tiffany and co case study

A business journal from the Wharton School of the University of Pennsylvania

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.

• Public Policy

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Tiffany & Co. Marketing Strategy 2024: A Case Study

Tiffany & Co., the iconic jewelry brand founded in 1837 in New York City, has developed a comprehensive marketing strategy that positions itself as a leader in luxury branding and delivers a memorable customer experience. With a target audience primarily consisting of women in their pre-teen to middle-age years, Tiffany & Co. appeals to individuals from the upper-middle and affluent classes who appreciate luxury and high-quality products.

One of the key elements of Tiffany & Co.’s marketing strategy is its diverse advertising channels. The brand utilizes print media to showcase its products in prestigious publications, while also leveraging digital platforms to reach a broader audience. Additionally, Tiffany & Co. actively engages with its audience through social media platforms like Instagram, Facebook, and Twitter, creating a personal connection with its customers.

Tiffany & Co. has a global presence with stores located in key cities across North America, Europe, Asia Pacific, the Middle East, and Latin America. Organizing its products into different divisions, including jewelry, leather goods, watches, perfumes, and home accessories, allows the brand to cater to various customer preferences and expand its reach.

In the competitive luxury jewelry industry, Tiffany & Co. faces rivals such as Cartier. As indicated by the legal battle between the two companies, Tiffany & Co. strives to maintain its market position and appeal to its target audience through innovative and captivating marketing campaigns. Notably, the brand has collaborated with renowned artists and celebrities like Beyoncé Knowles-Carter and Jimin of BTS to enhance its promotional endeavors.

By emphasizing emotional connection, Tiffany & Co.’s marketing strategy resonates with its target audience. Women who value luxury, quality, and personal style are drawn to the brand’s exquisite designs and its ability to create engaging purchasing experiences. Tiffany & Co. continues to uphold its legacy of elegance and luxury, combining timeless craftsmanship with innovative strategies to stay at the forefront of the industry.

Key Takeaways:

• Tiffany & Co. targets women in their pre-teen to middle-age years who appreciate luxury and personal style.
• The brand appeals to individuals from the upper-middle and affluent classes who value high-quality products.
• Utilizing various advertising channels, Tiffany & Co. showcases its products through print media and digital platforms.
• Tiffany & Co. actively engages with its audience through social media platforms like Instagram, Facebook, and Twitter.
• The brand has a global presence with stores in key cities across North America, Europe, Asia Pacific, the Middle East, and Latin America.

The Importance of Branding in Tiffany & Co.’s Marketing Strategy

Branding plays a pivotal role in Tiffany & Co.’s marketing strategy, solidifying its position as a leading luxury brand. With a history dating back to 1837, Tiffany & Co. has cultivated a strong and recognizable brand identity that resonates with consumers worldwide.

One of the key elements of Tiffany & Co.’s brand identity is its iconic Tiffany Blue color. The distinctive shade of blue, trademarked by the company, has become synonymous with luxury and elegance. This specific shade of blue, often referred to as Tiffany Blue, evokes a sense of premium quality and captures the attention of consumers. The use of this color in packaging and marketing materials creates a visual association with the brand, making it instantly recognizable.

In addition to the Tiffany Blue color, the brand’s logo and association with timeless love through engagement rings also contribute to its brand identity. The introduction of the Tiffany Blue Box® by Charles Tiffany in 1853 revolutionized the jewelry industry and highlighted the importance of packaging and presentation in luxury goods. The iconic blue box has become a symbol of luxury and sophistication, enhancing the overall brand experience for customers.

Tiffany & Co.’s commitment to exceptional craftsmanship and design further reinforces its brand identity. During the late 19th and early 20th centuries, the brand embraced the Art Nouveau and Art Deco movements, incorporating intricate craftsmanship and nature-inspired motifs into their designs. This attention to detail and artistic expression distinguishes Tiffany & Co. from other luxury brands and adds to its allure.

Furthermore, Tiffany & Co.’s expansion into international markets and strategic store locations have helped solidify its global reputation. By establishing stores in major cities like London and Paris, the brand has positioned itself as a true global luxury brand, catering to discerning customers around the world.

Tiffany & Co.’s emphasis on branding, encompassing elements such as the Tiffany Blue color, iconic logo, and association with love and commitment, has established them as a luxury powerhouse. These brand identity components, combined with exceptional craftsmanship and a global presence, contribute to their continued success in the luxury goods market.

Target Audience Engagement in Tiffany & Co.’s Marketing Strategy

Tiffany & Co. has successfully captured the attention and loyalty of a specific target audience – women in their pre-teen to middle-age years who appreciate luxury goods and have a discerning taste for exquisite design. Catering to the upper-middle class and affluent individuals, Tiffany & Co. ensures that their products and marketing efforts resonate with this exclusive demographic.

The brand’s long-established presence in the luxury market, with over 170 years of foundation history, showcases its credibility and appeal to this target audience. Tiffany & Co.’s wide range of luxury products, including personalized water bottles, watches, silver items, quality leather goods, and porcelain items, caters to the high-end clientele that values superior craftsmanship and timeless elegance.

An important factor in engaging their target audience is Tiffany & Co.’s strategic use of social media platforms to showcase their luxurious products and connect with potential buyers. With over 13.9 million followers on Instagram alone, Tiffany & Co. has built a strong online presence, with most of their Instagram reels gaining over a million views.

Moreover, Tiffany & Co.’s social media engagement extends beyond Instagram, with a significant following on various other platforms. They have over 10 million followers on Facebook, 1.8 million followers on Twitter, and over 300,000 followers on Pinterest. These platforms provide ample opportunity for the brand to engage with their target audience, share behind-the-scenes content, and build brand credibility.

Tiffany & Co. understands the importance of engaging their target audience authentically. They employ strategies such as using influencers and celebrities, leveraging employee advocacy, and showcasing behind-the-scenes content to establish a strong connection with their audience.

In addition, specific advice for Twitter engagement includes using hashtags, sharing emotionally resonant content, and maintaining consistency in posting. This helps Tiffany & Co. create a more interactive and engaging experience for their followers on the platform.

For Pinterest marketing, Tiffany & Co. emphasizes creating boards for specific occasions, linking visual content to their website, and using relevant hashtags. These strategies ensure that their target audience discovers and engages with their brand on the platform.

The analytical tools , such as Radarr, play a crucial role in comprehending engagement metrics. Tiffany & Co. uses these tools to analyze the effectiveness of their social media strategies, track trends, and stay ahead of the competition.

Through their comprehensive marketing strategy, Tiffany & Co. successfully engages their target audience by offering luxury goods, leveraging social media platforms, and employing effective strategies to build brand credibility and connect with their discerning clientele.

Advertising Tactics in Tiffany & Co.’s Marketing Strategy

Tiffany & Co. employs a diverse range of advertising channels to effectively promote their luxury products. They utilize both traditional print media and modern digital platforms to showcase their offerings to a wide audience.

The brand understands the power of print media and leverages it to reach potential customers. Through meticulously curated advertisements in renowned magazines and newspapers, Tiffany & Co. captures the attention of readers and conveys the elegance and allure of their jewelry and specialty goods. These print advertisements serve as a visual representation of the brand’s commitment to craftsmanship and quality.

Furthermore, Tiffany & Co. effectively harnesses the potential of digital platforms to expand their reach and connect with their target audience. The brand engages actively on social media platforms like Instagram, Facebook, Twitter, and Pinterest, where they have amassed a significant following. By sharing captivating visuals and compelling messaging, Tiffany & Co. cultivates an online presence that resonates with their customers and conveys their brand values.

In addition to print media and digital platforms, Tiffany & Co. collaborates with influential individuals, such as influencers and celebrities, to amplify their brand and increase brand visibility. By partnering with personalities who align with their brand image, Tiffany & Co. taps into their vast reach and engages with a broader audience.

This strategic use of advertising channels, both traditional and digital, enables Tiffany & Co. to effectively communicate their brand story and showcase their exquisite products to individuals of all social classes. Whether it’s through a captivating print ad, a captivating social media post, or a collaboration with an influential figure, Tiffany & Co. ensures that their brand remains firmly etched in the minds of their target audience.

The Role of Digital Marketing and Social Media in Tiffany & Co.’s Marketing Strategy

Tiffany & Co. understands the immense value of digital marketing and social media in cultivating and nurturing strong customer relationships. With a robust online presence, the brand actively engages with its audience across multiple platforms to enhance its online visibility and establish a more personal connection.

