Tiffany's foreign sales set to exceed U.S.

[brooklynite]

Source: Crain's New York Business

(Bloomberg) - Tiffany & Co., the world's second-largest jewelry retailer, will soon get more revenue from outside the U.S. than from its home market as it opens stores in Europe, the head of the company's French unit said.

An influx of Chinese and Russian tourists to Europe is helping boost sales in the region, Agnes Cromback, president of Tiffany France, said Thursday in an interview at the jeweler's store near Place Vendome in Paris.

“We have very good average spend with Chinese,” some of whom come to France's capital for only one day during European tours, Ms. Cromback said. “Tiffany's international business will soon be more important than the U.S.”

The proportion of Tiffany's revenue coming from the U.S. dropped to about half in the year through January from about 61% four years prior. The New York-based jeweler expects full-year sales in Europe, where it usually gets about a tenth of its revenue, to increase by at least 20% this year, Chief Financial Officer Patrick McGuiness said last month.

Read more: http://www.crainsnewyork.com/article/20110916/FREE/110919925

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C'mon Newt; you're not trying...

[pkdu]

1. Cant Gingrich help us out with that? n/t

[alp227]

2. clearly the US has a demand problem n/t