tiffany and co case study

Tiffany & Co. Case Study: A New Generation of Jewellery

• Written by Sydni Rambo
• Jewelry Marketing , Luxury Management
• November 1, 2021

In January, the multinational French luxury goods corporation- Moët Hennessy Louis Vuitton (LVMH) successfully acquired a timeless jewelry brand- Tiffany & Co. for $15.8 Billion US Dollars . Since then, Tiffany & Co. has undergone numerous changes as they reposition their brand image to adhere to a younger generation rather than an image that reminds you of “your mom’s jewelry”. Let’s dive into the details.

• How did Tiffany & Co. become so successful?
• The Tiffany Blue
• The Signature Setting
• The Mark for Silver
• Influencers and Marketing
• A Time for Change
• Social Media
•  Statistics
• Key Changes
• Conclusion                    

1. How did Tiffany & Co. become so successful?

With a $1,000 advance from his father, Charles Lewis Tiffany began a “stationery and fancy goods store”. In 1837, he and John B. Young (a friend) rapidly grew his business and began selling glass, cutlery, jewelry, clocks, and other goods.

The company set a new precedent by implementing set prices since bargaining was the standard back then. This implementation would set their prestigious standards. While most jewelers at the time took credit, this company decided to only accept cash payments. This attracted a different market because it was only the wealthiest consumers who could afford to pay cash upfront for the high-quality goods.

“ Tiffany, Young, and Ellis ,” later became the international luxury jeweler and specialty retailer Tiffany & Co. The brand strived to continuously implement a commitment to successful operations pertaining to strategizing as well as adhering to very diverse generations so that they would never lose their essence of “excellence in jewelry design, luxury and customer service”.

2. The Tiffany Blue

As a marketing strategy, Tiffany & Co. trademarked Tiffany Blue , which is a color inspired by the medium-colored shade of Robin’s egg . The success with this color affiliation to the brand later led to the creation of the “ little blue box .” Due to its easily recognizable shape, size, and color, Tiffany has set rules to not allow a Tiffany blue box to leave the store without containing a purchased merchandise item inside. The exclusivity of the packaging along with the products made Tiffany items even more desirable to consumers.

3. The Signatue Setting

Tiffany and Co. introduced their “Tiffany setting” for rings. This setting is different from others because the band sits close to the finger and includes six prongs that securely hold a round brilliant–cut Tiffany diamond. This forever changed the design of engagement rings, because this setting allowed more light to enter the diamond from all sides. The Tiffany engagement ring setting is arguably the most popular setting in the world and is most certainly Tiffany’s bestseller .

3. The Mark Of Silver

Tiffany was the first US company to adopt the 925 / 100 European sterling silver standard. Tiffany & Co. accepting this standard was instrumental in their success as it did not become adopted by the United States in 1851. Later, in 1867 at the Paris Exposition Universelle, Tiffany became the first American company to win the prize for excellence in sterling silver craftsmanship.

4. Influencers and Marketing

Tiffany was appointed as the royal jeweler for the crowned heads of Europe, Ottoman Emperor, and the Czar and Czarina of Russia, following the Paris Fair in 1900. As mentioned previously, Tiffany & Co. worked alongside the wealthiest families in America, such as the Vanderbilt , Whitney , and Astor families on commissioned silver services and jewelry.

Famous Figures and Tiffany

• Franklin Roosevelt purchased a Tiffany engagement ring for Eleanor Roosevelt in 1904.
• Tiffany was also a favorite of First Lady Jackie Kennedy , who wore a Tiffany brooch gifted to her by President John F. Kennedy following the birth of their son.
• President Abraham Lincoln purchased a Tiffany seed pearl necklace and earrings for his wife, who wears them to the inaugural ball.
• Mary Whitehouse , wife of American diplomat Edwin Sheldon Whitehouse.
• Hollywood icon Audrey Hepburn , Recognised as both a film and fashion icon, she was ranked by the American Film Institute as the third-greatest female screen legend from the Classical Hollywood cinema and was inducted into the International Best Dressed List Hall of Fame.

Celebrities and Tiffany:

Today, Tiffany is still working with celebrities to elevate their brand and the luxury of their jewelry. Recently, Tiffany & Co. partnered with singer, songwriter, and actress, Lady Gaga, to attract attention from the new millennial generation.

Other notable celebrities include:

• Beyoncé Giselle Knowles-Carter (Beyoncé)- an American singer, rapper, songwriter, and actress who rose to fame in the late 1990s as the lead singer of Destiny’s Child, one of the best-selling girl groups of all time.
• Hailey Beiber (Hailey Baldwin)
• Kendall Jenner
• Ariana Grande
• Camilla Cabello
• Kim Kardashian
• Khloe Kardashian
• Selena Gomez
• Paris Hilton
• Vanessa Hudgens
• Taylor Swift
• Reese Witherspoon
• Jennifer Lopez
• Margot Robbie
• Jennifer Lawrence
• Natalie Portman
• Jessica Biel
• Gwyneth Paltrow
• Kate hudson
• Lea Michele
• Blake Lively
• Cameron Diaz
• Kate Middleton
• Jennier Aniston
• Jessica Simpson
• Anne Hathaway
• Demi Lovato
• Carrie Underwood

6. A Time For Change

As Tiffany & Co. fell under new management , so came a shift in the brand’s focus. The new strategy was to introduce elegant, high-end, sparkling jewelry, and stray away from the affordable, sterling silver product lines. Even with this very diverse direction in mind, CEO Bernard Arnault of the LVMH Group stated: “We will prioritize Tiffany’s long-term desirability over short-term constraints” .

The brand settlement was set to take place in 2020 however constraints due to the COVID-19 pandemic delayed this process. The case ended up taking place in early 2021 in a Delaware court, not too far from my Delaware home. Bernard Arnault has also appointed his son Alexandre Arnault – who served as the former CEO of LVMH-owned luggage brand Rimowa – as Tiffany’s executive vice-president of product and communication. He is now working with Tiffany’s newest CEO Anthony Ledru (formerly the head of Louis Vuitton in the Americas).

Anthony Ledru, brings a diverse perspective to the repositioning of Tiffany & Co. He comes with a background from Harry Winston and Cartier where he held senior positions. The repositioning set fire when Tiffany & Co. purchased an 80-carat D color internally flawless diamond . This diamond is intended to be used in Tiffany’s most expensive necklace to ever be produced and set for sale. The diamond necklace is expected to be unveiled in 2022 when the doors of Tiffany & Co’s. transformed Fifth Avenue flagship store reopens . A Tiffany spokesperson confirmed the final price will be “within the eight-figure range”, making it more than $10 million US dollars.

 Victoria Reynolds, Tiffany & Co. Chief Gemologist said: “What better way to mark the opening of our transformed Tiffany flagship store in 2022 than to reimagine this incredible necklace from the 1939 World’s Fair, one of our most celebrated pieces when we opened our doors on 57th Street and Fifth Avenue for the first time.”

7. Social Media

In Tiffany’s most recent campaign “ Not Your Mother’s Tiffany ” which has been trending on Instagram as well as on the advertisements of Manhattan, they have indicated their desire for change and improvements. One of these changes clearly points to introducing new high-end jewelry as stated previously. Signs point to this as the ads picture a model rocking a $1,500 US dollar bracelet as well as a pricey silver chain link necklace. Other ads incorporate multiple models wearing casual clothes and “carefully unstyled” hair . This form of advertising was used to convey a younger, more gen-z appropriate style.

8. Statistics

Tiffany & Co.’s full-year earnings will no longer be made publicly available, but in 2019 the company’s revenue totaled $US 4.4 billion dollars. In its most recent financial report (from November 2020) which covered the first nine months of the year, it was noted that Tiffany’s revenue had fallen by approximately 25% as a result of impacts caused by the COVID-19 pandemic.

This means that the total revenue for the year would have been approximately $US3.3 billion, this value is approximately equal to LVMH’s division of existing Watches and Jewelry, which includes Tag Heuer, Fred, Chaumet, Zenith, and Bulgari.

In 2020, the Watch and Jewelry division recorded revenue of EUR 3.4 billion dollars which represented 7.5% of the LVMH Group’s total revenue as well as a decline of 24% from the previous year.

9. Key Changes

• Tiffany’s brand repositioning no longer recalls the iconic Audrey Hepburn . Audrey Hepburn brought worldwide attention to Tiffany’s in the 1961 movie, “Breakfast at Tiffany’s”.
• The management of LVMH is expected to replicate the same control strategy for Tiffany & Co. that they took when acquiring Louis Vuitton.
• Tiffany and Co. is planning to introduce men’s engagement rings as well. This new product line is another effort to attract a younger, more diverse market of consumers.
• As of right now, there is no indication that Tiffany will have unusual apparel for its exclusive clientele but there have been rumors that this will soon be coming. Only time will tell.

Tiffany & Co. is continuously improving their brand and working hard to ensure that its legacy lives on. Tiffany and Co’s repositioning strategy is just another step in the right direction . The brand holds a special place in my heart because when I turned sixteen I had the privilege of walking into the Tiffany store on Fifth Avenue and walking out with my very own little blue box that contained a “Return to Tiffany Heart Tag Pendant Necklace”. Even in 2016, to a sixteen-year-old, the jewelry felt timeless .

Return to Tiffany Heart Necklace

Coming from someone who loves the brand, owns the products, and is a gen-z female, I think this new take on the company will prove to be very successful.

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Tiffany & Co: A Case Study in Diamonds and Social Responsibility

November 17, 2004 • 13 min read.

"Minerals should - and can - be extracted, processed and used in ways that are environmentally responsible." Those words, coming from Michael J. Kowalski, chairman and CEO of Tiffany & Co., set the stage for a discussion last week of the luxury jeweler and specialty retailer's recent efforts to bring about industry reform. Kowalski spoke to a Wharton marketing class that looked at such issues as how Tiffany should proceed in its campaign to promote responsible mining, what the campaign might do to its brand equity, and how the public commitment to reform could affect consumers and shareholders.

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Rebranding: A Case Study on Tiffany & Co.

A number of rebrands across all industries have graced our newsfeeds in the past few months, from high jewelry to beauty to pharmaceutical brands. A move like this can easily cost from USD$90,000 to USD$1,000,000+ depending on the size and complexity of a business, its positioning in the market, and the company’s long-term business strategy. So why would brands undertake such a mammoth task? Brand equity - the power of a name is priceless.

Sarah Chen Lin

June 27, 2022

5.4 minutes

What exactly is a rebrand?