One of the key platforms where Tiffany & Co. excels is Instagram, where they have amassed an impressive following of over 13.9 million users. With an eye-catching feed and visually appealing content, the brand entices followers with luxurious jewelry and showcases the exquisite craftsmanship they are known for. Additionally, Tiffany & Co. has leveraged the power of Instagram Reels, generating over a million views and harnessing the potential of video marketing .

Tiffany & Co.’s digital marketing strategy extends beyond Instagram. The brand actively engages with its audience on Facebook, where they have garnered more than 10 million followers. By actively responding to customer comments and valuing each individual, Tiffany & Co. fosters a sense of community and deepens customer relationships.

LinkedIn, another prominent social media platform, is embraced by Tiffany & Co. to highlight its corporate sustainability achievements. With over 694k followers, the brand showcases its commitment to responsible business practices and resonates with professionals who align with their values.

The brand’s Twitter presence is equally strong, with 1.8 million followers. Tiffany & Co. utilizes this platform to share updates, promote products, and engage in real-time conversations. By tweeting around 3-5 times a day, the brand stays relevant and connected with its audience.

Recognizing the potential of Pinterest, Tiffany & Co. leverages the platform’s visual nature to drive traffic and conversions. With over 300k followers, the brand effectively links its Pinterest content directly to its website, providing a seamless shopping experience and attracting potential customers.

Overall, Tiffany & Co.’s digital marketing and social media efforts play a crucial role in strengthening its online presence and deepening customer relationships. By staying active and engaged on various platforms, the brand ensures that its audience feels connected and inspired, contributing to its continued success in the luxury goods industry.

Market Positioning and Competitive Analysis in Tiffany & Co.’s Marketing Strategy

Tiffany & Co. has established a strong global presence in the luxury goods industry, operating in over 70 countries worldwide. With a history dating back to 1837, the company boasts over 180 years of rich heritage and craftsmanship. Over the years, Tiffany & Co. has positioned itself as a leader in the industry through strategic market positioning and competitive analysis.

One of Tiffany & Co.’s notable contributions to the industry was the introduction of the iconic Tiffany Setting in 1886. This revolutionary six-prong diamond engagement ring design set a new standard in the market and cemented the company’s reputation for innovation and exquisite craftsmanship.

To stay ahead in the luxury goods industry, Tiffany & Co. deeply analyzes its competitors and closely monitors market trends . By understanding the landscape and consumer preferences, the company is able to make informed decisions regarding product offerings and marketing initiatives. This emphasis on competitive analysis enables Tiffany & Co. to anticipate market changes and maintain its market leadership.

One of Tiffany & Co.’s core strategies is its commitment to sustainability. The company aims to achieve net-zero greenhouse gas emissions by 2021 and responsibly source 100% of their diamond, gold, and silver by 2025. This forward-thinking approach not only aligns with evolving consumer values but also enhances the brand’s market positioning as an environmentally conscious luxury goods provider.

Tiffany & Co. understands its target market well and caters to the upper-middle and upper-class demographics. Their products hold emotional value for their customers, making them ideal for both personal indulgence and special gifts. This inclusive approach to luxury positioning sets Tiffany & Co. apart from its competitors and appeals to a broader consumer base.

Looking ahead, Tiffany & Co. acknowledges significant opportunities for expansion in emerging markets such as China and India. These countries have growing economies and a rising middle class, making them ideal markets for luxury goods brands seeking to establish a foothold in new territories.

Successful Promotional Campaigns in Tiffany & Co.’s Marketing Strategy

Tiffany & Co. has consistently demonstrated its creativity and innovation through successful promotional campaigns, enabling the brand to boost brand awareness and engage with its target audience. By leveraging various marketing channels and collaborating with renowned artists, Tiffany & Co. has created unforgettable experiences that resonate with consumers.

One of the key elements of Tiffany & Co.’s promotional campaigns is their ability to think outside the box and generate excitement among their audience. Through limited-edition collaborations with artists such as Elsa Peretti, Paloma Picasso, and Jean Schlumberger, the brand showcases its commitment to creativity and uniqueness.

These collaborations not only attract art enthusiasts but also help Tiffany & Co. reach new target segments who may be interested in both the brand and the artists themselves. By associating their brand with well-known names in the art world, Tiffany & Co. not only enhances their brand image but also positions themselves as a brand with a deep appreciation for art and design.

Additionally, Tiffany & Co.’s experiential events have become iconic moments in the brand’s promotional calendar. By creating immersive and interactive experiences, such as pop-up stores and art installations, Tiffany & Co. invites consumers to engage with their brand in a unique and memorable way. These events not only showcase the brand’s products but also allow customers to forge a deeper emotional connection with the Tiffany & Co. brand.

Furthermore, Tiffany & Co.’s innovative use of social media platforms has contributed to the success of their promotional campaigns. With over 13.9 million followers on Instagram, the brand has a strong social media presence that allows them to connect with their audience on a more personal level. The brand’s Instagram reels, which consistently garner over a million views on average, highlight their ability to leverage video marketing effectively.

Tiffany & Co.’s promotional campaigns have not only created brand awareness but also reinforced their position as a leader in the luxury goods industry. By continuously pushing the boundaries of creativity and embracing new marketing strategies, Tiffany & Co. ensures that their brand remains top of mind for consumers seeking high-end and luxurious products.

Company Overview of Tiffany & Co.

Tiffany & Co. is a renowned luxury goods manufacturer that was founded in 1837 by Charles Lewis Tiffany and John B. Young in New York City. With a rich history spanning over 170 years, the company has established itself as an iconic brand in the luxury industry. Tiffany & Co. offers a diverse range of products, including exquisite jewelry, high-quality watches, luxury accessories, and elegant home decor items.

Known for its commitment to craftsmanship and attention to detail, Tiffany & Co. employs skilled artisans who bring their expertise to create signature pieces. Their artisans craft exquisite silverware, personalized water bottles, leather goods, porcelain items, and handmade engagement and wedding rings that symbolize enduring love and commitment.

Tiffany & Co.’s global presence is evident with stores located in major cities across the world. From their iconic flagship store on Fifth Avenue in New York City to stores in Virginia, Madrid, Manchester, and other coveted destinations, Tiffany & Co. strategically places its stores in upscale locations to cater to its discerning clientele.

With a legacy built on quality, design, and impeccable craftsmanship, Tiffany & Co. has become synonymous with luxury and elegance. Its products cater to high-end customers, and the brand is often sought after by discerning individuals in high society. The price range of Tiffany & Co. products varies, with lower-cost items starting at $35 and luxury pieces commanding higher price points.

In recent years, Tiffany & Co.’s marketing strategy has evolved to focus on digital media and social platforms. Their engaging content, emotional advertising campaigns, and strategic collaborations with renowned designers such as Elsa Peretti and Paloma Picasso have solidified their position as a leading luxury brand.

Tiffany & Co.’s commitment to sustainability is evident in their adoption of solar panels in some of their factories, showcasing their dedication to a more environmentally conscious future. Through their timeless designs, exceptional craftsmanship, and global presence, Tiffany & Co. continues to captivate the hearts of luxury connoisseurs around the world.

Target Audience and Buyer Persona of Tiffany & Co.

Tiffany & Co. has successfully captured the attention of a diverse target audience, primarily consisting of women aged 35-50+ from upper-middle-class and upper-class socioeconomic positions. These individuals appreciate luxury goods and value exceptional quality in their purchases.

However, Tiffany & Co. is also making strides in connecting with a younger audience through internet and social media platforms. By leveraging digital channels, they are attracting a new generation of customers who have a discerning taste for luxury and a desire to express their personal style.

In the engagement ring market segment , Tiffany & Co. has earned a reputation for offering high-end diamond rings. The company’s commitment to exquisite craftsmanship and attention to detail appeals to individuals seeking the perfect symbol of eternal love.

While Tiffany & Co. holds a prominent position in the market , they face competition from brands like Blue Nile, which offers a wide variety of engagement rings and diamond jewelry online.

When it comes to wedding gifts, customers visiting Tiffany & Co.’s website typically fall within the age range of 30-55+ and come from upper-middle-class or upper-class socioeconomic positions. These individuals are looking for special, timeless pieces that reflect their appreciation for luxury and fine craftsmanship.

Cartier is another formidable competitor of Tiffany & Co., targeting women from upper socioeconomic classes with their high-priced jewelry and wedding gift collections.

