When
you're a public company, investors' appetite for growth has to be
taken into account when it comes to business strategy. I suspect this
is part of the reason so many publicly-traded luxury brands have
spent the last two decades targeting that "mass affluent"
market. While that approach has generally earned these companies
quite a lot of money on balance, it may have been part of what
tripped up Tiffany
(NYSE:TIF)
this quarter. Even with the disappointment, though, this is still not
what you'd call a cheap stock.
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