(News Bulletin 247) – Stifel confirms its buy rating on LVMH shares with an unchanged price target of 895 euros.
The analyst reports that Tiffany’s flagship store on 5th Avenue in New York will open to the public on April 28.
LVMH investors had long awaited the reopening of this unique store – named ‘The Landmark’ – after several years of renovation work which began in 2019.
“This event matters because Tiffany’s Fifth Avenue has always been the largest luxury store in the world, generating approximately $400 million in revenue in 2018,” Stifel said.
The broker says Tiffany posted strong results last year, generating north of €5 billion in revenue and nearly €1 billion in EBIT.
The brand is nonetheless to renovate more than 400 stores over the next five years, which requires time and capital to improve their appearance, which currently lags behind competitors like
Cartier, which embarked on a global store renovation program in 2015 and is now reaping the benefits of a superior retail concept.
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