In summary, Tiffany & Co.’s target audience primarily consists of women from upper-middle-class and upper-class backgrounds. Women are the key customers compared to men, as the majority believe in the symbolic power of diamonds and the existence of true love. Their buyer persona includes individuals who appreciate luxury, unique design, and quality, and seek exclusive and high-end products that symbolize perfectionism, promise of love, sophistication, and fashion.

Tiffany & Co.’s Target Audience Key Demographics

Tiffany & Co.’s marketing strategy has proven to be a formidable force in the luxury goods industry. Through their focus on luxury branding and delivering exceptional customer experiences, they have solidified their position as a leading global brand. From their iconic Tiffany Blue Box®, which set the standard for luxury packaging, to the revolutionary Tiffany Setting engagement ring, Tiffany & Co. has consistently demonstrated their commitment to innovation and quality.

Expanding internationally and strategically placing flagship stores in upscale locations, Tiffany & Co. has captured the attention of their target audience. With a strong presence on social media platforms like Instagram, Facebook, and Twitter, they have effectively engaged with millions of followers worldwide. Their collaborations with renowned designers and celebrities have further elevated their brand and attracted widespread attention.

By understanding and catering to a female demographic spanning from pre-teen to middle-age, primarily from upper-middle and affluent classes, Tiffany & Co. has successfully captured the hearts of their target audience. With an e-commerce strategy that includes a user-friendly website, mobile applications, and exhibition bookings, they have made their products accessible to a wider audience.

Tiffany & Co.’s marketing strategy is a shining example of how luxury brands can leverage digital channels, creative campaigns, and a deep understanding of their target audience to build a strong brand identity and achieve marketing success . As they continue to evolve and adapt, Tiffany & Co. remains at the forefront of the luxury goods industry.

What is Tiffany & Co.’s marketing strategy?

Who is tiffany & co.’s target audience, how does tiffany & co. use branding in their marketing strategy, what advertising tactics does tiffany & co. employ, how does tiffany & co. use digital marketing and social media, how does tiffany & co. position itself in the luxury goods industry, what are some of tiffany & co.’s successful promotional campaigns, what is the company overview of tiffany & co., who is the target audience and buyer persona of tiffany & co., what is the focus of tiffany & co.’s marketing strategy, related posts:.

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Nina Sheridan is a seasoned author at Latterly.org, a blog renowned for its insightful exploration of the increasingly interconnected worlds of business, technology, and lifestyle. With a keen eye for the dynamic interplay between these sectors, Nina brings a wealth of knowledge and experience to her writing. Her expertise lies in dissecting complex topics and presenting them in an accessible, engaging manner that resonates with a diverse audience.

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Tiffany & Co. : A Case Study

• October 3, 2021

Tiffany & Co. : A Case Study

Tiffany & Co. : A Case Study . 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. Moreover, 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. In addition, 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.

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, but LVMH was not given an option to exit 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 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.

Ai For Retail

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 claims that the coronavirus crisis was a change in circumstances. One 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 had flaws by the fact that a MAE cannot be used on a general basis. 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. There is no doubt that Tiffany will experience similar success under the watchful eye of Mr. Arnault.

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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

Allure of the Abroad: Tiffany & Co., Its Cultural Influence, and Consumers

• Jasleen Kaur University of New South Wales

How to Cite

• Endnote/Zotero/Mendeley (RIS)

Introduction 

Tiffany and Co. is an American luxury jewellery and specialty retailer with its headquarters in New York City. Each piece of jewellery, symbolically packaged in a blue box and tied with a white bow, encapsulates the brand’s unique diamond pieces, symbolic origin story, branded historical contributions and representations in culture. Cultural brands are those that live and thrive in the minds of consumers (Holt). Their brand promise inspires loyalty and trust. These brands offer experiences, products, and personalities and spark emotional connotations within consumers (Arvidsson). This case study uses Tiffany & Co . as a successful example to reveal the importance of understanding consumers, the influential nature of media culture, and the efficacy of strategic branding, advertising, and marketing over time (Holt). It also reveals how Tiffany & Co. earned and maintained its place as an iconic cultural brand within consumer culture, through its strong association with New York and products from abroad. Through its trademarked logo and authentic luxury jewellery, encompassed in the globally recognised “Tiffany Blue” boxes, Tiffany & Co.’s cultural significance stems from its embodiment of the expected makings of a brand (Chernatony et al.). However, what propels this brand into what Douglas Holt terms “iconic territory” is that in its one hundred and seventy-nine years of existence, Tiffany’s has lived exclusively in the minds of its consumers.

Tiffany & Co.’s intuitive prowess in reaching its target audience is what allows it to dominate the luxury jewellery market (Halasz et al.). This is not only a result of product value, but the alluring nature of the “Tiffany's from New York” brand imagery and experience (Holt et al.), circulated and celebrated in consumer culture through influential depictions in music, film and literature over time (Knight). Tiffany’s faithfully participates in the magnetic identity myth embodied by the brand and city, and has become globally sought after by consumers near and far, and recognised for its romantic connotations of love, luxury, and New York (Holt). 

An American Dream: New York Affiliation & Diamond Origins

It was Truman Capote’s characterisation of Holly Golightly in his book (1958) and film adaption, Breakfast at Tiffany’s (1961) that introduced the world to New York as the infatuating “setting,” upon which the Tiffany’s diamond rested. It was a place, that enabled the iconic Holly Golightly to personify the feeling of being abroad in New York and to demonstrate the seductive nature of a Tiffany’s store experience, further shaping the identity myth encompassed by the brand and the city for their global audience (Holt).     

Essentially, New York was the influential cultural instigator that propelled Tiffany & Co. from a consumer product, to a cultural icon. It did this by circulating its iconography via celebrity affiliations and representations in music, film, and literature (Knight), and by guiding strong brand associations in the minds of consumers (Arvidsson). However, before Tiffany’s became culturally iconic, it established its place in American heritage through historical contributions (Tiffany & Co.) and pledged an association to New York by personifying the American Dream (Mae). 

To help achieve his dream in a rapidly evolving economy (Elliott), Charles Lewis Tiffany purportedly brought the first substantial gemstones into America from overseas, and established the first American jewellery store to sell them to the public (Halasz et al.). The Tiffany & Co. origin story personifies the alluring nature of products from abroad, and their influence on individuals seeking an image of affluence for themselves. 

The ties between New York, Tiffany’s, and its consumers were further strengthened through the established, invaluable and emblematic nature of the diamond, historically launched and controlled by South African Diamond Cartel of De Beers (Twitchell). De Beers manipulated the demand for diamonds and instigated it as a status symbol. It then became a commoditised measurement of an individual’s worth and potential to love (Twitchell), a philosophy, also infused in the Tiffany & Co. brand ideology (Holt). Building on this, Tiffany’s further ritualised the justification of the material symbolisation of love through the idealistic connotations surrounding its assorted diamond ring experiences (Lee). This was projected through a strategic product placement and targeted advertising scheme, evident in dominant culture throughout the brand’s existence (Twitchell). Idealistically discussed by Purinton, this is also what exemplified, for consumers, the enticing cultural symbolism of the crystal rock from New York (Halasz et al.).      

Brand Essence: Experience & Iconography

Prior to pop culture portraying the charming Tiffany’s brand imagery in mainstream media (Balmer et al.), Charles Tiffany directed the company’s ascent into luxury jewellery (Phillips et al.), fashioned the enticing Tiffany’s “store experience”, and initiated the experiential process of purchasing a diamond product. This immediately intertwined the imagery of Tiffany’s with New York, instigating the exclusivity of the experience for consumers (Holt). Tiffany’s provided customers with the opportunity to participate in an intricately branded journey, resulting in the diamond embodiment which declared their love most accurately; a token, packaged and presented within an iconic “Tiffany Blue” box (Klara). Aligning with Keller’s branding blueprint (7), this interactive process enabled Tiffany & Co. to build brand loyalty by consistently connecting with each of its consumers, regardless of their location in the world.  

The iconography of the coveted “blue box” was crafted when Charles Tiffany trademarked the shade Pantone No. 1837 (Osborne), which he coined for the year of Tiffany’s founding (Klara). Along with the brand promise of containing quality luxury jewellery, the box and that particular shade of blue instantly became a symbol of exclusivity, sophistication, and elegance, as it could only be acquired by purchasing jewellery from a Tiffany’s store (Rawlings).    

The exclusive packaging began to shape Tiffany’s global brand image, becoming a signifier of style and superiority (Phillips et al.), and eventually just as iconic as the jewellery itself. The blue box is still the strongest signifier of the brand today (Osborne). Ultimately, individuals want to participate in the myth of love, perfection and wealth (Arvidsson), encompassed exclusively by every Tiffany’s “blue box”.  

