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Tiffany & Co. (NYSE: TIF) reported Tuesday that net sales for the holiday shopping period from Nov. 1 through Dec. 25 increase by 26 percent to record levels, it was announced by William R. Chaney, discount Tiffany Set.The sales gains, compared with the same period in 1988, in each of Tiffany's three channels of distribution were as follows: U.S. retail sales increased 7 percent; direct marketing sales rose 17 percent, reflecting strong performance both in Tiffany's corporate and catalog businesses; and international retail sales gained 170 percent, resulting from continued strong sales to consumers in the Far East and Europe, (Results are based on preliminary, unaudited sales.)Chaney stated that "these fine results continue to confirm Tiffany's strategic advantage of being a geographically diversified company with multiple channels of distribution. We are most gratified with our growing success in serving discriminating consumers around the world.""As we enter a new decade, we are especially excited about Tiffany's many opportunities for continued expansion in both new and existing markets in the United States, the Far East and Europe," Chaney added."Our plans for 1990 include new full-line Tiffany stores in the Washington, D.C. and Philadelphia markets, a boutique in the new Taj Mahal Resort in Atlantic City, and a relocation and expansion of our Beverly Hills store."We also look forward to discount Tiffany Watch an expanded client base of U.S. corporations and increasing our distribution of Selections catalogs through our Direct Marketing activities."Internationally, we plan to expand our market opportunities in the Far East and Europe through Tiffany stores and boutiques, and will increase the size our Zurich store."Tiffany merchandise offerings include an extensive selection of fine jewelry, sterling silverware, china, crystal, watches, clocks, stationery, leather goods, scarves and fragrance.

In addition to its flaship New York store, Tiffany operates retail stores in Atlanta, Beverly Hills, Boston, Chicago, Costa Mesa, Dallas, Houston and San Francisco.Exclusive Tiffany merchandise is also offered through a select group of prestigious jewelers and specialty retailers in other cities. Direct Marketing is carried out through the corporate division and the Tiffany Selections catalog.International retail sales are made through Mitsukoshi department stores and a wholesale distributor in Japan, the Tiffany stores in London, Munich, Zurich and Hong Kong, and through Faraone tiffany in Milan and Florence.Tiffany & Co. (NYSE: TIF) has purchased a significant interest in Faraone S.p.A., one of Italy's most prestigious jewelers. In addition to its flagship store in Milan, Faraone operates a retail store in Florence.William R. Chaney, chairman of Tiffany said, "We view this venture as a unique opportunity to introduce Tiffany merchandise in the Italian market. Both Tiffany and Faraone have several complementary channels of distribution which will provide synergistic opportunities. This represents a marriage of two great companies.""Faraone provides Tiffany with an important presence in Italy where a strong consumer awareness of Tiffany already exists," Chaney continued."In Faraone, we have a well-established, highly regarded jeweler with an outstanding reputation. Faraone stores will now also offer a selection of Tiffany merchandise."

Chaney added, "This relationship provides Tiffany with retail stores in Italy's most exclusive shopping areas, located on Via Montenapoleone in Milan and on Via Tornabuoni in Florence. In addition, Faraone provides Tiffany with existing wholesale trade and corporate businesses and jewelry manufacturing capabilities."Commenting on the agreement, Cesare Settepassi, managing director of Faraone said, "I am extremely pleased with this new relationship with Tiffany & Co. The 45-year heritage of Faraone will continue and our future opportunities will be enhanced by Tiffany's financial cheap Tiffany Bangle and its worldwide reputation." Settepassi added, "Tiffany is more than 150 years old, and like Faraone, is a uniquely prestigious jeweler."Under terms of the agreement, Faraone management will retain an ownership position in the company and Settepassi will continue to operate the stores under the Faraone name.Tiffany merchandise offerings include an extensive selection of fine jewelry, sterling silverware, china, crystal, watches, clocks, stationery, leather goods, scarves and fragrance.In addition to its flagship New York store, Tiffany operates retail stores in Atlanta, Beverly Hills, Calif., Boston, Chicago, Costa Mesa, Calif., Dallas, Houston and San Francisco.Exclusive Tiffany merchandise is also offered through a select group of prestigious jewelers and specialty retailers in other cities.