A simplified way of understanding branding is by thinking of a brand as a person . A person has a set of non-physical characteristics that make up who they are, what we refer to as brand values. For instance, a person might be optimistic, extroverted, and a nature-lover. These characteristics may manifest through the colorful clothes they wear and/or the bold statements they make about climate change. These physical expressions make them identifiable, what in branding we refer to as a brand identity (a composition of different brand elements). Brand elements can be a logo, a design motif, the color palette, the typography, the imagery style and more. Each of the elements carry a different weight for the brand. For instance, the Tiffany Blue has been and remains a vital brand element to the Tiffany & Co. brand. A rebrand is when brand elements change significantly, like putting on a new outfit or changing the color of one’s hair. Brands are allowed to be bold in breaking expectations as long as they don’t compromise their brand values.

Why rebrand?

Rebranding is a vital strategy to boost brand awareness and sales down the line, to target new consumer segments, and to harmonize an entity. Rebranding can also be used to cover up past blunders sometimes. We leave the ethics to your judgement.

When is it optimal?

Brands tend to rebrand on average every 5 to 10 years. This varies per industry and the size of the company. For instance, FMCG brands in general tend to rebrand faster because that particular consumer segment loves novelty. From our experience, we can attest that rebranding often takes place when there is a change in C-suite level management, which often subsequently leads to changes in company strategy. The strategies can range from streamlining product offers, restructuring sales channels, introducing new services, acquiring new companies, entering new markets or all of the above and more. A rebrand signals a new phase .

Note, this practice is uncommon for the luxury industry. When it does happen, it is executed with utmost skill and sometimes with an intentional hint of controversy.

How does rebranding work?

Stage 1 - The Reflection

The first step is usually conducting an in-depth assessment of the business and the brand (notice the two are separate). Together with the client, we then establish the scope of the rebrand. Sometimes it’s not a complete overhaul but more of a transition. ‍

Stage 2 - The Creation

This is where the fun begins! We go through a series of brain-stretching workshops with key stakeholders from different departments to identify the essence that will be carried forwards and likewise be used as a means to align everyone. We dig into a treasure chest of historical documents, stories, past design sketches etc. and work closely with the client to develop the brand house, the new visual identity, and a new communications strategy. Stage 3 - The Execution

The entire process can take up to 8 months or longer for multinational organizations, sometimes even longer considering the number of brand assets that need to be produced. At Point.of we often collaborate with clients and vendors during the production process, ensuring every detail is accurate and making adjustments where necessary. 

Now, every design team has their unique approach. To learn more about how brand elements can be developed during a rebrand, our friends at Toptal put together an insightful case study on what they did for Australia’s IPAA.

Read more by clicking here

Tiffany & Co., the brand up close

What makes a brand everlasting? 5 irreplaceable ingredients: uniqueness, authenticity, consistency, innovation, and time. ‍

Uniqueness: A brand must stand out in terms of its offer (the business itself), values (brand values), aesthetics (visual identity), and its engagement style (marketing & communications).

Authenticity: Just like being kind is considered cool now, the same goes for brands. Tiffany & Co. has always remained authentic to its brand values: creativity, happiness, love, and strength. Despite yet another controversial campaign shot with Beyoncé and Jay Z (see comments below), the brand has technically remained true to its values. It’s simply being communicated differently. ‍

Consistency: Probably our favorite word. Why founder Charles Lewis Tiffany chose this specific shade of blue is unknown. All we know is that the Tiffany Blue was first introduced in 1845 as the cover color of the Tiffany Blue Book catalog and later in 1878 in the form of the Tiffany Blue Box. The founder insisted all jewelry had to be packaged in this iconic blue box, ensuring the brand would be associated with it for years to come. Towards the end of the 19th century when the brand began to expand worldwide, it continued to use the Tiffany Blue at different touchpoints. It's amazing to think that the founder understood brand strategy almost 200 years ago! ‍

See Images: 1878 Tiffany Blue Box and Tiffany's pavilion at the 1889 Paris World's Fair (Source:  Tiffany & Co. Archives )

Innovation: The most desirable brands are almost always the ones that lead the trends. Did you know Tiffany & Co. released (arguably) the first mail-order catalog in the world in 1845? The blue shade here would change over the years until ~1966 when the company settled on a color closer to the Tiffany Blue known today. Nevertheless, the brand was truly the first to claim this shade. There are various innovative achievements we will not cover here but that still remain admirable.

Time: Depending on how well a company manages the above 4 ingredients, time can either break or strengthen a brand. The same can be said for famous brands in other industries. For instance, what brand do you think of if we say "a check mark" or “golden arches”? Exactly :)

Our Point.of View

Insiders shared that the brand plans to revamp its flagship stores worldwide, focus on its gemstones and gold categories, and refresh its image to capture Gen Z - the new cool kids. The flamboyant yellow that was released on April Fool’s day, the yellow-themed pop-up in Los Angeles, and the Not your mother’s Tiffany campaign were likely a communications exercise to turn the brand into more of a lifestyle, as Alexandre Arnault has famously done with Rimowa. A full-on rebrand is unlikely and here is why. ‍

See Images: Tiffany Los Angeles 2021 pop-up (Source:  ELLE Hong Kong) ‍

The last time the Tiffany & Co. brand was updated was in 2003 with the help of agency Pentagram. The logo was redrawn via a hand-drawing technique and then downsized by 40% on the packaging to help the Tiffany Blue stand out even more. Constantly refining brand elements in subtle ways is common practice. What also became common was a roster of luxury brands redesigning their logos with sans serif fonts to adapt to the digital landscape (see below), so much so that they all look similar. It is unlikely Tiffany & Co. will go towards this direction and it is worth noting that its current logo trademarks remain active. ‍

See Image: Sans serif evolution of luxury logos (Source:  Velvetshark) ‍

This year, we’re noticing the brand photography evolve and move away from its traditionally wholesome image by leveraging edgier brand ambassadors who are at the top of their game in their respective fields: Beyoncé, Jay-Z, Tracee Ellis Ross, Anya Taylor-Joy, and Eileen Gu. Not only is this “shock effect'' signature to LVMH’s marketing playbook but these are clear signs of brand elements evolving. Brand elements can change but never brand values, an unspoken rule in branding. The name of the brand and its essence carry more weight compared to everything else. So the Tiffany Blue and the brand imagery can technically be changed, though we think it’s more likely new colors will be introduced instead further down the rollout. ‍

See Images: Tiffany & Co. Facebook page (Source: Tiffany & Co.) ‍

As a point of reference, it is also worth noting that trademarks last for 10 years in the United States and must be renewed to remain active. The Tiffany Blue trademark was last renewed in 2015 and the Tiffany Blue Box in 2020. No new trademarks under TIFFANY (NJ) LLC have been filed as of this blog’s publishing date.

Furthermore, Tiffany & Co. has 30 flagship stores globally according to its annual report. 2025 is just around the corner and renovating a single luxury flagship takes two years on average, costing USD$3,000,000 to USD$5,000,000. Should a full-on rebrand take place, it is unlikely all 30 flagships will be renovated but the possibility still remains for the most beloved stores. The New York flagship is already undergoing renovations and is expected to open its doors during Fall 2022. We can’t help but wonder!

As for the blue boxes, it’s unlikely the brand will suddenly offload such a valuable brand asset considering all the sunk investments. LVMH may have deep pockets but they’re still financially strategic. ‍

The most skillful rebrands are well maneuvered transitions and not sudden overhauls. This way the brand ensures its core customers are retained while acquiring new ones. Tiffany & Co. however seems to be playing a different game with its communications, but it’s unlikely the brand identity as a whole will change once the dust settles.

‍ The Tiffany & Co. timeline /Form 10-K Tiffany & Co Annual report [Section 13 and 15(d), not S-K Item 405]/TIFFANY BLUE - JUSTIA Trademark Details /JUSTIA Image Trademark with Serial Number 75544375 Logotype and packaging makeover for the quintessential luxury retailer - Pentagram /Tiffany & Co.'s Brilliant History - Sotheby's /How Tiffany & Co. monopolized a shade of blue - CNN /Tiffany & Co. Names New Creative Director Under LVMH Leadership - WWD/Art and Design Context - Jenny McGibbon /Did LVMH Make or Break Tiffany By Turning It Yellow? - Jing Daily /Yellow Is The New Blue As Tiffany & Co Debuts New Color Scheme Under LVMH Marketing Plan - Forbes /網民驚嘆：「No more Tiffany blue?」拆解Tiffany & Co.美國開設黃色pop-up store快閃店之謎！- Elle Hong Kong /Commercial Guide: Your Retail Renovation Budget - Sweeten

Negotiation Strategy: LVMH Acquisition of Tiffany & Co.

• Peter Lynch

The Chairman and CEO of LVMH, Bernard Arnault, developed a reputation as a ruthless negotiator in the course of building the largest luxury goods conglomerate in the world (much of which was accomplished via acquisition). So much so, in fact, that over time, he earned the moniker “Wolf in Cashmere.” And in the process of posturing to acquire Tiffany & Co. (“Tiffany”), Arnault’s deal-making tactics were on full display (see video at the bottom of this post).

Long before LVMH publicly announced any designs on acquiring Tiffany & Co., Arnault made the decision to build a Louis Vuitton factory in Texas, likely at least in part to win over the President of the United States in anticipation of smoothing the path for a future acquisition.

This was not the first Louis Vuitton factory built on US soil and reporting at the time did not suggest that there was an ulterior motive. But once the Tiffany acquisition was announced, many saw it as a brilliant strategic maneuver. Per a Harvard Business School case study, the factory opening was designed to further strengthen Arnault’s relationship with the Trump administration:

Before going public with LVMH’s intention to acquire Tiffany, Arnault wanted to ensure that his efforts to own the iconic American brand would not face any hurdles from the US government. He set in motion a plan to gain the support of a person who could remove any potential roadblocks from the deal’s approval process – US President Donald Trump.

In October 2019, LVMH opened a new factory in Texas for its Louis Vuitton brand. The move raised eyebrows in the luxury retailing world because manufacturing operations for Louis Vuitton were primarily based in Europe (mainly France and Italy). LVMH promised to provide 1,000 jobs for Americans at the Texas facility, but only 150 were employed at the time of its opening. Arnault nevertheless managed to get President Trump to attend the facility’s opening ceremony. At the ribbon cutting event, President Trump promoted his administration’s success in bringing manufacturing jobs back to the US and noted, “[t]oday, we continue the extraordinary revival of American manufacturing and we proudly celebrate the opening of the brand-new Louis Vuitton – a name I know very well… cost me a lot of money over the years.”*

The Louis Vuitton Texas factory opening received incredible press coverage, and Arnault convincing Trump to attend the event was a brilliant maneuver. At the time, the Trump administration was focused on bringing jobs back to the United States, and Donald Trump was publicly critical of companies moving jobs overseas. A foreign company buying a prime US asset such as Tiffany might otherwise have been viewed negatively by the Trump Administration, whose Justice Department would have a primary say in whether or not to challenge the acquisition on anti-trust or “national security” grounds. It seems likely that Arnault anticipated and found a way to mitigate this challenge, while managing to flatter the US president in the process.