Furthermore, Tiffany’s has remained artistically significant within the luxury jewellery landscape since introducing its one-of-a-kind Tiffany Setting in 1886. It was the first jewellery store to fully maximise the potential of the natural beauty possessed of diamonds, while connotatively reflecting the natural beauty of every wearer (Phillips et al.). According to Jeffrey Bennett, the current Vice President of Tiffany & Co. New York, by precisely perching the “Tiffany Diamond” upon six intricately crafted silver prongs, the ring shines to its maximum capacity in a lit environment, while being closely secured to the wearer’s finger (Lee). Hence, the “Tiffany Setting” has become a universally sought after icon of extravagance and intricacy (Knight), and, as Bennett further describes, even today, the setting represents uncompromising quality and is a standard image of true love (Lee). 

Alluring Brand Imagery & Influential Representations in Culture

Empirical consumer research, involving two focus groups of married and unmarried, ethnically diverse Australian women and conducted in 2015, revealed that even today, individuals accredit their desire for Tiffany’s to the inspirational imagery portrayed in music, movies and television. Through participating in the Tiffany's from New York store experience, consumers are able to indulge in their fantasies of what it would feel like to be abroad and the endless potential a city such as New York could hold for them. Tiffany’s successfully disseminated its brand ideology into consumer culture (Purinton) and extended the brand’s significance for consumers beyond the 1960s through constant representation of the expensive business of love, lust and marriage within media culture. This is demonstrated in such films as Gentlemen Prefer Blondes (1953), Breakfast at Tiffany’s (1961), Sleepless in Seattle (1993), Legally Blonde (2001), Sweet Home Alabama (2002), The Great Gatsby (2013), and in the influential television shows, Gossip Girl (2007—2012), and Glee (2009—2015).

The most important of these was the film Breakfast at Tiffany’s (1961), and the iconic embodiment of Capote’s (1958) Holly Golightly  by actress Audrey Hepburn (Wasson). Hepburn’s (1961) portrayal of the emotionally evocative connotations of experiencing Tiffany’s in New York, as personified by her romantic dialogue throughout the film (Mae), produced the image that nothing bad could ever happen at a Tiffany’s store. Thus began the Tiffany’s from New York cultural phenomenon, which has been consistently reiterated in popular media culture ever since.

Breakfast at Tiffany’s also represented a greater struggle faced by women in the 1960s (Dutt); that of gender roles, women’s place in society, and their desire for stability and freedom simultaneously (Sheehan). Due to Hepburn’s accurate characterisation of this struggle, the film enabled Tiffany & Co. to become more than just jewellery and a symbol of support (Torelli). Tiffany’s also allowed filming to take place inside its New York flagship store to which Capote’s narrative so idealistically alludes, further demonstrating its support for the 1960s women’s movement at an opportune moment in history (Torelli). Hence, Tiffany’s from New York became a symbol for the independent materialistic modern woman (Wasson), an ideal, which has become a repeated motif, re-imagined and embodied by popular icons (Knight) such as, Madonna in Material Girl (1985), and the characterisations of Carrie Bradshaw by Sarah Jessica Parker, Charlotte York by Kristin Davis ( Sex and the City ), and Donna Paulsen by Sarah Rafferty ( Suits ). 

The iconic television series Sex and the City, set in New York , boldly represented Tiffany’s as a symbol of friendship when a fellow female protagonist parted with her lavish Tiffany’s engagement ring to help her friend financially ( Sex and the City ). This was similarly reimagined in the popular television series Suits , also set in New York, where a protagonist is gifted two Tiffany Boxes from her female friend, as a token of congratulations on her engagement. This allowed Tiffany & Co. to add friendship to its symbolic repertoire (Manning), whilst still personifying a symbol of love in the minds of its consumers who were tactically also the target audiences of these television shows (Wharton).

The alluring Tiffany’s image was presented specifically to a male audience through the first iconic Bond Girl named Tiffany Case in the novel  Diamonds Are Forever (Fleming). The film adaption made its cultural imprint in 1971 with Sean Connery portraying James Bond, and paired the exaggerated brand of “007” with the evocative imagery of Tiffany’s (Spilski et al.). This served as a reminder to existing audiences about the powerful and seductive connotations of the blue box with the white ribbon (Osborne), as depicted by the enticing Tiffany Case in 1956.

Furthermore, the Tiffany’s image was similarly established as a lyrical status symbol of wealth and indulgence (Knight). Portrayed most memorably by Marilyn Monroe’s iconic performance of Diamonds Are a Girl’s Best Friend ( Gentlemen Prefer Blondes ). Even though the song only mentions Tiffany’s lyrically twice (Vito et al.), through the celebrity affiliation, Monroe was introduced as a credible embodiment of Tiffany’s brand essence (Davis). Consequently, she permanently attached her image to that of the alluring Tiffany Diamonds for the target audience, male and female, past and present (Vito et al.). 

Exactly thirty-two years later, Monroe’s 1953 depiction was reinforced in consumer culture (Wharton) through an uncanny aesthetic and lyrical reimagining of the original performance by Madonna in her music video Material Girl (1985). This further preserved and familiarised the Tiffany’s image of glamour, luxury and beauty by implanting it in the minds of a new generation (Knight). Despite the shift in celebrity affiliation to a current cultural communicator (Arvidsson), the influential image of the Tiffany Diamond remains constant and Tiffany’s has maintained its place as a popular signifier of affluence and elegance in mainstream consumer culture (Jansson).    

The main difference, however, between Monroe’s and Madonna’s depictions is that Madonna aspired to be associated with the Tiffany’s brand image because of her appreciation for Marilyn Monroe and her brand image, which also intrinsically exuded beauty, money and glamour (Vito et al.). This suggests that even a musical icon like Madonna was influenced by Tiffany & Co.’s hold on consumer culture (Spilski et al.), and was able to inject the same ideals into her own loyal fan base (Fill).   

It is evident that Tiffany & Co. is thoroughly in tune with its target market and understands the relevant routes into the minds of its consumers. Kotler (113) identifies that the brand has demonstrated the ability to reach its separate audiences simultaneously, with an image that resonates with them on different levels (Manning). For example, Tiffany & Co. created the jewellery that featured in Baz Luhrmann’s 2013 cinematic adaption of F. Scott Fitzgerald’s novel, The Great Gatsby (1925). Through representing a signifier of love and lust induced by monetary possessions (Fitzgerald), Tiffany’s truthfully portrayed its own brand image and persuaded audiences to associate the brand with these ideals (Holt). By illustrating the romantic, alluring and powerful symbolism of giving or obtaining love, armed with a Tiffany’s Diamond (Mae), Tiffany’s validated its timeless, historical and cultural contemporary relevance (Greene).

This was also most recently depicted through Tiffany & Co.’s Will You (2015) advertising campaign. The brand demonstrated its support for marriage equality, by featuring a real life same-sex couple to symbolise that love is not conditional and that Tiffany’s has something that signifies every relationship (Dicker). Thus, because of the brand’s rooted place in central media culture and the ability to appeal to the belief system of its target market while evolving with, and understanding its consumers on a level of metonymy (Manning), Tiffany & Co. has transitioned from a consumer product to a culturally relevant and globally sought-after iconic brand (Holt).  

Tiffany & Co.’s place-based association and representational reflection in music, film, and literature, assisted in the formation of loyal global communities that thrive on the identity building side effects associated with luxury brand affiliation (Banet-Weiser et al.). Tiffany’s enables its global target market to revel in the shared meanings surrounding the brand, by signifying a symbolic construct that resonates with consumers (Hall). Tiffany’s inspires consumers to eagerly exercise their brand trust and loyalty by independently ritualising the Tiffany’s from New York brand experience for themselves and the ones they love (Fill). Essentially , Tiffany & Co. successfully established its place in society and strengthened its ties to New York, through targeted promotions and iconographic brand dissemination (Nita).

Furthermore, by ritualistically positioning the brand (Holt), surrounding and saturating it in existing cultural practices, supporting significant cultural actions and becoming a symbol of wealth, luxury, commitment, love and exclusivity (Phillips et al.), Tiffany’s has steadily built a positive brand association and desire in the minds of consumers near and far (Keller). As a direct result, Tiffany’s earned and kept its place as a culturally progressive brand in New York and around the world, sustaining its influence and ensuring its survival in today’s contemporary consumer society (Holt).

