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GEOGRAPHIC SEGMENTS – FY2017 ■

Tiffany’s largest three markets are Americas, Asia-Pacific and Japan.

From a profit margin perspective, we see Japan as one of the key markets for Tiffany. The macroeconomic future for Japan (e.g., Abenomics) could have a material effect on Tiffany’s results.

From a revenue growth perspective, Asia-Pacific/China and Europe will be the driving force for Tiffany.

Lastly, investors are sometimes unaware of the importance of Tiffany’s famous Flagship Store on Fifth Avenue, NYC. The Company only discloses that the Flagship Store accounts for <10% of worldwide net sales. If we assume the Flagship Store accounts for ~10% of Tiffany’s worldwide sales, it implies that this single store generates almost as much sales as the 43 Tiffany stores in Europe and UK each year!

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Source: Tiffany 2016 Annual Report

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Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018