Note: This content pulls from the Private Equity Training course titled Deferred Closing vs Sign and Close, which describes differences between a simultaneous sign and close and a deferred closing in a stock purchase agreement.

@asimplemodel Negotiation strategy and posturing in private equity and M&A transactions. LVMH acquisition of Tiffany & Co displayed Bernard Arnault’s clever approach. #privateequity #finance #investing #donaldtrump #louisvuitton #LVMH #tiffanyandco #mergersandacquisitions #negotiation ♬ original sound – ASimpleModel

*Guhan Subramanian, Julian Zlatev, Raseem Farook | “LVMH‘s Bid for Tiffany & Co.” | The Harvard Business School | 3/22/2021 | p. 3

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Shortlisted 2018

Lifestyle, luxury & fashion, tiffany & co., lead agency, hardwear launch, the challenge.

Tiffany and Co. has varying perceptions across the world—from America’s darling silver brand to a high end, established luxury jeweller. Because the culture of each market yields varying opinions about Tiffany & Co., the 180- year old brand strived to reinforce its place in the luxury market place as a must-have fashion brand across the globe.

In 2017 Tiffany & Co. sought to reinvigorate its fashion jewelry offering with a new and unexpected downtown streetstyle line in hopes to transform brand perception in the eyes of the trendy, fashion-forward consumer. Their solution was to launch an edgy and rebellious collection that symbolizes the creativity and versatility of the brand with Lady Gaga at the forefront. Dubbed the HardWear collection, the fresh new product offering was first launched in the United States during the Super Bowl to align with Lady Gaga’s unforgettable half time performance.

Wavemaker, formerly MEC, was tasked with extending the business impact of the HardWear launch across 32 markets. What happened next was a mission to turn a 180-year-old brand into a 31-year-old worldwide style icon.

The Strategy

Stage 1: Make an Entrance By creating an intricately woven video narrative with Lady Gaga expressing her love and respect for Tiffany & Co., we were able to connect with the influencer & fan base through storytelling in a much more authentic way. Coupled with unique formats and opportunistic placement, the campaign launched in various stages across the largest markets.

In the United States, unique synergies were found when the spot aired in the last placement before the halftime show… when Lady Gaga herself took center stage.

In Australia, where Tiffany has inherited a silver perception, we needed to give a dramatic edge to the brand. Style powerhouse ‘Who What Wear’ was leveraged by aligning, and integrating on brand messaging and editorial with the #Streeties award, highlighting the best in street fashion.

In the luxury-laden European market, innovative and high impact units dominated mobile. Shoppable video overlays and canvas units grabbed attention and boosted opportunity for sale.

Stage 2: Maintain Momentum Does the cool girl have to say she is cool? We didn’t think so. Rather than touting the new collection through our messaging, we leveraged go-to style voices worldwide to tell our story in a more natural way. Aligning Tiffany and owned Lady Gaga content with the style influencers and publications on the edge of fashion, we shined a new light on an old brand. Worldwide Tiffany HardWear infiltrated style blogs, “must have” lists, publisher Instagram posts and A-list parties. Just as fashion is absorbed and curated, our media was disseminated.

The Implementation

We targeted Lady Gaga’s extensive fan base, edgy fashionistas and lookalikes of Tiffany customers to extend the reach of the spot on both YouTube and Facebook. Search strategy was also adjusted to absorb those searching for “Lady Gaga”.

Influencers were handpicked based on alignment with the HardWear ethos and their influence in key urban markets – London, New York, LA, and Miami. Media programs facilitated launch parties to bring together influencers, editors, and style icons for additional earned editorial and social support. Through a series of Facebook Posts, Instagram Photos and Snapchat Stories, the influencers shared their personal, surprising experiences of wearing the collection.

They also posted live updates from the HardWear market launch events to their avid followers

Additional media support across Print, Digital, Social, and OOH were customized to combat the varying in-market perceptions. In Italy, OOH appeared in Milan. Bespoke custom photo shoots by Senatus and Grazia elevated the brand and created awareness in Asia Pacific

On Facebook and Instagram worldwide we utilized immersive canvas and carousel posts to make the collection explorable. Social eComm-driving formats were then used to retarget consumers and close sale.

Shoppable display and video content was emphasized across Digital and Social platforms to strengthen e-commerce results across desktop and mobile.

• E-commerce sales were up 10% in 1H’17 vs. 1H’16 (North America) • 135% lift in Product Searches for HardWear vs. Tiffany from Feb-June (US) • Shoppable overlay on WWW delivered 5.81% CTR & a record number of clicks (9,000+) across their social platforms (UK) • Video completion rates on Mobkoi of 42.75% excelled against industry average benchmarks of 25-30% (UK) • Brand Studies demonstrated advertising effectiveness • Significant gains in spontaneous awareness (+25%) helping propel brand to 1st brand that comes to mind when thinking of high end jewellery (UK) • Tiffany increased brand leadership amongst key competitors with positive brand consideration at 79% exposed vs 72% unexposed (UK) • Campaign helped spark overwhelming positivity & curiosity towards the new collection, with 42% feeling compelled to take positive action as a result of seeing campaign (UK) • Lady Gaga’s Super Bowl placement boosted searches and views on YouTube, effectively increasing ad recall 148% above benchmark. (North America) • Targeted Facebook efforts yielded 8-point lift in Brand Affinity (North America)

• Tags 2018 , case study , LIFESTYLE , LUXURY & FASHION , Shortlisted , TIFFANY & CO.:HARDWEAR LAUNCH , WAVEMAKER

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LVMH completes the acquisition of Tiffany & Co.

January 7, 2021

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LVMH Moët Hennessy Louis Vuitton SE, the world’s leading luxury products group, announced today that it has completed the acquisition of Tiffany & Co. (NYSE: TIF), the global luxury jeweler. The acquisition of this iconic US jeweler will deeply transform LVMH’s Watches & Jewelry division and complement LVMH’s 75 distinguished Maisons.

Bernard Arnault, Chairman and Chief Executive Officer of LVMH, commented: “I am pleased to welcome Tiffany and all their talented employees in our Group. Tiffany is an iconic brand and a quintessential emblem of the global jewelry sector. We are committed to supporting Tiffany, a brand that is synonymous with love and whose Blue Box is revered around the world, with the same dedication and passion that we have applied to each of our prestigious Maisons over the years. We are optimistic about Tiffany’s ability to accelerate its growth, innovate and remain at the forefront of our discerning customers’ most cherished life achievements and memories. I would like to thank Alessandro Bogliolo and his team for their dedication to Tiffany and their work over the past three years, especially during this challenging period.”

Tiffany Executive Leadership

In conjunction with the closing of the transaction, LVMH has announced several leadership appointments at Tiffany:

• Anthony Ledru, previously Executive Vice President, Global Commercial Activities at Louis Vuitton and formerly Senior Vice President of North America at Tiffany, becomes Chief Executive Officer of Tiffany, effective immediately.
• Alexandre Arnault, previously Chief Executive Officer of high-quality luggage company RIMOWA, becomes Executive Vice President, Product and Communications of Tiffany, effective immediately.
• Michael Burke, the Chairman and Chief Executive Officer of Louis Vuitton, will become Chairman of Tiffany Board of Directors.

Leadership Transitions

• Alessandro Bogliolo, the current Chief Executive Officer of Tiffany, has agreed to remain with the company to facilitate the transition through January 22, 2021, after which time he will depart the company.
• Reed Krakoff, Chief Artistic Director, and Daniella Vitale, Executive Vice President and Chief Brand Officer of Tiffany, will depart Tiffany after a short transition of responsibilities.

Anthony Ledru, Chief Executive Officer of Tiffany, said: “I am delighted to re-join Tiffany, the most iconic American luxury brand which I have long admired. The inclusiveness and optimism upon which Tiffany was founded resonate now more than ever. I also come back to a Maison that is at the forefront of the environmental and sourcing standards in its industry. Going forward, I have deep confidence in LVMH’s commitment to protect the brand, drive its growth strategy and apply the highest standards of retail excellence to Tiffany. The potential ahead is limitless, and I look forward to writing this next deeply promising chapter, along with the 14,000 Tiffany employees around the world.”

Alessandro Bogliolo, former Chief Executive Officer of Tiffany, commented: “I am honored to have led Tiffany as a public company and contributed with such a talented team to further strengthening Tiffany’s iconic standing. Thanks to the hard work and commitment of all our team members, Tiffany is ideally positioned to continue its growth. I would also like to take this moment to thank Reed and Daniella for having led the creative vision, digital and marketing direction for the company. We can all be proud of what we achieved together over the past three years and, I am convinced that Tiffany will thrive under LVMH leadership. I look forward to ensuring a smooth transition to Anthony and his team and wish him and all the Tiffany community continued success in the years to come.”

Leadership Biographies

• Anthony Ledru has more than 20 years of experience in the luxury industry. He was the Executive Vice President of Global Commercial Activities at Louis Vuitton since 2017, which he joined three years before as President & Chief Executive Officer of Louis Vuitton Americas. Prior to that, he was Senior Vice President of North America at Tiffany & Co. between 2013 and 2014 and served as Global Vice President of Sales for Harry Winston International. He started his career in the luxury sector working for Cartier between 1999 and 2011, first in Latin America and then in the United States. where he was Vice President of Retail for the company’s North American business. Anthony Ledru holds a master’s degree from SKEMA Business School.
• Alexandre Arnault has led RIMOWA since January 2017, after initiating and leading its acquisition by LVMH. His professional career began in the United States in strategic consulting, at McKinsey & Company, then in private equity at KKR in New York. He then joined LVMH and Groupe Arnault to focus on digital innovation. In this capacity, Alexandre Arnault participated in the definition and implementation of a strategy to address the challenges of the development of e-commerce in the high-quality products sector. Over the past four years, he has successfully repositioned RIMOWA and elevated its brand image. Alexandre Arnault graduated from École Telecom ParisTech and holds a master’s degree from École Polytechnique.

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Case study: How Tiffany & Co. heightens public awareness of responsible mining issues and supports the development of broadly acceptable standards for responsible mining

Diamond and precious metal supply chains can be long, complex and often lacking in transparency. As a result, most people – including many jewelry retailers – traditionally knew little about who mined their jewelry materials and how. Together with jewelry industry associations and concerned nongovernmental organizations, Tiffany & Co. tries to lead the jewelry industry in responsible mining.     Tweet This!

This case study is based on the 2014 Sustainability Report by Tiffany & Co. published on the Global Reporting Initiative Sustainability Disclosure Database  that can be found at this link . Through all case studies we aim to demonstrate that CSR/ sustainability reporting done responsibly is achieved by identifying a company’s most important impacts on the environment and stakeholders and by measuring, managing and changing.

