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Performance indicators
2024: Revenue growth in Russia by 2665% to 683.92 million rubles
In 2024, the manufacturer of expensive jewelry Tiffany (Tiffany Rush LLC) received 683.92 million rubles in revenue in Russia. This is 2665% more compared to the previous year, when the figure was 24.74 million rubles. Such data are contained in the financial statements of the company, which TAdviser got acquainted with in early May 2025.
The cost of sales on an annualized basis rose by about 20 times - from 22.61 million rubles to 464.13 million rubles. Commercial expenses decreased by 35.3%, amounting to 377.1 million rubles against 582.73 million rubles in 2023. Revenues from the sale of products, goods, works and services increased from 19.51 million rubles to 51.04 million rubles, that is, by 161.6%. Payments to suppliers (contractors) for raw materials, materials, works and services amounted to 126.32 million rubles, which is about twice as much as in 2023, when they were at the level of 64.43 million rubles. Expenses in connection with the remuneration of employees decreased by 69.2% - from 178.96 million rubles to 55.08 million rubles.
Gross profit soared more than 100 times - from 2.13 million rubles in 2023 to 219.79 million rubles in 2024. At the same time, a loss from sales of 157.31 million rubles was registered against 580.6 million rubles a year earlier. The pre-tax loss decreased over the year from 693.86 million rubles to 214.7 million rubles. Tiffany's net loss in 2024 amounted to 117.75 million rubles, while in 2023 the losses reached 577.24 million rubles.
Accounts receivable as of December 31, 2024 are indicated in the amount of 723.83 million rubles: this is 379.8% more than a year earlier, when it was equal to 150.87 million rubles. Accounts payable rose by 10.7% - from 431.55 million rubles to 477.69 million rubles. Estimated liabilities - 5.43 million rubles.[1]
Tiffany's revenue in 2018 amounted to $4.44 billion.
History
2020: Louis Vuitton owner pulls out of $16.2 billion Tiffany purchase as deal drags on
On September 9, 2020, French luxury goods manufacturer LVMH Moet Hennessy Louis Vuitton SE announced its refusal to buy Tiffany & Co., explaining its decision by delaying the deal.
As follows from the LVMH report, the company's board of directors examined the request of the French Foreign Minister to postpone the closure of the deal until January 6, 2021 due to the threat of taxes on French products from the United States, as well as Tiffany's request to postpone the final date until December 31.
This is contrary to the terms of the original agreement, according to which the transaction must be closed before November 25, 2020. Therefore, LVMH will not be able to close the deal "in its existing form," explained the LVMH holding, which produces luxury goods under the trademarks Louis Vuitton, Givenchy, Guerlain, Kenzo, Moet & Chandon and Hennessy.
Tiffany, in turn, announced on September 9, 2020 that it had filed a lawsuit against LVMH in Delaware. The American company believes that LVMH cannot refuse the deal, claiming violation of its terms by Tiffany or referring to "patriotic obligations"
 | We regret that we had to resort to such actions, but LVMH left us no choice but to start a lawsuit to protect our company and shareholders. Tiffany is confident that it has fulfilled all the obligations of the merger agreement and is committed to completing the deal within the deadlines agreed last year. Tiffany expects the same from LVMH, - the words of the chairman of the board of directors Roger Farah are quoted in a press release. |  |
Amid news of a $16.2 billion deal breakdown, Tiffany shares collapsed more than 10% at the start of trading on the Nasdaq exchange on September 9, 2020. The rate of LVMH quotations on the Euronext Paris stock exchange on the same day also sank, but not so much - by 0.3% as of 16:34 Moscow time[2]
2019: LVMH buys Tiffany for $16.2 billion
Moet Hennessy Louis Vuitton (LVMH), the world's largest luxury goods company, announced Monday it will acquire Tiffany & Co. for $16.2 billion. The two companies negotiated a possible acquisition for several weeks before finally deciding on a price of $135 per share.
The $16.2 billion acquisition will be M&A's largest luxury market deal by this time.
Notes
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