more now on tiffany's sales and profit outlook, i'm joined by deborah aiken. thanks for your time. s tiffany's doing to combat currency fluctuations? deborah: if we look ahead, they have a lot of new innovations. maybe that was not advertised in the correct areas. . trying hard with the locals -- elsewhere, there is a strong growth. 9% growth in europe. as we had through this quarter we saw 30% growth last you. it is doing more of the same but across more of the categories focusing on the under $500. mark: the americas make up half of tiffany's sales. the slowdown in the region is going to lead to a 10% decline in worldwide sales in the first quarter. why are the america such a drag on sales? deborah: the dollar. the risk coming in. if we look at the last two quarters, we saw 7% growth in quarter to and quarter three. the americas were flat overall. the 10% decline in top line will be very much related to japan. when we look at the q1 hike japan is almost 40% of sales. a very high comparable. -- 14% of sales. mark: where is the strength of the rebound coming from? deborah: if we are

deborah aiken joins me now from london with more. thank you for your time today.that in the current beauty and personal care sector it is survival of the fittest. we mentioned procter & gamble maintaining its lead but it is narrowing. who is closing the gap? >> if we look at the top four players, procter & gamble's number one. it had a 12% share last year. it has gone down to 11%. l'oreal has gained -- unilever gained 1%. the main loser would be a vonn at -- avon at number eight. mark: what is fueling the demand? >> three things. rise in disposable income in emerging markets. aging population and new populations, not bored and if we look at the mature markets, it's more about innovation driving growth. mark: which companies stand to benefit and which will be harmed by the currency fluctuations we are seeing? >> you can go back and we can have a look at what happened to cage. he says of the european companies have been battling an overvalued euro for 10 years. it has made them strategically aware. they have reduced their portfolios and fine-tuned their cost base. i

deborah aiken joins us. i caught up with you at another part of the building. what is going on?p in profit. >> mostly yeah. you have to look at europe and the context of currency implication from last year. china is still negative. the second half in q4 is less negative. >> right. >> in terms of china, it is in hong kong that seems to be the sticking point? >> it is. if we look at the numbers, i think tourists were down. when you look at product numbers you could see -- >> presumably. the currency is the big issue here is a europe? >> -- big issue here. is it europe? >> the currency following the currency. where you can get more for your money. absolutely. tiffany said 40% of sales are from tourists. that was down significantly. you saw difficulty with the u.s. dollar and what was happening at tiffany's elsewhere. a huge performance from european countries. tourists expected to come in. there's a lot going on in terms of where terse are moving. >> how long do these trends ride out for? perhaps the easing we're seeing in china or hong kong. >> it depends brand by rand and how qui