Tiffany & Co. is rolling out two new men’s boutiques in Japan, which follows its first men’s shop in Iseten last September.
This story first appeared in the January 25, 2008 issue of WWD. Subscribe Today.
Tiffany & Co. The Men’s Store will open in the Hankyu Department Store men’s building in Osaka in February, and in Roppongi Hills in Tokyo in April. Both are high-end fashion retail locations, the company said.
“Following the success of our first men’s jewelry boutique at Isetan Department Store in Tokyo, we are pleased to announce the opening of two additional men’s stores,” said Michael Christ, president of Tiffany & Co. Japan, in a statement, adding that the decision to open two additional stores was based on the success of the first one in Iseten. The men’s stores sell diamond jewelry, rings, pendants and gift items, and is aimed at extending the company’s men’s jewelry and accessories offerings.
During the company’s most recent quarter, international retail sales jumped 22 percent to $270.8 million. On a constant exchange rate basis, sales rose 18 percent due to strong growth in most markets and an increase in Japan, the company said in a statement. Sales in Japan grew 6 percent.
But despite international strength, Tiffany’s cut its earnings outlook on declining U.S. sales. The company said domestic same-store sales fell 2 percent.
Tiffany has been actively growing its store base in Japan, a historically weak spot for the jewelry company. Last week the retailer announced it will open new boutiques in Tokyo and Fukuoka on March 1.
Shares of Tiffany’s fell 1.2 percent to close at $38.67 Thursday.