Skip to main content
Welcome to
super saver spring
offer ends april 20
save over $140
save over 85%
$0.99
per week for 24 weeks
Welcome to
super saver spring
$0.99
per week
for 24 weeks
// //

People walk past the Tiffany store at 150 Bloor St. West in Toronto on Sept. 9, 2020.

Fred Lum/The Globe and Mail

Tiffany & Co said on Thursday sales have been rising through October as its business rebounds from pandemic lows, firing back at French luxury giant LVMH , which is looking to scrap its $16 billion deal for the U.S. jeweler.

The companies have been locked in a legal battle since LVMH last month cited worsening business conditions at Tiffany as one of the reasons to walk away from the deal.

Tiffany, which has alleged in a lawsuit that LVMH improperly tried to renegotiate the deal, said on Thursday sales in Mainland China were “extremely strong” and its business was recovering in the United States after being hit earlier in the year.

Story continues below advertisement

LVMH has said Tiffany’s prospects were “dismal” and it was a different company from the one it had agreed to buy in November before the health crisis hammered demand for luxury goods.

The company did not immediately respond to a request for comment on Tiffany’s preliminary results.

Tiffany said on Thursday fourth-quarter earnings are expected to increase by mid-to-high single digit percentage from a year earlier, with online sales nearly doubling in August and September.

The New York-based company expects a cash balance of about $900 million at year-end.

LVMH is set to gain EU antitrust approval for the acquisition, Reuters reported on Wednesday. The European Commission is scheduled to decide on the deal by Oct. 26.

LVMH is expected to publish its third-quarter results later on Thursday.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies