Sales of Tiffany & Co. may suffer in connection with the effects of protectionist trade policies of the new US president Donald Trump. At the same time, the retailer's holiday sales have weakened against the backdrop of protests against Trump near Tiffany's flagship store in New York.
Bloomberg reports that Tiffany foreign income could come under pressure if China enters the response to possible new commercial policy Trump administration.
"Chinese consumers may decide to buy a German car, instead of the US, or buy a shirt Adidas instead of Nike shirt," - quoted by Bloomberg one of the CEOs of Credit Suisse.
The holiday season in 2016 Tiffany sales jumped 7% to $ 200 million in the Asia-Pacific region, ahead of the company's sales performance in the United States.
Tiffany Sales in the Americas were under pressure amid protests against Trump outside the flagship jeweler's store in New York, and were down 4% to $ 483 million.
Sales in the main store retailer Tiffany Fifth Avenue fell immediately by 14% during holidays since access to it was limited due to the demonstrations that took place in front of the nearby Trump Tower building.
"General sales results during the holiday season was slightly lower than we expected," - said General Director of Tiffany Frederick Kyumenal (Frederic Cumenal).
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Shenzhen Stock Exchange rough (Shenzhen Rough Diamond Exchange, SRDE) , secure facility for storing, sorting and viewing diamonds in the Chinese city of Shenzhen, has received final approval for its activities, Rapaport reports portal.
Foreign suppliers can deliver the diamonds to a new customs warehouse in Luohu district of Shenzhen free trade zone, and local Chinese companies will be able to view products on SRDE and purchase them in accordance with the import procedures at the Shanghai Diamond Exchange, it said in a statement SRDE.
December 3 SRDE received certificate of registration of the customs warehouse from Shenzhen customs point. This decision was taken in accordance with the received in August 2014 prior approval of the Shenzhen municipal government.
Exchange was established by four shareholders: Shenzhen Overseas Chinese Town Co. Ltd., CITIC United Asia Investments Ltd., Beijing LDY Asset Management Co. Ltd. and Shenzhen Cheung Ning Diamond Co. Ltd. The authorized capital of the Exchange is $ 16 million.
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