Tiffany & Co.’s annual shareholder meeting went virtual Monday for the first time, amid the ongoing global health scare. But the luxury jeweler didn’t mention any specific challenges surrounding the coronavirus, the $16.2 billion deal to become part of LVMH Moët Hennessy Louis Vuitton or the clashes filling the streets of America.
Instead, the talk was surrounding the 10 board members up for reelection, the company’s choice of accounting firms and executive compensations — all approved.
Executives on the call declined to talk about the former topics. (Although the deal with LVMH, revealed in November, is still expected to close sometime this year.) Instead, Alessandro Bogliolo, chief executive officer of Tiffany, called the 2019 fiscal year “a year of progress on all of our strategic initiatives.”
“The primary focus in 2019 was on the local customers in our key markets,” Bogliolo said. “A great example of this is on the Chinese Mainland, where we experienced strong double-digit growth for the year.”
The American jeweler opened stores in Hong Kong and Shanghai during the 12-month period ending Jan. 31, while renovating stores in London, New York and Sydney. Bogliolo said the renovations — along with enhanced marketing efforts — helped increase the average unit retail price by about 10 percent for the year.
Bogliolo said the company “looks forward to welcoming you back to all of our global stores,” but did not provide a timeline for openings.
Shares of Tiffany, which closed up 0.18 percent to $128.36 each on Monday, are up more than 42 percent year-over-year.