Tiffany & Co. is committed to obtaining precious metals and gemstones in ways that are socially and environmentally responsible and, as a long-time leader in the jewelry industry, works to advance rigorous responsible mining standards. After measuring and setting targets, Tiffany & Co. took action to develop a globally recognized standard for responsible mining, advance responsible business practices throughout the diamond, gold and platinum jewelry supply chain, embrace social, human rights and environmental standards for the extraction of gold, identify best practices across the entire jewelry supply chain and, also, support the development of standards for the responsible mining of precious metals and gemstones at the artisanal level.

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With this case study you will see:

• Which are the most important impacts (material issues) Tiffany & Co. has identified;
• How Tiffany & Co. proceeded with stakeholder engagement , and
• What actions were taken by Tiffany & Co. to heighten public awareness of responsible mining issues and support the development of broadly acceptable standards for responsible mining

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What are the material issues the company has identified?

In its 2014 Sustainability Report Tiffany & Co. identified a range of material issues, such as ethical sourcing, governance, building footprint, Tiffany & Co. employees, charitable giving. Among these, collaborating with other forward-looking leaders in the jewelry industry and with nongovernmental organizations to heighten public awareness of responsible mining issues and support the development of broadly acceptable standards for responsible mining stands out as a key material issue for Tiffany & Co.

Stakeholder engagement in accordance with the GRI Standards

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The organization should identify its stakeholders, and explain how it has responded to their reasonable expectations.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups Tiffany & Co. engages with:

How stakeholder engagement was made to identify material issues

Sustainability is inherently collaborative and stakeholder-driven. Tiffany & Co. has long recognized and embraced the integral role that stakeholders play in its business, including Tiffany & Co. employees, stockholders, nongovernmental organizations (NGOs), industry members and supply chain partners. Tiffany & Co. values its stakeholders’ involvement in improving practices across the industry and throughout the jewelry supply chain.

Longstanding relationships with NGOs provide Tiffany & Co. with important perspectives on environmental and labor issues facing its industry. Tiffany & Co. co-hosts and participates in dialogues and multistakeholder initiatives convened by NGOs on a variety of topics affecting its industry and beyond. Engaging with mining companies, the luxury industry, local communities and industry associations gives Tiffany & Co. an opportunity to shape best practices across the sector. It also ensures that diverse points of view are considered in efforts to raise the bar on responsible mining standards and supply chain management matters.

What actions were taken by Tiffany & Co. to heighten public awareness of responsible mining issues and support the development of broadly acceptable standards for responsible mining?

In its 2014 Sustainability Report Tiffany & Co. set the following targets for heightening public awareness of responsible mining issues and supporting the development of broadly acceptable standards for responsible mining, based on the company’s approach to materiality – on taking action on what matters, where it matters:

• Developing a globally recognized standard for responsible mining

Tiffany & Co. believes the jewelry sector needs an independently verifiable mining assurance system that establishes rigorous standards for social and environmental performance. To that end, Tiffany & Co. is a founding member and continues to serve on the steering committee of IRMA (Initiative for Responsible Mining Assurance). Tiffany & Co. is hopeful that by working collaboratively with a diverse group of stakeholders, IRMA will be successful in developing a consensus-based, third-party certification standard that will be widely embraced by companies that use mined materials, the mining sector, civil society and, most importantly, consumers. After years of important dialogue, debate and productive compromise, IRMA released its draft Standard for Responsible Mining for public comment in 2014 and solicited feedback from diverse audiences. This process represented a critical milestone for the multistakeholder initiative. In 2015, IRMA planned to pilot the draft standard and release a revised draft for a second round of review, comments and revisions before a final standard was adopted. IRMA seeks to launch a standard that includes: a) a certification standard developed through a multistakeholder approach with participation from mining companies, retailers, nonprofits, labor groups and indigenous peoples, b) independent third-party verification, c) fair and equitable distribution of benefits to affected mining communities and the protection of their rights, d) the avoidance of, and effective responsiveness to, potential negative impacts to the environment, health, safety and culture, d) enhancement of shareholder value.

• Advancing responsible business practices throughout the diamond, gold and platinum jewelry supply chain

Tiffany & Co. is a founding member of the Responsible Jewellery Council (RJC). The RJC is an international nonprofit organization established to advance business practices throughout the diamond, gold and platinum jewelry supply chain. The RJC developed the Principles and Code of Practices, which outline responsible business practices to which all RJC members must adhere. Tiffany & Co. was initially certified in 2011. In 2014, Tiffany & Co. again received RJC Member Certification for its global operations through 2017. This certification demonstrates that Tiffany & Co. operates in conformity with the RJC Principles and Code of Practices. However, Tiffany & Co. encourages the RJC to strengthen its standard – from developing a true multi-stakeholder governance model that incorporates civil society to raising the bar for minimum certification requirements.

• Embracing social, human rights and environmental standards for the extraction of gold

Tiffany & Co. was the first jeweler to embrace the objectives of EARTHWORKS’ No Dirty Gold campaign 10 years ago. No Dirty Gold established aspirational social, human rights and environmental standards for the extraction of gold that retail jewelers can use as they seek responsible mining sources.

• Identifying best practices across the entire jewelry supply chain
• Supporting the development of standards for the responsible mining of precious metals and gemstones at the artisanal level

The Tiffany & Co. Foundation’s Responsible Mining Program provides strategic grants to support the development of standards for the responsible mining of precious metals and gemstones not only at the large-scale level, but also at the artisanal level. There are 20 to 25 million artisanal miners around the world and the Foundation supports nonprofit organizations working directly with artisanal mining communities to improve working conditions and provide equitable livelihoods. Given the often decentralized or informal nature of artisanal mining, certification and standards requirements present unique challenges for this sector. For this reason, artisanal standards-setting requires a different approach than large-scale standards efforts. The development of consensus-based third-party standards is a long-term process, but essential in moving the industry towards a responsible and sustainable future.

Which GRI indicators/Standards have been addressed?

The GRI indicators/Standards addressed in this case are :

1) G4-12: Describe the organization’s supply chain – the updated GRI Standard is: Disclosure 102-9 Supply chain

2) G4-16: List memberships of associations (such as industry associations) and national or international advocacy organizations in which the organization:

• Holds a position on the governance body
• Participates in projects or committees
• Provides substantive funding beyond routine membership dues
• Views membership as strategic – the updated GRI Standard is: Disclosure 102-13 Membership of associations

3) G4-EC8: Significant indirect economic impacts, including the extent of impacts – the updated GRI Standard is: Disclosure 203-2 Significant indirect economic impacts

4) G4-EC9: Proportion of spending on local suppliers at significant locations of operation – the updated GRI Standard is: Disclosure 204-1 Proportion of spending on local suppliers

5) G4-HR8: Total number of incidents of violations involving rights of indigenous peoples and actions taken – the updated GRI Standard is: Disclosure 411-1 Incidents of violations involving rights of indigenous peoples

6) G4-HR9: Total number and percentage of operations that have been subject to human rights reviews or impact assessments – the updated GRI Standard is: Disclosure 412-1 Operations that have been subject to human rights reviews or impact assessments

7) G4-HR11: Significant actual and potential negative human rights impacts in the supply chain and actions taken – the updated GRI Standard is: Disclosure 414 -2 Negative social impacts in the supply chain and actions taken

8) G4-SO1: Percentage of operations with implemented local community engagement, impact assessments, and development programs – the updated GRI Standard is: Disclosure 413-1 Operations with local community engagement, impact assessments, and development programs

9) G4-SO2: Operations with significant actual or potential negative impacts on local communities – the updated GRI Standard is: Disclosure 413-2 Operations with significant actual and potential negative impacts on local communities

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

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References:

1) This case study is based on published information by Tiffany & Co., located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original, please revert to the original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) http://www.fbrh.co.uk/en/global-reporting-initiative-gri-g4-guidelines-download-page

3) https://g4.globalreporting.org/Pages/default.aspx

4) https://www.globalreporting.org/standards/gri-standards-download-center/

Note to Tiffany & Co.: With each case study we send out an email to your listed address in request for a comment on this case study. If you have not received such an email please contact us .

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Tiffany & Co.

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• | Pages: 26

About The Author

Samuel L. Hayes

More from the author.

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• The Impact of Recombining Commercial and Investment Banking  By: Samuel Hayes

Tiffany & Co Strategic Analysis Case Study

Introduction, external analysis, internal analysis, strategic options and recommendations, implementation steps, works cited.

Tiffany is a popular company that deals with the manufacture and sale of jewelry products across the world. The company has established its market in the United States and other parts of the world, such as Japan. However, the rising costs associated with externalities in the marketing environment are affecting the growth of the company. Since an internal and external analysis of the company explains the need to engage in marketing, diversification, and rebranding of its products so that it can counter competition and technological advancements.

Tiffany is a jewelry company founded by John Yong and Tiffany Charles, and it commenced its business in 1837 as an organization that dealt with the sale of fancy items and stationeries. In 1853, the company shortened its name to Tiffany & Co. under the control of Tiffany Charles, who emphasized on the manufacture and sale of jewelry. The company produces and sells jewelry by marking the items using price tags, a factor that reduces the exploitation of consumers by retailers, who change prices irregularly.

Moreover, the company enjoys a wide market share and recognition from potential consumers of jewelry and has several distribution points globally. The ability to achieve customer perceived quality makes the company successful since it leads to increased sales and revenues. Hence, it is within this context that the paper analyzes external opportunities and threats, internal strengths and weaknesses, strategic options, and recommends the strategies that Tiffany & Co. can adopt to achieve its objectives.

Opportunities

Technology and demography.

Some of the opportunities that the company enjoys in the external marketing environment include factors such as changes in technology, demography, political structures, and economic environment. As opposed to internal factors in the marketing environment, external factors are beyond the control and influence of the organizations (Pan 115). Currently, company management facilitates the structural manipulation of products to match the prevailing externalities in the marketing environment.

The company has recently witnessed pronounced technological advancements that do not only shift the cost of production, but also influence consumer demand. Therefore, the company has to adjust to the provisions of technology so that it can be in line with the advancements.

The fact that the majority of individuals in the target market are young or middle-aged and are lovers of technology presents a very good opportunity for the jewelry industry. As a result, the opportunity arises because most of the individuals in this age bracket are lovers of jewelry and purchase the products frequently. The company has an easy task of understanding their preferences and tailoring their products to match the expectations of clients.

Political Structures and Economy

Another opportunity that the company enjoys in the market is the stable political structures in various countries that it supplies its products. Notably, peace and tranquility are key ingredients in successful manufacture and sale of products in an organization. Since several countries have effective political institutions that facilitate peace, production, and sale of jewelry thrives.

The increased income level of individuals has turned into an opportunity for the company as it amplifies the amount of income that potential clients can use in purchasing jewelry. The enhanced income level of people in society materializes due to the stable economies among various countries in the world.

According to Faarup (92), changes in social and cultural perceptions of individuals in modern societies are opportunities that help change consumer behavior. In the contemporary environment, several consumers are increasingly purchasing jewelry under pressure from peers and friends in the society.

