand for jewellery is improving in the country.

 

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