Most importantly, however, although New York has become the anchor in every geographically exemplified Tiffany’s store experience in literature, New York has also become the allegorical anchor in the minds of consumers in actuality (Arvidsson). Hence, Tiffany & Co. has catered to the needs of its global target audience by providing it with convenient local stores abroad, where their love can be personified by purchasing a Tiffany Diamond, the ultimate symbol of authentic commitment, and where they can always experience an allusive piece of New York. 

Arvidsson, Adam. Brands: Meaning and Value in Media Culture. New York: Routledge, 2006.

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Author Biography

Jasleen kaur, university of new south wales.

Jasleen Kaur has recently completed her Masters in Public Relations and Advertising at the University of New South Wales. She enjoys examining the effects and processes of cultural branding and exploring the ways in which, existing veteran brands have cemented their place in history, in the minds of their consumers through tactical marketing and advertising, and through innovative thinking and branding. She is also passionate about conceptualising brand management strategies for today’s consumer.

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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

Why the Acquisition of Tiffany & Co is Important for LVMH

LVMH sales return to pre-pandemic levels outperforming the industry and its closest competitors

LVMH Moët Hennessy Louis Vuitton SA (LVMH) sales surpassed pre-pandemic levels in 2021 already boosted by a strong recovery across categories and regions.

The company outperformed the industry and its closest competitors over 2017-2022 recording a 15% CAGR. The acquisition of Tiffany & Co, completed in 2021, is the big contributor to this performance.

Tiffany & Co acquisition, a good deal for LVMH

The acquisition of Tiffany & Co in 2021 was the largest contributor to LVMH’s growth over the historic period. This move allowed the company to rank third in jewellery and eighth in traditional and connected watches globally. The luxury jewellery brand brought USD6 billion of additional sales for LVMH in 2021 and turned Tiffany & Co into the group’s second largest brand.

Tiffany & Co’s strong performance is a result of a new strategy since LVMH took over, which, amongst other things, includes a shift in its advertising by putting more emphasis on social media and celebrities which has allowed the brand to successfully reach younger consumers.

Indeed, in 2021, Tiffany & Co launched the “About Love” campaign, starring Beyoncé and Jay-Z. As part of this collaboration, the brand partnered with BeyGOOD and the Shawn Carter foundation to create the Tiffany & Co About Love Scholarship Programme, which includes a donation of USD2 million in scholarships for students in arts and creative fields at Historically Black Colleges and Universities (HBCUs).

Social issues, and particularly racism and discrimination, have been in the spotlight in the US since the death of George Floyd in 2020. Brands across many industries have responded to this trend, either by supporting the Black Lives Matter movement, partnering with Black celebrities, or targeting their campaigns towards Black consumers.

According to Euromonitor’s Voice of the Industry: Sustainability Survey, 62% of respondents understand sustainability as “Prioritising Social, Environmental and Governance issues”. It is expected that, over the forecast period, brands will continue to develop their messages around social issues across the world as consumers demand them to act.

The acquisition of Tiffany & Co has clearly paid off, as the brand had a record-breaking year in 2021 and posted double-digit growth in 2022.

Sustainability and an omnichannel strategy are core areas for LVMH’s future growth

Although more moderate, LVMH’s 2022 growth remained in the double digits as COVID-19 restrictions were lifted across the globe and consumers resumed travel and their normal activities.

In its Q3 2022 report, the company defined four focus areas to support future growth and gain market share: omnichannel strategy, innovative and high-quality products, selective investments, and sustainability.

Given the current challenging environment, the company plans to be selective in its investments, especially when it comes to store expansions.

LVMH aims to leverage the strong momentum of online sales to reinforce its omnichannel strategy. It will continue the digitalisation of its brands, aiming to enrich the consumer experience both online and in the store.

As for sustainability, LVMH set its LIFE 360 programme and its 2023, 2026 and 2030 environmental objectives around four areas: creative circularity, traceability, biodiversity, and climate. New circular services, reduction of plastic in packaging, eco-design, traceability, use of certified materials, and other climate-friendly initiatives are some examples of the company’s sustainable efforts.

In 2021, Louis Vuitton expanded its range of eco-designed products. The brand launched its Keepall bag, made from recycled wool-based jacquard. This launch was followed by the Felt collection – three models of bags made using eco-friendly material, composed of 43% certified organic cotton, 20% recycled wool and recycled polyester; corners and chains made from 70% recycled plastic.

In 2021, Tiffany & Co announced in its 12th annual sustainability report that it was able to trace all the diamonds it used (which are primarily sourced from Botswana, Canada, Namibia, and South Africa) back to the mines they came from. In the same year, the LVMH group launched Nona Source, the first online resale platform for materials from its fashion and leather goods companies, as an initiative of its DARE (Disrupt, Act, Risk to be an Entrepreneur) programme. With this platform, LVMH aims to promote circular design, by offering high-end fabrics and leathers to young designers and brands in Europe.

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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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Explore the Tiffany and Co’s Marketing Strategy: Company Overview and STP Analysis

By Aditya Shastri

Tiffany & Co. a company with luxury and exquisite craftsmanship, has captivated hearts for over 180 years. From a humble “fancy goods store” to a global leader in luxury. This incredible rise is a direct result of their successful marketing strategies. In this article, we embark on a journey to dissect the intricate elements that have shaped Tiffany & Co.’s marketing success.

We will get into how Tiffany & Co. transitioned from its humble beginnings to a globally recognized luxury powerhouse and analyze the key strategies that have propelled the brand’s growth and solidified its position in the luxury market also explore how Tiffany & Co. has embraced digital marketing to connect with a broader audience and maintain its relevance in the ever-evolving digital landscape.

Before we delve into the marketing strategy of Tiffany and Co. which we fully intend to cover, let us gain a little insight into the foundation of the company, its target market, and its digital presence.

About Tiffany and Co – Company Overview

Tiffany and Co. is a luxury goods manufacturer international company, founded by Charles Lewis Tiffany in 1837 as a stationery and fancy goods emporium in Brooklyn, Connecticut. Tiffany and Co. have iconic status in the world of luxury. Tiffany and Co. has more than 9 product divisions other than jewelry which are leather, watches, tableware, decorative arts, stationery, crystal, water bottles, personal accessories, and many more. 

Presently, the jewelry chain has operations in the US, UK, Europe, Canada, South America,  Australia, and Malaysia. The jeweller makes almost 60% of their products from cheaper versions such as sterling silver, rose gold, and other non-jewellery products that are outsourced to contractors.

Current News about the brand

• Tiffany & Co. Announces It Is the Official Jeweler for Beyoncé’s RENAISSaNCE WORLD TOUR
• Tiffany & Co. Unveils Its Newest House Ambassador: Jimin of BTS
• Cartier sues Tiffany for ‘high jewelry’ trade secrets thefts in the US
• LVMH has a plan to revamp Tiffany and add more products

User Persona

Buyer’s Persona

Olivia Dubois

Paris, France

Profession:

Fashion Designer

• Luxury and Quality
• Brand Heritage
• Emotional Connection
• Unique Design

Interest & Hobbies

• Fashion & Design
• Art & Culture
• Travel & Exploration
• Social Gatherings

Pain Points

• Pocket Pinch
• Stock Availability.
• Counterfeit Products
• Mass-Produced Jewelry
• Limited Customization

Social Media Presence

• Engages with the Tiffany & Co. community online, sharing her own experiences and seeking recommendations.

Marketing Strategy of Tiffany and Co

It is astounding how Tiffany & Co., a leading jewelry retailer, has maintained its exclusivity and high standards for over a century while constantly pushing boundaries in business. They go beyond simply selling luxury goods; they’ve created a unique and emotionally engaging purchasing experience that resonates deeply with their customers. One key element of their success is their strong online presence.

By actively engaging with customers online, Tiffany & Co. has solidified its position as a highly visible and sought-after brand in the digital age.

Segmentation, Targeting, and Positioning (STP)

While women are a major part of Tiffany & Co.’s customer base, it’s not limited to pre-teens or middle-aged individuals. The brand also attracts well-to-do men. They offer a growing selection of men’s jewelry, including cufflinks, watches, and wedding bands.

Anyone who appreciates high-quality, timeless design and the exclusivity associated with the Tiffany & Co. brand can be a potential customer. The key traits of the target audience of Tiffany and Co. are luxury seekers who have a high disposable income and value luxury goods.

They are interested in fashion trends and see jewelry as a way to express their style. For many, Tiffany & Co. jewelry holds sentimental value, marking special occasions or milestones.