Competition, Inflation, and Recession

Increasing competition, inflation, recession, terrorism, and technological advancements are some of the threats associated with the external marketing environment. These threats affect the company since they are beyond its control and influence. Competition from major jewelry industries like Pandora, Sisma, Blue Nile, and Shenzhen Chow Tai Seng Diamond and Jewelry poses a threat that the company faces when selling its products and retaining its market share.

Since competitors produce complementary and substitute products at low prices, clients often opt to purchase these products as opposed to original products from the company (Pan 107). Also, competitors deliver similar products to customers at fair prices.

Due to increased competition, the company faces a threat of reduced sales since it has to compete with its competitors for time, attention, and market share. Another threat associated with the external environment is the recent inflation and recession that saw a significant number of individuals dismissed, and thus, greatly affected their purchasing power.

Brand Positioning

To sell its products effectively, the company has to identify its target consumers. Identification of target consumers is crucial as it helps the company design its products in a manner that match client expectations. Remarkably, the majority of the clients targeted by the company comprise of those individuals, who give or receive gifts in the form of jewelry from their friends or colleagues.

These individuals spend hours in jewelry shops trying to get the best necklaces, rings, or earrings for their friends (Faarup 93). Therefore, from the knowledge of the target customers, the company has to position itself strategically in the market so that it appeals to the targeted consumer segment.

Potters’ Five Forces

The main competitors of Tiffany Company include Pandora, ZLC, Sisma, Blue Nile, and Shenzhen Chow Tai Seng Diamond and Jewelry. The competitors fight for the market share in the jewelry market together with Tiffany. The magnitude of competition between the company and its competitors is high and intense.

The intense competition is due to the increasing cost of production and the prices of products offered by competitors like the Blue Nile and ZLC. It is imperative to understand that competitors of the company provide complements and substitutes for the potential consumers of Tiffany.

From the illustration, it is evident that the level of competition experienced by Tiffany from its competitors is intense and pronounced. The revenue growth demonstrated by the company fluctuates and follows a trend similar to that of its competitors, such as ZLC and Blue Nile. The illustration is instrumental as it illustrates the revenue growth of Tiffany alongside its competitors, which is evident from 2009. The growth in revenue implies that the company is enjoying a large market share as opposed to its competitors.

Good Brand Name and Strong Selling Strategy

A good brand name, strong selling strategy, a wide spectrum of offerings, and a good financial sheet are among the major strengths of the company. The fact that the company is one of the jewelry industries recognized globally and in the United States is very instrumental in the sale of its products and a wide market share. Also, the fact that the company is established and has existed for a long period implies that a considerable number of consumers love associating themselves with its products.

Moyer, McGuigan, and Kretlow explain that in 2006, the earnings of the company demonstrated increased sales as purchases of the most expensive products exceeded that of the relatively less expensive items (69). The strategy that the company adopted, which entailed direct selling and increased distribution channels is another strength that facilitates easy achievement of its objectives. The company has developed various distribution points in the United States, and globally that help it sell its products directly to consumers.

Wide Spectrum of Offerings, and a Good Financial Sheet

The ability of the company to provide and sell diverse products to its consumers facilitates increased sales, purchases, and revenues. Some of the products that the company offers to its consumers alongside jewelry include sterling silverware, diamond offerings, fragrances, and accessories. These products do not only increase the market base for the company, but also amplify the level of purchases.

Fitzen (2) asserts that the increasing competition has led to various strategies such as diversification of products that organizations offer to their customers. Therefore, through the diversification of its products, Tiffany & Co. increased its sales volumes and purchases. The revenues earned by the company because of increased sales volumes lead to a good and stable balance sheet.

The balance sheet enables the company to access loans and expands its supply to other potential consumers. Furthermore, the strong balance sheet is useful for the company can increase its distribution points and market its products in the global markets.

Sluggish Market Development and Declining Cash Flows

Sluggish development of markets in regions like Asia, declining cash flows, lower returns in profit margins comprise some of the weakness associated with the company. The Asian market was one of the regions in the world that purchased jewelry from companies like Tiffany & Co. However, the rising cost of basic commodities such as food led to a decrease in the level of purchases as consumers reduced their spending and purchases so that they could cater for their basic requirements.

Reduced purchases initiated the slow development of the market in the Asian region. The fact that a considerable number of consumers in the Asian region are priced sensitive implies that increasing food prices greatly affect the purchase of jewelry products.

Furthermore, increased competition led to a rise in the cost of production due to externalities like technology and inflation, which augmented product prices (Faarup 97). The increase in the price of jewelry discouraged a significant number of potential consumers, especially middle- and low-classes, from purchasing the products.

Lower Returns in Profit Margins

The declining cash flows in the company can attribute its emergence to technological advancements that increased production costs and shifted consumer preferences. Competition from other companies that sell jewelry led to a reduction of the purchases in the company as some consumers decided to buy products, mainly substitutes, and complements, from competing organizations. Moreover, competing organizations offered products at prices relatively lower than those of Tiffany & Co.

The decline reduced the number of profits earned by the company since its sales volumes diminished. According to Norton, Diamond, Pagach, the effect of the increased costs of production and competition initiated a reduction in earnings per share diluted by 0.05 in 2004, and 0.01 for the year ended January 2002 (363). The declining sales and diminishing profits are some weaknesses that the company encounter in its attempt to increase sales and achieve its set objectives in the jewelry industry.

The company should ensure that they develop a good brand name, strong selling strategy as it facilitates increased sales and high-profit margins. Moreover, the company should use its good brand that it has to sell its products and improve its market share in the jewelry industry. Employment of the recognized company brand transpires because it is established and has been in existence for a long time.

The company needs to improve its strategy of direct selling that it adopted since it facilitates easy achievement of its objectives. Also, the company must increase the number of distribution channels on top of the present channels developed in the United States and globally so that it can sell its products directly to consumers.

The company has to increase the amount of products its suppliers since diversification facilitates increased sales, higher purchases, and revenues. The need to diversify products is because diversification increases the market base for the company and amplifies its level of purchases. Furthermore, the company must increase its product base to outsmart the increasing number of competitors, who offer substitutes or complementary products to potential customers of jewelry.

It is imperative to understand that through diversification of its products, Tiffany & Co. will increase its sales volumes and purchases. The revenues earned by the company because of increased sales volumes lead to a good and stable balance sheet. The company should use its balance sheet to borrow funds and access loans that it will use to expand its supply to other potential consumers.

It is recommendable that the company focuses on other markets alongside the Asian markets so that it can increase the demand for its products and counter the sluggish development of markets in regions like Asia. The company needs to tailor its products in a customer-friendly manner and maintain its production cost. Customer-friendly priced jewelry increases the willingness to purchase from the majority of Asians and global clients, who are price-oriented.

The reason for tailoring jewelry products in a customer-friendly manner is due to the rising costs of basic commodities such as food. Remarkably, reduced purchases initiate slow market development among the potential clients of jewelry. To counter the challenge introduced by increased technology and competition, the company must supply its products to target consumers at fair prices that are within their purchasing power.

Customer awareness and enhanced product quality help the company curb the declining cash flows. Additionally, the company should adopt and use facilities that are in line with modern technology so that the quality of jewelry matches the perceived quality of customers. A combination of jewelry that meets the expected product quality and fair pricing helps the company counter competition, which has reduced purchases in the company.

Through the enhancement of product quality and the use of consumer-friendly prices, the company will experience an improvement in profits because the sales volumes increase. The company can also minimize costs related to marketing and promotion of products so that it increases its profit margins. Effective product marketing improves the willingness to buy jewelry from the company as consumers get increased awareness concerning the products.

The company should facilitate structural manipulation of products to match the prevailing externalities in the marketing environment. Structural manipulation of the products helps the company cope with technological advancements that increase the cost of production and influence consumer demand. Therefore, the company has to adjust to the provisions of technology so that it can be in line with the advancements.

Coping with technological advancements facilitates easy entry into the market, which comprises young and middle-aged technology-oriented individuals. It is recommendable that the company undertakes market research to ascertain the purchasing powers and buying behaviors of people in their target age bracket.

Good market research leads to the delivery of jewelry that matches buyer expectations in terms of price and quality. As a result, the company has a mandate of understanding customer preferences and tailoring its products to match their expectations.

Emphasis on countries that have stable political structures is a factor that the company needs to undertake in the supply of its products. It is imperative to understand that peace and tranquility are key ingredients in successful manufacture and sale of products in organizations. The company needs to employ increased income levels of individuals to improve the number of purchases.

Remarkably, enhanced purchase levels of the company materialize because of the stable economies of countries in the world. Pricing, marketing, and product promotion that the company must undertake to elicit changes in social and cultural perceptions among individuals in the present societies. In the contemporary environment, several consumers are increasingly purchasing jewelry under pressure from peers and friends in the society.

Some of the policies that the company needs to implement include rebranding, diversification of its products and markets, as well as market research. Since its inception, the company has steadily grown to be a well-known jewelry company in the United States and globally. Therefore, the company can strategically use its brand to sell its products to the target consumers.

Rebranding its products can be one of the major activities that the company must undertake so that consumers can easily recognize its products and associate themselves with them. Also, apart from jewelry and other products that are in its line of production, the company needs to diversify its products and market base to other safer destinations in the world that are unexploited by jewelry industries.

To implement the concept of diversification, good market research is crucial so that the company identifies the diverse consumer preferences in the target regions. Facebook, Twitter, YouTube, and other social sites are very important in identifying the preferences of consumers in the target regions and play an integral role in market research.

Tiffany & Co. deal with the manufacture and sale of jewelry in the United States and globally. Since its introduction to the jewelry industry, the company has risen steadily and gained popularity globally. Over the recent past, external factors in the marketing environment like the competition and technology have affected its growth. Therefore, the company needs to undertake extensive marketing, diversification, and rebranding of its products for it to sustain its market share in the jewelry industry.

Faarup, Poul. The Marketing Framework. New York: Academica, 2010. Print.

Fitzen, Lena. Marketing Environment. London: GRIN Verlag, 2009. Print.

Moyer, Charles, James McGuigan, Ramesh Rao, and William Kretlow. Contemporary Financial Management. New York: Cengage Learning, 2011. Print.

Norton, Curtis, Michael Diamond, and Donald Pagach. Intermediate Accounting: Financial Reporting and Analysis. New York: Cengage Learning, 2006. Print.

Pan, Albert. China Gem and Jewelry Market Overview: Selling Jewelry in China. London: Zeefer Consulting, 2008. Print.

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Tiffany & Co’s Fifth Avenue flagship with a rooftop glass addition designed by OMA

OMA New York has unveiled its design for the new transformation of the 80-Year-old historic building of Tiffany & Co, a leading luxury jeweler and specialty retailer shop headquartered in New York.

