Tiffany & Co tempered its yearly profit forecast on Jan. 18 after its holiday sales fell unexpectedly as Chinese tourists spent less globally and the U.S. luxury jeweler faced softer demand in Europe and at home.
Like other firms which sell luxury products, Tiffany relies on demand from China’s burgeoning middle class as consumer demand for its rings, pendants and bracelets remains subdued in the United States and Europe.