Tiffany and Co. positioned itself in the market by being the first one to start assisted self-service in the retail industry. It has been continuously rolling out new stores in most countries.

How does this brand use Digital Marketing in its strategy?

1. the pinterest approach of tiffany & co.:.

Recognizing its audience’s strong visual preference, Tiffany & Co. has cultivated a significant presence on Pinterest, boasting around 320.6k followers. They utilize this platform effectively by curating inspiration boards and showcasing its rich heritage and the emotional connection the brand evokes.

By constantly presenting visually pleasing content, they stay on top in the minds of their potential customers seeking luxury jewelry

Pinterest serves as a powerful tool to inspire purchases, with boards dedicated to specific occasions like weddings and anniversaries, making it easier for customers to find the perfect piece.

2. Social media:

Tiffany & Co. is a luxury jewelry brand that uses social media to reach its target audience. The brand has over 20 million followers on Instagram and over 10 million followers on Facebook.

Tiffany & Co.’s social media posts are aspirational and stylish, featuring photos of its jewelry being worn by celebrities and influencers. The brand also uses social media to run contests and giveaways and to connect with customers on a personal level.

In recent years, Tiffany & Co. has launched several successful social media campaigns. For example, the #TiffanyBlueBoxChallenge campaign encouraged people to share photos of themselves with Tiffany & Co.’s iconic blue boxes. The campaign was a huge success, with over 1 million posts being shared on social media.

Tiffany & Co. is also using social media to promote its new products and collections. For example, the brand recently launched a new campaign for its HardWear collection. The campaign featured photos of the collection being worn by celebrities such as Zendaya and Lady Gaga.

Tiffany & Co.’s social media marketing is effective because it uses a variety of channels to reach its target audience. The brand’s content is high-quality and engaging, and it is shared on a variety of online platforms. Tiffany & Co. also uses social media to create a more immersive and interactive shopping experience for customers.  

Have you enjoyed reading so far? Are you to unlock your full potential in the exciting world of digital marketing?  Then our PG program is what you need. Enroll in our  Post Graduation in Digital Marketing program and discover the possibilities.

But for now, let us continue to unravel the other marketing strategies of Tiffany & Co.

3. Influencer Marketing:

Tiffany & Co. employs influencer marketing as a strategy to engage its target demographic and showcase its products. The brand collaborates with a diverse range of influencers, encompassing celebrities, fashion bloggers, and prominent figures on social media platforms.

Tiffany & Co.’s approach to influencer marketing proves effective due to its ability to tap into a broader audience and establish connections with potential clients. When influencers share images featuring themselves adorned with Tiffany & Co. jewelry, it cultivates a sense of aspiration within their followers.

In 2019, Tiffany & Co. initiated a partnership with Beyoncé and Jay-Z for their “About Love” campaign, showcasing the couple adorned with Tiffany & Co. jewelry. The campaign garnered remarkable success. The subsequent year, Tiffany & Co. joined forces with Zendaya for their HardWear campaign, wherein Zendaya donned the HardWear jewelry collection, resonating remarkably with her fanbase.

Continuing their influencer collaborations, in 2021, Tiffany & Co. teamed up with Lady Gaga for their Tiffany T campaign. The campaign spotlighted Lady Gaga adorned with the Tiffany T jewelry collection, serving as a splendid commemoration of the brand’s 185th anniversary.

4. Brand Collaboration:

In late 2021, Tiffany & Co. surprised the fashion world with a unique collaboration with New York-based streetwear brand Supreme. This partnership resulted in a collection featuring some of Tiffany & Co.’s most iconic jewelry pieces, reimagined with the instantly recognizable Supreme Box logo. Notably, the collaboration replaced the traditional “return to Tiffany” tag with a unique “Please return to Supreme New York 925” inscription.

Launched in November 2021, the Tiffany & Co. x Supreme collection experienced a near-instantaneous sell-out, highlighting the immense power of uniting the fan bases of two distinct yet highly influential brands. This collaboration proved to be a successful example of leveraging brand partnerships to reach new audiences and generate significant buzz.

Marketing and Advertising Campaigns

•  In July 2021, Tiffany co-introduced an all-time makeover campaign, a refreshing brand for the new generation of its consumer; Gen Z. The title “Not your mother’s Tiffany” was a statement of intent that ushered in a youthful and unfazed brand of dazzling diamonds and jewellery. However, this was vehemently objected to as people, especially older women saw this as alienation of its main brand and were therefore unsuccessful.

• Tiffany’s most recent campaign advertisement” About Love” was one of their most exceptional as it featured people’s most loved couple Beyonce and Jay-Z. It was basically an ad paying homage to Audrey Hepburn as Beyonce is seen sporting the same exotic piece of jewelry (The Tiffany Diamond)donned by Hepburn in the 1980 “Breakfast at Tiffany’s”. The message passed across was that of universal love among couples.

• Mothers are obviously not forgotten as Tiffany launches a new piece of jewelry in a magical turquoise box along with a beautiful poem to go:

“Thank You for Making Us Who We Are Today. Thank You for Always Lending a Hand. Thank You for Seeing the Beauty in Things. Thank You for Being on Our Side. Thank You for Making Us Laugh. Thank You for Being Bold. Thank You for Reminding Us the Sky’s the Limit. Thank You For Giving Us Life.”

It goes beyond showcasing the jewelry itself, focusing on how individuals wear and express themselves through Tiffany & Co. pieces. This campaign not only celebrates individuality but also joy and optimism bringing out the connection people have with the brand.

Top 5 Competitors of this brand

• Cartier : Renowned for its luxurious jewelry and watches, Cartier is a key competitor of Tiffany & Co. The brand’s exquisite craftsmanship, iconic designs, and longstanding heritage in the high-end jewelry industry position it as a formidable rival.
• Harry Winston: It is synonymous with rare and exquisite gemstones, making it a strong contender in the luxury jewelry market. With a focus on high-quality diamonds and impeccable craftsmanship, Harry Winston competes closely with Tiffany & Co. for discerning customers.
• Bulgari: Known for its bold and distinctive designs, Bulgari is a prominent competitor in the luxury jewelry sector. The brand’s fusion of vibrant colors, opulent materials, and innovative aesthetics attracts a diverse clientele, challenging Tiffany & Co.’s market presence.
• Chopard: Its reputation for crafting elegant and sophisticated jewelry, coupled with its commitment to ethical sourcing and sustainable practices, positions it as a notable rival to Tiffany & Co. Chopard’s emphasis on craftsmanship and responsible luxury appeals to a similar demographic.
• Van Cleef & Arpels : Renowned for its intricate and imaginative designs, Van Cleef & Arpels is a recognized competitor in the high-end jewelry landscape. The brand’s emphasis on creativity, exceptional gemstones, and storytelling through its pieces offers a distinctive allure in the market, competing alongside Tiffany & Co.
• Omega : Omega is a renowned Swiss luxury watchmaker known for its precision, innovation, and heritage. It is a major competitor of Tiffany & Co. in the luxury goods market, particularly in the realm of high-end jewelry and timepieces.

Example of a Failed Campaign Or Backlash from Viewers

“ Not Your Mother’s Tiffany ” campaign sparks backlash

What was the issue?

Tiffany & Co. launched a campaign with the slogan “Not Your Mother’s Tiffany,” featuring bold posters displayed in major cities like LA and New York. However, this campaign backfired with millennials, who felt targeted and alienated by the messaging. They perceived it as an attempt to distance the brand from its traditional image and appeal exclusively to a younger generation (Gen Z) The brand did not publicly address the backlash, further fueling the perception that they were prioritizing a new audience over its existing customer base.

In short, the “Not Your Mother’s Tiffany” campaign failed to resonate with its intended target audience and instead created a negative image of the brand among millennials.

What backlash did the brand face?

They received a lot of backlash on Instagram and Twitter. A lot of users boycotting the brand sharing their thoughts on Twitter and commenting under their posts on Instagram.

On Instagram, the brand’s followers didn’t shy away from critiquing the push. A few particularly representative examples:

“As a mother who has spent the last 15 months working from home and homeschooling my daughters at the same time, I feel really offended by your campaign. Mothers all over the world have been hit particularly hard by the pandemic—I am not sure this is [the] right moment to diminish us (it obviously never is). If it wouldn’t hurt my husband I would take off my Tiffany’s wedding band and my Tiffany’s engagement ring right now,” Instagram user @drea_steiner commented .

“As a mum and older woman you’re saying you don’t need me as a customer anymore,” @mexwinder commented .