The project marks the first holistic renovation and preservation of the building since 1940. The project involves the preservation of the structures iconic façade, renovation of the ground floor interior, and replacing the additional floors built-in 1980 with the construction of a rectangular glass volume that will span three storeys, adding space that meets the growing and diverse program needs of the brand

Tiffany & Co’s headquarters designed by Criss and cross in 1940 in modern design with limestone cladding and vertical windows are set to be preserved and the renovation of the ground floor includes the reorganization of the program to establish a fluid circulation throughout the building. The incongruent upper floor for office space added in 1980 is set to be removed and replaced by a glass volume designed to be a smooth transition between the two structures. The glass volume brings a fresh outlook to the structure much like brand identity. The design solves the clientele’s program by balancing the design pragmatically with sensuality adding a touch of newness to the brand’s identity in the iconic 57th street.

OMA Partner Shohei Shigematsu said, “Tiffany’s 5th Avenue Flagship is more than a retail space, it is a destination with a public dimension. The new addition is informed by the programmatic needs of the evolving brand—a gathering place that acts as a contemporary counterpart to the iconic ground-level space and its activities. The floating volume over an existing terrace provides a clear visual cue to a vertical journey of diverse experiences throughout the building.”

The upper volume is designed as two stacked spaces that have the potential to work together. The lower one programmed for exhibitions and events will comprise a recessed box covered with glass windows to provide transparency and create a spacious outdoor terrace with views of the fifth avenue to central park. While the upper portion resembling a soft curtain will be wrapped with slumped glass walls inspired by the building’s corniced parapet. The structurally viable slumped glass walls create a mirrored effect that provides privacy from the exterior and the flat Low-E glass in the interior optimizes the energy performance of the façade.

“The two spaces of the upper volume that make up the new addition is a moment of clear but complimentary contrast to the original flagship. It is a symbolic ending to the building that reflects an evolved luxury experience that is more of a journey than a destination.” The studio added

The project is currently under construction and will be completed by Spring 2022.

Nitin Mhapsekar is currently pursuing his undergraduate degree in Architecture. He is upskilling and trying different possibilities for his career. He loves travelling and going on adventures as well as using his leisure time to read fictions, cook and research.

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Tiffany Temporary Store Paris / OMA

• Curated by Paula Pintos
• Architects: OMA
• Year Completion year of this architecture project Year:  2022
• Photographs Photographs: Benoit Florençon
• Partner In Charge:  Ellen van Loon
• Project Architect:  Giulio Margheri
• Project Team:  Jacopo Bellina, Sebastian Bernardy, Miguel Herreras San José, Mateusz Kiercz, Philippe Le Quellec, Mingda Zhang
• City:  Paris
• Country:  France

Text description provided by the architects. The OMA-designed Tiffany & Co. temporary store has opened in the heart of the 8th arrondissement in Paris . Conceived as an adaptive design, the store’s ambiance will transform throughout the year to reflect the character of the collections it will host, bringing together the brand’s latest designs with items from its 185-year collection.

Ellen van Loon, OMA Partner: “Tiffany & Co. has a rich history both in making jewelry and in product design. For us, it was important to showcase that history. More than an occasion to discover Tiffany’s latest collection, a visit to the store also becomes a journey across time.”

A space for both retail and archival display, the store unfolds as a sequence of rooms with different atmospheres. A rotunda showcases highlights from Tiffany’s jewelry archive, exhibited physically and on digital screens, an octagon-shaped room displays the current collection, while high jewelry appointments take place in an intimate room at the rear, which also features Tiffany’s French Crown Jewels catalog from 1887.

Custom furniture invites visitors to leisurely wander and tries on the jewelry on display; antique Tiffany-designed lamps evoke Louis Comfort Tiffany’s designs from the early 1900s and a continuous, gradient blue carpet adds to the immersive shopping experience.

Project gallery

Project location

Address: paris, france.

• Sustainability

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Why Did LV Buy Tiffany? An In-Depth Analysis of LVMH & The Acquisition of Tiffany & Co.

• July 1, 2022

Why Did LV Buy Tiffany? An In-Depth Analysis of LVMH & The Acquisition of Tiffany & Co.

Expansion into the jewelry sector – a fast-growing area of the luxury goods market.

Formed in 1987 after a merger between fashion house Louis Vuitton and wine and spirits company Moët Hennessy, LVMH has since become one of the two most valuable companies in Europe! Only to become rivaled by Swedish food giant Nestle!

LVMH now boasts a market capitalization of 414.19 billion Euros!

The French luxury conglomerate now consists of 75 independently-managed subsidiaries that fall under six branches: Wine & Spirits, Fashion & Leather Goods, Perfumes & Cosmetics, Watches & Jewelry, Selective Retailing, and Miscellaneous Activities.

Notable brands include, as the name suggests:

• Moët & Chandon
• Louis Vuitton
• Christian Dior
• and now Tiffany & Co.

In 1989, Bernard Arnault acquired the largest stake in LVMH through an internal takeover that culminated in his ownership of 43.5% of LVMH stock and 35% of voting rights. As chairman and CEO, he has run the company under six central principles: decentralized organization, organic growth, vertical integration (i.e., owning entire supply and distribution chains), creation of synergies, sustained savoir-faire, and balance across business segments and geographies. These philosophies have guided the company to a prolific number of acquisitions over the past three decades, including Celine in 1996, Sephora in 1997, Fendi in 2001, and more recently, Fenty in 2019 and Tiffany & Co. in 2021.

In 2020, the luxury conglomerate earned €44.7 billion in revenue, employed 150,000 workers, and maintained over 5,000 stores across the globe despite the global pandemic. While the company did suffer a 17% fall in revenue (down from €53.7 billion in 2019) due to the effects of the pandemic on consumer spending, it maintained strong sales from fashion houses Louis Vuitton and Dior, as well as cognac-producer Hennessy.

These mainstays not only buoyed LVMH’s loss in revenue throughout 2020, but have also been essential to the conglomerate’s rebound in the first quarter of 2021.

In their mid-April press release, the company reported a revenue of €14 billion for Q1 2021, up 32% from the same period in 2020 and even up 8% from Q1 2019, indicating overall growth of the company rather than mere recovery. Although LVMH does not report revenues from individual houses, it reported record levels of sales from their Fashion & Leather Goods sector, especially in the US and Asia, where vaccine distribution is accessible and stores are reopening.

LVMH is notorious for its expansion of its vast network of luxury subsidiaries through mergers and acquisitions, and it dwarfs its competing conglomerates Richemont and Kering in terms of size. In investing in small modern brands and revitalizing older maisons, LVMH continues to grow its profits and expand its reach in the luxury sector. Two particularly notable examples include increased investment in Rihanna’s Fenty lines and LVMH’s recent acquisition of Tiffany & Co. during the pandemic.

Case Study of Rihanna’s Fenty

In 2017, Rihanna launched Fenty Beauty, a cosmetic line developed with LVMH through its subsidiary Kendo, a beauty incubator that creates and acquires beauty brands and develops them into international powerhouses. Her mission in creating Fenty was to introduce more diverse offerings “so that people everywhere would be included” in the beauty industry; the industry has long struggled to provide an inclusive range of foundation shades that caters to people of color, especially those of darker skin tones.

Upon the product launch of Fenty Beauty’s Pro Filt’r Soft Matte Longwear Foundation, Fenty Beauty offered 40 different shades, for all skin tones and types, and has since expanded their range to 50 shades. Additionally, all Fenty Beauty products were sold at midpoint prices (between drug-store and designer price points) both in-store at Sephora’s and online at Fenty Beauty’s website, making Rihanna’s products accessible to a wide audience. In addition, in its first 40 days, Fenty made $100 million in sales. Moreover, in 2020, Fenty Beauty generated an estimated revenue of $570 million.

In 2018, after the success of Fenty Beauty. Furthermore, Rihanna proceeded to launch her lingerie line Savage x Fenty, which followed the same philosophy as its predecessor and sought to make intimates more accessible to all body types.

This marked a departure from the decades-long industry norm defined by powerhouse Victoria’s Secret, where “beauty” was synonymous with “white and thin.” Rihanna’s subversion of this norm through inclusive size offerings and marketing toward women of all races rapidly increased her market share. As of 2021, Savage x Fenty has reached a valuation of $1 billion and posted revenue growth of over 200%. It also increased its VIP membership base by more than 150% in the past year.

“The brand strikes a unique balance between affordability, fashion and comfort, stands deeply for inclusivity and diversity, and has differentiated itself by building an extraordinary level of affinity and unmatched customer loyalty,” says Jon Owsley, co-managing partner of L Catterton’s growth fund. Savage x Fenty is favored to be the global lingerie market leader by 2025.

In 2019, Rihanna continued to expand her Fenty empire, announcing her partnership with LVMH to launch her luxury fashion label Fenty.

The new maison offered ready-to-wear clothing, handbags, and other accessories. LVMH provided Fenty access to its global supply chains, expertise in luxury retail, and investment funds, banking on Rihanna’s celebrity status and previous record of success for a monumental break into the high fashion industry. However, Fenty’s sales failed to take off and only further slowed during the pandemic. Consequently, LVMH and Rihanna came to the joint decision of indefinitely hitting pause on the new fashion house. LVMH pledged continued support for Rihanna’s existing Fenty lines, including her Fenty Skin venture that launched in 2020. In a joint statement to WWD, LVMH and Rihanna “reaffirmed their ambition to concentrate on the growth and the long-term development of [the] Fenty ecosystem focusing on cosmetics, skincare, and lingerie.”

LVMH’s investment in Rihanna’s Fenty lines marked a shift toward modernity through the embracing of not only modern social values (e.g., diversity and inclusion in sizing, access, and marketing) but also the power of celebrity. The accessibility of Rihanna’s products through both skin and body range and price point, in conjunction with her significance in pop culture (most downloaded recording artist of all time, according to the Recording Industry Association of America) and her presence on social media (100 million followers on Instagram and 102.4 million on Twitter), have been the main drivers behind her commercial success. In short, as W magazine puts it, “[Rihanna] has made an empire out of putting an emphasis on making sure that any person of all genders and body types can feel confident…”, and has converted her loyal musical fan base into a large consumer base for her Fenty products.

What Happened to The Kraft-Heinz Merger?

Case study of tiffany & co..

In the fourth quarter of 2019, media outlets broke the news that LVMH had approached luxury jeweler and specialty retailer Tiffany & Co. with a takeover offer, with a starting bid price of $120 per share (i.e. valuing Tiffany at approximately $14.5 billion, 14 times the target’s projected earnings before interest, taxes, depreciation, and amortization). Analysts attributed this to the conglomerate’s desire to expand into the global jewelry market; according to Bain & Co., the market expanded 7% in 2018, establishing itself as the fastest-growing industry in the luxury sector.

