Tiffany & Co. has landed on the National Retail Federation’s “Hot 25” list of fastest-growing U.S. retailers, after it posted an estimated 14% growth in 2022. It is the only jewelry name on the list.
The ranking, compiled by Kantar Retail IQ, ballparked Tiffany’s U.S. retail sales last year at $1.983 billion, up from $1.746 billion in 2021, the year Tiffany was acquired by LVMH. The $247 million gain was enough to place Tiffany 16th on the list.
“People with money went to retailers that were happy to take their money,” David Marcotte, Kantar senior vice president, told the NRF. “Young people with disposable income are interested in getting quality goods. Last year, some of these retailers were successful because their inventory was never at risk. They had product to sell.”
Kantar said NRF relies on estimates when the figures are not self-reported; LVMH does not give its brands’ individual sales results.
LVMH recently said it plans to remodel Tiffany’s entire fleet of over 300 stores. Cosmetics chain Sephora, also owned by LVMH, ranked 14th on the NRF roster.
(Photo courtesy of Tiffany)Follow JCK on Instagram: @jckmagazine
Follow JCK on Twitter: @jckmagazine
Follow JCK on Facebook: @jckmagazine