What did the brand do?

Tiffany & Co. did not publicly respond to the backlash against its “Not Your Mother’s Tiffany” campaign. However, the brand did quietly remove the campaign from its website and social media channels .

With this we end the elaborative marketing strategy of Tiffany and Co. Let us conclude our learning below from the marketing strategy of Tiffany and Co.

What is the advertising strategy of Tiffany & Co. ?

Tiffany & Co.’s advertising focuses on maintaining exclusivity through limited editions and high-quality products, building brand loyalty with emotional connections and exceptional service, and evolving with the luxury market through modern strategies, product diversification, and sustainability initiatives.

What is Tiffany & Co.’s target market?

Tiffany & Co. caters to affluent individuals, both men and women, who seek and appreciate luxury products and possess the disposable income to indulge in them.

What is the unique selling point of Tiffany & Co.?

Tiffany & Co.’s unique selling point lies in its top-tier design techniques and cutting-edge innovation. They don’t just follow trends, they create them with timeless pieces that stand out.

What makes Tiffany & Co. so successful?

Tiffany & Co.’s success lies in weaving emotional storytelling around exquisite designs and rich heritage, solidifying its position as a timeless and successful luxury icon.

What is the goal of Tiffany & Co.?

Tiffany & Co. demonstrates social responsibility through community engagement and strives for environmental sustainability, solidifying its commitment to positive societal impact.

For over a century, Tiffany & Co. has captivated audiences with its beautiful jewelry and exceptional service. They’ve consistently connected with their customers by offering high-quality products and exceeding expectations.

Adapting to the times, Tiffany & Co. has embraced digital marketing, staying active on social media and utilizing online platforms. This allows them to engage with customers and maintain their position as a leader in the luxury jewelry market.

If you’re curious about how digital marketing can help businesses connect with customers online or build a successful career in it check out our Online Digital Marketing Course to gain in-depth knowledge and practical skills.

  If you still have some questions about whether to enroll in our course program or not then start with a Free Digital Marketing Masterclass! Get a taste of the content and see if it’s the right fit for you.

Thank you for taking the valuable time to read this blog. Share it with your friends if you enjoy it.

Author's Note: My name is Aditya Shastri and I have written this case study with the help of my students from IIDE's online digital marketing courses in India . Practical assignments, case studies & simulations helped the students from this course present this analysis. Building on this practical approach, we are now introducing a new dimension for our online digital marketing course learners - the Campus Immersion Experience. If you found this case study helpful, please feel free to leave a comment below.

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Aditya Shastri

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Leads the Learning & Development segment at IIDE. He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. He has been a guest speaker at prominent colleges in India including IIMs...... [Read full bio]

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How Tiffany & Co. Provided Their Employees with Access to Personalized On-Demand Learning

Founded in 1837, Tiffany & Co. is an iconic global luxury jeweler and specialty retailer that sells diamonds, gemstones, gold and silver jewelry, watches, sterling silver, china, crystal, fragrances, personal accessories and leather goods. Tiffany & Co. is headquartered in New York, NY with approximately 13,000 employees and more than 300 stores worldwide.

In January 2021, Tiffany & Co. was acquired by the world’s leading luxury products group, LVMH Moët Hennessy Louis Vuitton SE. It was the biggest-ever deal in the luxury sector. LVMH has 75 distinguished Maisons (brands).

This case study represents one of the four finalist submissions for phase one of i4cp's 2021 Next Practice Awards. View other Next Practice Award case studies.

Business challenge

Historically, Tiffany supported a traditional learning approach focused on synchronous, in-person and instructor-led training. Sessions were largely offered to the retail population targeting product knowledge, onboarding and sales training, with limited opportunities for other employees. Many functional groups were left to seek out and fund skill-based learning to support their team’s development.

Based on key data from the 2018 Employee Engagement Survey, employees indicated they wanted more opportunities to grow and develop their careers at Tiffany; this is a key driver to attract, grow and retain talent.  This required a more holistic and inclusive strategy and framework, as well as a new mindset and methodology to move from “get training when and how we offer it” to “get learning when and how you need it”.

In this traditional approach, leadership development was focused on a select audience group of Managers and above through nomination only. These sessions were primarily delivered through external vendors and only when the business deemed necessary. Each year would bring new programs, new leadership language, models and tools. The result was that leadership meant something different across the organization; some leaders were given the opportunity to participate in learning and others were not given the opportunity. The ripple effect of this inequity and inconsistency was that these leaders couldn’t truly apply what they were learning and share those insights with others. Every program was a stand-alone event and lacked alignment to the company’s Strategic Priorities and Key Results, rather than building on a consistent leadership philosophy.  

In early 2019, the organization evaluated its operating models and business goals. As successful as Tiffany has been for over 150 years, the current learning approach was not going to elevate the company to a luxury mega-brand (approximately $6B in annual revenue) and reach their goal of becoming the #1 Next Generation Luxury Jeweler.  

Solution – Scope & Innovation

In order to achieve different results, a new approach was needed. The driving force of any successful operating model is the organizational culture. To reach the Key Results Tiffany & Co. is looking for, a Cultural Evolution was needed. In November 2019, the following Cultural Values were introduced:

A shift made with these enhanced values is indicated by the “I” statements under each Cultural Value. In the past, these explanatory statements began with “We,” which can be perceived as everyone else but “me” being responsible for execution. Additionally, an exhaustive list of behaviors was included, which are no longer shared. Simplifying these values and making a small shift from “We” to “I” created a big impact in one’s thinking of personal accountability. The Cultural Values now challenge every employee to look introspectively at how to adopt and demonstrate them daily. How an employee demonstrates each of the Cultural Values may differ depending on their role but having these values as their “North Star” is critical to executing the new approach and organizational goals.

TiffanyU is a modern approach to learning and development for all Tiffany employees and is built on a Leaders at all Levels philosophy; a belief that leadership is a mindset, rather than a job title. This philosophy is grounded in self-awareness, personal accountability, having a growth mindset, continuous learning and adapting, all to help employees connect how the choices they make create a ripple effect for those around them.

The TiffanyU learning platform provides all employees with access to personalized on-demand learning, virtually facilitated experiential skill-based programs, and customized content for client-facing associates. Within TiffanyU, employees also have access to LinkedIn Learning, a dynamic platform offering more than 15,000 courses, across seven languages.

Results & Impact

Given the shifts TiffanyU created, and the timely launch at the commencement of a global pandemic, when over 90% of employees were asked to work remotely, there have been many eyes focused on its potential and effectiveness. Stakeholders, executive leaders and sponsors, managers, and employees would be curious if TiffanyU provides worthwhile impact and value, a positive return on investment, business impact, and is successful in offering learning and growth opportunities to all employees.

The measurement strategy for this program is adapted from the Kirkpatrick’s Four Levels of Evaluation and customized to evaluate the impact and value of the entire TiffanyU approach:

• Level 1: Reaction – evaluating whether employee expectations are met.
• Level 2: Learning – evaluating employee perception of being able to directly apply what is learned on the job through the various programs offered within TiffanyU, and engagement across the TiffanyU platform, as indication of a shift towards the intended culture of continuous learning and Leaders at all Levels philosophy.
• Level 3: Application (Behavior Change) – evaluating Return on Investment (ROI) of employee time, energy and resources.

Level 4: Business Impact – evaluating Net Promoter Score (NPS) to see how likely a participant would recommend programs to others and an increase in overall employee engagement and recognition that learning and growth opportunities are available to all employees.

In its first year since TiffanyU launched, 52% of all employees are active on TiffanyU. There have been 135,081 TiffanyU site visits from 6,941 unique viewers, and 40,073 total hours of LinkedIn Learning completed.

An organization-wide employee engagement survey was conducted in July 2020; four months after the launch of TiffanyU. This data was reviewed comparing the 2018 survey results with very positive results:

• Employee Engagement increased 3%
• Favorability towards development at Tiffany increased 6%
• The Tiffany & Co. Inclusion index increased 4%
• 4% increase in response to the question, “There are professional growth and career development opportunities for me at Tiffany.”
• 6% increase in response to the question, “I have received the information or training that I need to do my job effectively.”
• 4% increase in response to the question, “There are opportunities for me to learn and develop in my current role.” For Manufacturing and Jewelry Supply Organization, there was a 25% increase in response to this question, which is significant to the overall impact and value of TiffanyU, as prior to this Corporate University launch, there were very limited learning and development opportunities for these employees.