Tiffany appeared to be an ideal purchase, as the house has few competitors at its caliber (only Richemont-owned Cartier and LVMH-owned Bulgari) and runs their own diamond-finishing facilities (aligning with Mr. Arnault’s philosophy of vertical integration). Furthermore, LVMH noted that buying an American company would expand their presence not only in the US, giving the French conglomerate increased exposure to US dollar-denominated revenue and decreased foreign exchange risk, but also in China, where Tiffany has been planning to build additional flagships.

Prior to the acquisition, Tiffany & Co. boasted 300 store locations worldwide and an annual revenue of approximately $4 billion. However, when the jeweler started experiencing stagnating sales that fell behind its European competitors, LVMH saw an opportunity to acquire the company.

Arnault is known for acquiring older houses with established heritage and revitalizing them by capitalizing on modern interpretations of brand classics, as seen through his acquisitions of Dior and Louis Vuitton.

It was expected that Tiffany would receive similar treatment, as the brand not only champions the classic Tiffany Blue color, but is also built into modern pop culture via  Breakfast at Tiffany’s , starring fashion icon Audrey Hepburn.

Later in the fourth quarter of 2019, LVMH and Tiffany & Co. settled on an asking price of $135 per share, valuing the deal at $16.2 billion–a 12% increase from the initial offer and 16.3 times the target’s projected earnings before interest, taxes, depreciation and amortization. It was announced that the conglomerate would pay all cash for Tiffany’s shares and finance the deal through bonds. LVMH announced their confidence in the future potential of their pending acquisition; it promised to provide liquidity to launch new product lines, upgrade existing boutiques, and market to younger audiences (especially through its wide range of prices, from a few hundred for sterling silver pieces and up to millions for fine jewelry). Mr. Arnault also signaled that he would invest more heavily in Tiffany’s high-end jewelry offerings (such as its high-carat diamond necklaces) and work to launch new product lines to modernize the brand. 

LVMH Stock Analysis

However, the unprecedented pandemic caused a large drop in consumer spending in the luxury-goods market..

With restrictions on travel, tourist shoppers (the lifeblood of the luxury industry) could no longer purchase in-store at Tiffany flagships and boutiques. According to Oppenheimer & Co., foreign spending accounts for over 20% of Tiffany’s sales. Additionally, 94% of Tiffany’s sales are made in-store. Consequently, depressed foreign demand and temporary store closures resulted in a 37% fall in worldwide sales in the second quarter. In June 2020, LVMH began expressing doubts about their impending acquisition of Tiffany, as many once attractive aspects of the company had been whittled away by pandemic-induced circumstances.

More specifically, the conglomerate had wanted to capitalize on its expertise in European in-store retail and its relationship with European landlords to grow Tiffany’s presence in Europe, where tourist shopping accounts for about 50% of luxury sales. Travel restrictions and public health safety concerns could serve as a long-term hindrance to sales growth. RBC analysts estimated that Mr. Arnault had not expected the Tiffany deal to make a return on his investment until 2025, but the pandemic would only lengthen this timeline even further.

In addition, amidst the pandemic, LVMH found it especially difficult to cut costs due to their commitment to the business model of vertical integration (where they produce their goods in-house and operate the boutiques that sell their fashion and leather goods, cosmetic products, and watches and jewelry).

Thus, while other companies were able to cancel orders from their third-party manufacturers in anticipation of depressed demand, LVMH had to absorb the costs of their own paused supply chains and closed distributors.

As a result, in the first half of 2020, LVMH’s profits plunged 84% while revenue declined by 27% compared to the same period in 2019. This strained LVMH’s finances, and in conjunction with Tiffany’s performance during the pandemic, led the conglomerate to reconsider their upcoming purchasing and to find ways out of their acquisition contract with Tiffany. The terms of the original agreement dictated that Tiffany could pay a termination fee of $575 million to abandon the deal. However, LVMH did not have an exit option written in the deal.

The conglomerate took three different exit routes in order to invalidate the deal.

In september of 2020, lvmh’s chief financial officer jean jacques guiony announced that the french government had sent the conglomerate an unsolicited, valid and legally binding order to hold off on closing the tiffany deal until january 2021, due to a brewing trade dispute between the trump administration and france over tariffs on luxury goods. this ordered delay would violate the terms of the deal, which set the closure deadline to november 2020. if an agreement could not be reached by then, the deal would be void. mr. guiony claimed that lvmh had “no other choice but to apply this decision,” but tiffany chairman roger farah responded that “lvmh [was seeking] to use any available means in an attempt to avoid closing the transaction on the agreed terms” and that there was “no basis under french law for the foreign affairs minister to order a company to breach a valid and binding agreement.” to ensure enforcement of the merger, or at least payment of damages in the case that lvmh walked out on the deal, tiffany filed a lawsuit against lvmh in delaware chancery court, which historically sided with companies who were being bought out in merger and acquisition cases. it was later leaked that lvmh had approached the french government for assistance to back out of the tiffany deal, invalidating lvmh’s claim that the letter they had received from the french foreign affairs minister was unsolicited. this led the conglomerate to resort to two alternative methods., lvmh countersued, arguing that tiffany had suffered a material adverse event (mae), which under the merger agreement, would have allowed the conglomerate to walk away from a deal before closing. although the merger contract had never explicitly stipulated that a pandemic was a material adverse event, lvmh claimed that the coronavirus crisis was considered a change in circumstances that significantly reduced the value of the company, and would continue to in the long-run due to the secondary effects of the pandemic (e.g., shift toward e-commerce and reduced travel). however, their argument was weakened by the fact that a mae cannot be called upon if the event or economic downturn impacts an industry as a whole, rather than a specific company. lvmh overall faced long odds, as the delaware court had historically only allowed one previous buyer to back out of a merger under the argument of a mae., the luxury conglomerate also claimed that the merger was invalidated due to tiffany’s mismanagement of the firm during the pandemic, filing in a complaint that tiffany “[was] a mismanaged business that over the first half of 2020 hemorrhaged cash for the first time in a quarter century, with no end to its problems in sight.” more specifically, lvmh cited tiffany’s decision to cut capital and marketing investments, take on additional debt, and most notably, pay shareholders full dividends during the pandemic despite a 37% plunge in sales and a loss of $32.7 million through the first half of 2020 (although sales did improve and the company earned profits in the second quarter). however, the conglomerate found it hard to prove that the company had been underperforming relative to other jewelers in the luxury sector, as lvmh’s own sales in their watches & jewelry division dropped 39% in the first half of 2020 versus the same time period last year. additionally, data collected from online traffic and social media analytics showed that tiffany had outperformed lvmh’s bulgari during the summer months. tiffany’s mr. farah said “lvmh’s specious arguments are yet another blatant attempt to evade its contractual obligation to pay the agreed-upon price for tiffany.”, in october 2020, tiffany agreed to new terms set by lvmh to purchase shares at $131.50 apiece (down from the original $135, a modest 2.6% cut), saving the conglomerate approximately $440 million and settling their ongoing litigation set for delaware court in january 2021..

LVMH Chief Executive Bernard Arnault put out a statement in support of the ongoing merger, announcing that “We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany and its employees during this exciting next chapter.” In buying Tiffany, the French conglomerate advanced itself against their Swiss competitor Richemont, who owns watchmaker and jeweler Cartier.

In December 2020, Tiffany shareholders signed off their approval on the new deal terms, establishing LVMH’s purchase of Tiffany as the largest and most expensive acquisition in the luxury market, at a sticker price of $15.8 billion. The deal closed within the first seven days of January and LVMH moved to replace top executives at Tiffany, with Louis Vuitton executive vice president Anthony Ledru returning to Tiffany as chief executive (he had previously been head of Tiffany’s North American operations before joining LVMH), Michael Burke taking on the role of Tiffany chairman alongside his current position as CEO of Louis Vuitton, and Alexandre Arnault departing his role as CEO of Rimowa to serve as executive vice president of product and communications.

Over the course of 2021, Tiffany has expanded its marketing strategies as well as released new product lines.

On April Fools Day, the brand subverted tradition. With an announcement on social media that Tiffany had changed its brand color! From its classic Tiffany blue to yellow! And proceeded to capitalize on the social media buzz that ensued! To open up a Tiffany Yellow pop-up shop in Los Angeles. The American jeweler has also modernized its marketing strategies. With new house ambassadors, most notably Anya Taylor Joy (who shot to fame after her acclaimed role in Netflix’s  The Queen’s Gambit ) and ROSÉ (a member of K-pop group BLACKPINK). These choices reflect Tiffany’s attempts to appeal to a younger consumer base, specifically in the US and Asia.

In May of 2021, Tiffany also launched new product line Charles Tiffany Setting. A collection of engagement rings for men, amid the increase in same-sex marriage and the growing popularity of gender-fluid fashion. Given LVMH’s record of taking jewelry brands upmarket. (As seen by Bulgari, who witnessed a tripling in their operating margin from 8% to 25% after being bought out by the conglomerate). There is no doubt that Tiffany will experience similar success under the watchful eye of Mr. Arnault.

Further Analysis into LVMH’s Fashion and Leather Goods Sector

The transition of the fashion industry in the past 75 years from independently-owned maisons with unique brand identities. To massive luxury conglomerates who own said maisons has revolutionized the commercial workings of the industry. While LVMH does make strong efforts to maintain individual brand values and heritage. The luxury conglomerate’s first and foremost priority in the modern world is profit. Their fashion houses must produce clothing that sells in high volumes. Thus placing more importance in commercial success rather than artistic endeavor.

The conglomerate recognizes that to optimize volume. Its individual houses must cater to a broad range of customers while staying true to their origins.

Powerhouses Louis Vuitton and Dior have fused logomania with both their brand classics. And new streetwear items to grow their revenue in the past few years. In 2017, Louis Vuitton menswear-designer Kim Jones made the monumental decision. To collaborate with streetwear-brand Supreme. Citing that “you can’t have the conversation of New York menswear without Supreme right now. Because it’s such a massive global phenomenon”.

The decision to fuse these two logo-heavy brands to appeal to the streetwear consumer base. Created a bridge between streetwear and high fashion, introducing more mainstream consumers into the luxury market. LVMH capitalized on this migration. Through its controversial decision to hire Virgil Abloh. Founder and creative director of streetwear-brand Off-White. Another brand that relied on hype and logomania to generate sales. As a menswear-designer for Louis-Vuitton.

This move attracted these new streetwear-turned-luxury consumers to Louis Vuitton and began to lay the foundations for brand loyalty.

Virgil’s initial work at the brand made heavy use of the easily-recognizable LV monogram. And damier checkerboard patterns on the maison’s leather good accessories. E.g., bags, belts, and other small leather goods. Leading to strong sales to the new consumer base and putting the house in competition with Gucci. For hypebeast- and streetwear-focused customers.

Both of these brands have become mainstream through their popularization in pop culture, particularly through the rap industry.

