TIF - Tiffany & Co. Faces Serious Challenges in Hong Kong
The protests in Hong Kong have escalated for three straight months, casting a dark cloud over companies that do a lot of business in the city. One of those companies is Tiffany & Co. (NYSE: TIF), which generates 20% of its Asia-Pacific sales in Hong Kong, according to Cowen's (NASDAQ: COWN) estimates.
Tiffany operates 10 stores in Hong Kong, making the city its fourth largest market after the U.S., Japan, and mainland China, in that order. During the conference call, CEO Alessandro Bogliolo stated that its Hong Kong stores "lost nearly six full selling days due to unplanned store closures" during the second quarter, and that the unrest was "taking a toll" on its business.
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