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315 STORES IN 30 COUNTRIES AROUND THE WORLD ■

Currently, Tiffany operates 315 stores in 30 countries around the world*.

Historically, Tiffany management have executed a very conservative footage expansion strategy. As mentioned earlier, weakness in luxury spending in recent years has resulted in many luxury operators restructuring their stores to deal with previous over-expansion in footprint, especially in the Greater China region. However, Tiffany only has ~10% of its total store count located in China (31 stores in FY2016, vs 26 stores in FY2014).

Based on Management’s comments, we believe that a steady 2% annual growth and optimisation in Tiffany’s square footage around the world, especially in Asia-Pacific/China, Europe, Latin America and other Emerging Markets will provide a steady base for top line growth for Tiffany in the foreseeable future.

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* As at 31 October 2017

Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018