LUXURY jewellery maker Tiffany & Co yesterday reported a sharp drop in earnings in the third quarter after disruption caused by protests in Hong Kong hit sales, ahead of the company's acquisition by Louis Vuitton owner LVMH.

The company posted net earnings of $78m (£59.3m) in the three months to 31 October, down 17 per cent on the $95m in 2018.

The US jeweller said total net sales in the Asia-Pacific region were flat at $294m during the period, following double-digit growth in mainland China and a 49 per cent drop in Hong Kong due to "significant disruption" caused by clashes between demonstrators and the authorities.

Last month LVMH announced it had struck a $16.2bn deal to buy the iconic New York brand, as the luxury consumer group attempts to bolster its jewellery and watch portfolio, which already includes Bulgari and Tag Heuer.

(c) 2019 City A.M., source Newspaper