Dior under the creative direction of Maria Grazia Chiuri has experienced a similar blockbuster success. Her re-revival the 2001 Oblique monogram pattern. Designed by Marc Bohan and reinvigorated by John Galliano. Has led to brand best-sellers. Most notably Dior bags (e.g., the classic saddle bag and the relatively-new book tote) and streetwear-inspired high-top canvas sneakers. LVMH has also replaced former Givenchy creative director Claire Waight Keller. With streetwear-designer Matthew Williams to revamp the brand to incorporate streetwear elements in their designs. Overall, the use of logos in both old brand classics. And new streetwear-inspired products have opened the luxury market to everyday consumers. In addition, boosted LVMH subsidiary sales to record high volumes.

On the other end of the spectrum. LVMH’s Celine and Loewe offer a selection of timeless and minimalist clothing. That emphasizes quality through tailoring and fabrics to attract more discreet luxury buyers. Celine gained a cult following during Phoebe Philo’s tenure as creative director between 2008 and 2018. As she was heralded for creating clothes for women under the female gaze. Her designs catered to wealthy and professional women who wanted to buy understated clothing of exceptional quality. When Ms. Philo left the brand in 2018. Her successor Hedi Slimane re-invented the brand with his own aesthetics. Which have been apparent in his work at Saint Laurent and Dior. Choosing to create designs inspired by bourgeois French femininity.

Today, the brand continues to carry high-quality basics that are made to last.

And to the joy of Phoebe Philo fans. She is slated to return to the fashion world in the coming months. Announcing in July 2021 that she is launching an eponymous label with the support of LVMH. Who retains a minority stake in the business). Similarly, Loewe fixates on craftsmanship and modernity–the brand aims to produce clothing that stays modern due to its timeless nature. Led by creative director Jonathan Anderson. Recipient of both the 2015 Menswear and Womenswear Designer of the Year awards by the British Fashion Awards. The house continues to find new technologies and revolutionary ideas that innovate their craft.

While these minimalist brands may not receive as much media attention as Louis Vuitton and Dior. They also retain their positions as commercial successes under the LVMH fashion and leather goods sector.

Although the logo-dependent and minimalist ready-to-wear business models are commercially successful ones that rely on high volume. The tradeoff is the loss of designer brands’ artistic exploration. And exclusivity–the very essence that motivates people’s fascination with the fashion industry. However, a few fashion houses have maintained intimacy with their customers through their haute couture collections. In which designers create custom-fitted clothing for only their top clientele. These pieces are made from high-quality, expensive, and even unusual fabrics. And are handcrafted by the artisans (i.e. embroiderers, weavers, jewelers, pleaters, etc.) in ateliers.

Given the time and effort expended in the creation of these pieces. Haute couture epitomizes supreme technical mastery and virtuoso execution. And comes at a high price tag that makes it only affordable to a small proportion of luxury consumers. The customers that are able to afford fashion houses’ couture pieces. Maintain strong relationships with the brands’ corresponding creative directors. In addition, testifies to the continued existence of personalization and intimacy between brands and their clients.

LVMH maintains the art of haute-couture through maisons Dior and Givenchy. And is currently in the process of reviving Fendi couture under the direction of newly appointed creative director Kim Jones.

Looking forward, it is logical to wonder which brand will be the next capstone of LVMH. After the commercial successes of Louis Vuitton and Dior.

If following historic trends. It is easy to eliminate the possibility of a newly launched luxury fashion and leather goods house. When considering Fenty’s failure to take off.

However, the revival of a maison that they already own or may acquire in the future has potential. Given the formula of commercial success that has been derived from previous profitable brands. This formula requires a fashion house with has existing traditions and heritage. Iconic brand classics that can be reinterpreted in a modern context, and a logo monogram print that will sell well. Since few maisons remain independent. Chanel, Hermes, and Goyard to name a few. And even fewer are up for sale or susceptible to a takeover. The house will most likely be found in LVMH’s existing portfolio of fashion and leather goods houses.

Following the pre-established formula for success, the conglomerate’s next big bet seems to be the maison Fendi. All of the elements are there: Fendi has a history of expertise in crafting fur and leather goods. A history that can become used to revive the maison. A brand classic in the form of the Fendi Baguette bag (popularized in the ‘90s by its appearance on Sarah Jessica Parker as Carrie Bradshaw in  Sex and the City ). And the iconic Fendi Zucca logo created by the esteemed Karl Lagerfeld. Fendi also clinched 9th place on the Q2 2020 Lyst Index. Which tracks online search data and social media engagement to rank fashion’s best-selling brands and products on a quarterly basis. With the appointment of Kim Jones and the revival of its couture line. The brand should become one of the largest commercial successes within the fashion industry.

Future Outlook of LVMH’s Expansion

Over the past decade. The fashion industry has also been reckoning with the ever-growing influence of Eastern consumers in the luxury sector. LVMH’s next biggest challenge is to compete with rivals Richemont and Kering for customers in Asia. European luxury conglomerates are betting most heavily on sales growth in China. As the nation’s booming economy has spurred Chinese consumers’ rapid income growth. And thus transformed the country into the home of the fastest growing market for luxury goods in the world. According to Bain & Co., the luxury goods market in mainland China achieved 48% growth in 2020. Doubling China’s share in the global luxury market. Growth is expected to continue into 2025. As a result, fashion houses have been scrambling to expand their marketing strategies to advertise to their Asian consumer base. Two notable methods include putting fashion shows on tour to China and signing on Asian brand ambassadors.

LVMH Stock Analysis :   An Analysis of LVMH  :  Behind European Luxury

LVMH’s expansion into China through fashion shows dates back to as early as 2007. When Chinese consumers only accounted for about 2% of global consumption of luxury goods.

Mr. Arnault’s foresight on the future of China’s importance in the luxury market. Resulted in Fendi’s then creative director Karl Lagerfeld showing his monumental 2008 Spring-Summer collection at the Great Wall of China. Mr. Burke, then CEO of Fendi. Revealed later in an interview that Fendi “wanted to do something when the city was still in its transformative state. When it’s like a moth turning into a butterfly,” referencing China’s pending emergence as an economic power.

More recently, Louis Vuitton showed their 2021 Menswear Spring-Summer collections in Shanghai. While Dior presented their disco-themed 2021 Pre-Fall show in Shanghai as well. Due to the pandemic’s long-lasting effect of reduced travel. And reduced capacity in-person shows, LVMH has moved toward the digitization of their shows. With Louis Vuitton distributing their 2022 Menswear Spring-Summer collection in image, live-stream. And short video formats through prominent Chinese digital platforms Wechat and Weibo.

According to Morgan Stanley, the show broke records with over 130 million livestream views; the hashtag #LVMenSS22 gathered 520 million views within 24 hours, marking huge engagement growth for the brand in China.

To further market their brands to an Asian consumer base. Prominent fashion houses have also announced a flurry of partnerships with Asian brand ambassadors. Louis Vuitton has picked up both Chinese and Korean celebrities. Most notably Chinese rapper Kris Wu in 2018, as well as internationally acclaimed K-pop group BTS in 2020. Their appearances at red carpet events, ad campaigns. And fashion shows while donned in Louis Vuitton garments have gained not only media spotlight. But also the attention of their fans worldwide. Dior has also signed on K-pop group BLACKPINK’s Jisoo. As an ambassador for both their fashion and beauty lines in 2021. It would not come as a surprise if LVMH’s subsidiaries continue to sign on new Asian representatives. And to host more fashion shows in China. In order to further grow their customer base and compete for a larger market share in the luxury goods sector.

Conclusion  : LVMH Stock Analysis

LVMH’s constant expansion through mergers and acquisitions. As seen by the case studies of Fenty and Tiffany and Co. Growth of its existing houses. In addition, global marketing strategies will continue to grow the reach of the luxury conglomerate on a worldwide scale. Especially in the Asian market. Its ongoing work in digitizing the fashion industry through its partnership with Google Cloud. Will only further revolutionize the consumer’s shopping experience and merits further analysis in a later article. At the end of the day, LVMH epitomizes luxury and remains true to its mission: “A family-run group. LVMH strives to ensure the long-term development of each of its Houses. In keeping with their identity, their heritage and their expertise.”

Written by  Christine Lee  &  Vivian Fang

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The Tiffany Turnaround

As the iconic luxury brand delivers record results in 2023, we piece together its script for success

When Bernard Arnault, Chairman, LVMH bought Tiffany in 2015 for $15.8 billion, he was accused of ‘overpaying.’

The storied jewellery brand had stagnated, and revenue was falling even though the industry was growing. Fast forward to 2023 and last week’s earnings call, where the group announced that Tiffany was the largest contributor to LVMH’s growth over the past two years, with a 23% growth in sales.

We broke down the pillars of the turnaround, which is being credited largely to 30 year old Alexandre Arnault, who became Tiffany’s Vice-President of Brand & Communication after the acquisition.

#1. Target a new audience

Tiffany’s sales came from an older, affluent segment and tourists. It was no longer aspirational for a younger audience. The new playbook specifically targeted GenZ and Millennials.

#2. Bold, new communication

When Tiffany launched the ‘Not Your Mother’s Tiffany’ campaign in July 2021, there was widespread outrage. The company also gave up its Page 3 ad in the New York Times, which had run since 1896, opting instead for more digital media.

Note: The campaign was disruptive, but not entirely original. Automotive manufacturer Oldsmobile ran ‘Not Your Father’s Oldmobile’ in 1988, also to appeal to a younger generation. That idea was a disaster, and has been blamed by many for hastening the brand’s demise.

#3. New brand ambassador

Perhaps the biggest impact on the brand was the appointment of Beyonce as brand ambassador and the series of ads that have delivered billions of impressions in the last two years.

It started with a campaign called ‘About Love,’ featuring the singer and her husband Jay Z photographed in front of a rare Basquiat painting in Tiffany’s iconic robin-blue colour.

Since then, there have been music video-like ads , whose vibe could not be further removed from Tiffany’s previously staid image.

#4. New products

All of the communication would not move sales, if the product portfolio did not keep up. Tiffany launched its first all-gender line called Lock , a series of bracelets that swivel open and snap into place, available for $10,000-$20,000. The website says ‘No rules. All welcome.’

#5. Experiments

Under Arnault, Tiffany has experimented with everything from NFTs to TiffCoins (a limited drop of physical gold coins that give the holder access to exclusive events.)

An April Fools joke in 2021 nearly broke the Internet, when the brand tweeted that it was abandoning its blue colour for yellow. Riding the moment, a bright yellow pop-up store appeared on Rodeo Drive.

Arnault has delivered on this shock and awe playbook previously with luxury luggage brand Rimowa. In a recent interview, he said ‘brands need to be part of the cultural zeitgeist.’ Advice that all of us should take to heart.

The idea of ‘ play’ taken to a level that is so street ! Love the reinvention of its image from iconic to accessible

Now that’s a comeback! Brilliant insights and amazing actions to follow the new strategy.

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