The launch of TiffanyU addressed the identified need for the organization to have a holistic approach to learning and leadership development, providing consistency in language and ability to focus on applying what employees learn in their roles as well as sharing those insights with others. Embedding Diversity and Inclusion throughout TiffanyU is helping to accelerate inclusion and strongly supports the evolved Cultural Values. The increase in the organization’s Inclusion Index is evidence that TiffanyU is creating a positive ripple effect. A Leaders at all Levels philosophy being connected to creating a culture of continuous learning and growth is indicating the organization is now focused on personal accountability.

The TiffanyU launch was very timely as it coincided with the onset of a global pandemic. This meant that traditional in-person training was no longer an option. With the TiffanyU structure in place, the organization was able to immediately pivot and adapt to this strategically designed platform with opportunities for employees in all regions, markets, and roles to access and engage in learning and development.

This provided the ability for all programs to swiftly shift to virtual delivery, with some programs continuing without pause or impact due to COVID-19. The impact to the work environment greatly accelerated the adoption of TiffanyU, and embedded learning and growth opportunities into all career and performance conversations, goal setting, and individual development plans.

As TiffanyU marked its first anniversary, here is a list of lessons learned and planned enhancements:

• Identify ways to keep employees regularly engaged with the TiffanyU site.
• Add additional collections to the LinkedIn Learning platform to support key initiatives.
• Provide alternatives to virtual offerings for segments of the employee population without regular access to computers.
• Add a “What’s New” section to the TiffanyU homepage as more programs are added.
• Leverage storytelling and marketing to connect TiffanyU offerings to the Leaders at all Levels Competency Model and Cultural Values.
• Provide flexibility in delivery methods as society continues to navigate unprecedented times given the global pandemic, as well as plans for integrating in-person offerings when that becomes a possibility again.

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How Tiffany & Co. is Turning Prototypes into Products Faster

Few companies can claim to have crafted as many enduring products as Manhattan-based Tiffany & Co. — from stained-glass lamps displayed in museums to china service for the White House to the Vince Lombardi trophy, given to the winner of the Super Bowl each year. Every February, movie stars walking the red carpet at the Oscars display some of the company’s higher-end wares. Even the company’s blue gift box sets the stage for a unique product within.

If there was ever a company that had plenty of laurels to rest on, it’s $4.4 billion Tiffany & Co., which traces its roots back to 1837.

Tiffany & Co. Vice President Dana Naberezny, who oversees the company’s Jewelry Design & Innovation Workshop. (Photo by Kara Swenson for InnoLead.)

But in 2018, the company opened a new product development studio in Manhattan, the Jewelry Design & Innovation Workshop. Why? To renew the company’s product offering “faster than we had been doing, and also to increase our operating efficiency,” explains Vice President Dana Naberezny. “Tiffany has always had the most brilliant innovators in the jewelry industry. We had  pockets of brilliance in different places, but the idea was, how do we put that all in one place to have a collective genius, if you will, and leverage that for innovation?”

The high-level goal, she explains, is becoming a “next-generation luxury jeweler,” one where both existing and new customers will come to shop for gifts (or for themselves). And a big part of the workshop’s mandate is prototyping more product concepts, more quickly — and sifting for those with the most potential. We sat down with Naberezny to talk about how it operates.

Four Principles Behind the Jewelry Design & Innovation Workshop

One was, how can we get prototypes faster? We want to rapid prototype as early in the process as possible. Second, how can we increase our competencies? How do we make sure that when a design hits retail and hits the marketplace, it looks like the designer intended? Maybe it gets changed along the way, but that is purposeful. The fourth would be our flexibility in sourcing.

All four of those principles were the driving factors to create the workshop in the first place.

No Bad Ideas

[We apply the] design thinking methodology, [and it’s important in that methodology] that there are no bad ideas. [It] was very important that everyone felt like the workshop was a very safe space to experiment and to think about ideas. … There’s a degree that we wanted to make sure that people felt like they could come up with any idea that made sense to them, because they’re also customers. They’re not just employees. They’re customers, and they’re buying the pieces [from the company]. They have a tremendous knowledge base. Why not use that to get us to the finish line?

Year One [was all about] focusing on the product, focusing on designs, and vision. Next, it really is, how do we interact better with our marketing partners and our manufacturing and merchandising partners? I’m not sure how that’s going to evolve yet, but it will.

‘Kill It or Evolve It’

There’s no worse feeling like feeling you’re chasing after a design, and you’re just not quite getting it, and then you kill it after months of working on it, when you knew you were chasing it the whole time.

The idea is, how do we provide a 3D representation of what the designer has in their mind, or what the merchants have in their mind, quicker and earlier in the process so that if it’s not a great idea, we do kill it or we evolve it.

That’s why we want to measure exactly when [things get killed,] because for us, it’s a sign of where we need to improve and how we show things and what we show… It’s always hard if you show a piece of material, a gemstone, or a fabric. Sometimes, someone has to see it in a piece for it to make sense, so we work with what is the best way for us to present.

We go to prototype unbelievably quickly. We definitely use 3D printing. We’ve got multiple machines and multiple materials depending on what we’re doing.

We [also] have traditional craftspeople who are actually hand-carving wax [models] that take them hours to do, but at the same time, it really does give you the feeling of what the piece is supposed to look like. We do a mix. It’s what’s right for the product. It might even be literally taking a cube of metal and carving it.

Creating a New Engagement Ring

It’s such a privilege to be able to work on an engagement ring for Tiffany & Co. If you think about it, one of the greatest innovations in engagement rings in general is the six‑prong setting, which was Tiffany. … Tiffany literally broke down the walls. I love saying that, because it gets me so excited to think that they broke down those walls and created this setting that was lifted off the finger, allowed light to go right through and enhance the brilliance of the stone.

The Tiffany True engagement ring, an entirely new design that launched in 2018.

The Tiffany True ring launched in North America in fall 2018. It launched worldwide in the spring 2019. It’s now in every store, and also being sold online. [With the new ring,] we have the Tiffany True cut diamond, which is amazing. … Then you’ve got a shank that’s carved very specifically not to take away from the brilliance of the stone and the T, [a T-shaped detail that is part of the ring’s setting]. It’s really a nice marriage of craftsmanship and this boldness of the T that represents us as Tiffany. 

We didn’t do it in isolation. It wasn’t just the Jewelry Design & Innovation Workshop. It was the partnership with manufacturing. It was partnership with some of our suppliers. It was working with the merchants and design.

We worked together in this really amazing group where failure was not an option in that case. We knew we were going to hit it. We also all believed in the design and what it represented for Tiffany. That helped bring us over the finish line.

Since the T True, we also launched Paper Flowers , which was [Chief Artistic Officer] Reed [Krakoff’s] first collection after home and accessories when he came to Tiffany. It’s a beautiful floral collection and that also we did in a pretty short period of time. It’s been nice to have some wins. The biggest thing for me in all those projects is what we took out of it and applied it to the next project.

Because we are so focused on how our teams work together, we took the teams that worked on Tiffany True and on Paper Flowers, and then said, “OK, how do we spread this knowledge?” We broke them up in a lot of ways and deposited them in other project teams for launches that you’ll see coming out in the next six to eight months.

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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

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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/

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Tiffany & Co Strategic Analysis Case Study

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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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Case Study Tiffany & Co

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Fact check: Trump falsely claims schools are secretly sending children for gender-affirming surgeries

Former President Donald Trump has been making false claims about transgender people – including an inflammatory and baseless claim on Friday that schools are secretly providing or obtaining gender-affirming surgeries for children.

“The transgender thing is incredible. Think of it. Your kid goes to school and comes home a few days later with an operation. The school decides what’s going to happen with your child,” Trump said in remarks to the conservative group Moms for Liberty.

Facts First : Trump’s claim is false. There is no evidence that US schools have sent children into gender-affirming surgeries without their parents knowing or performed gender-affirming surgeries on site; Trump’s own presidential campaign could not provide a single example of this ever happening. Even in states where gender-affirming surgery is legal for people under age 18, parental consent is required before a minor can undergo such a procedure.

“Of course everything in this statement is false,” Dr. Meredithe McNamara , an adolescent medicine physician at the Yale School of Medicine, said in a Monday email. “Of course surgery of any kind happens in a qualified medical center and not in a school. Of course parents are the medical decision-makers for their kids, especially when it comes to gender-affirming care.”

Landon Hughes , a postdoctoral fellow at the Harvard T.H. Chan School of Public Health and a co-author of a recent study on the prevalence of gender-affirming surgery in the US, said in a Tuesday email: “There are no instances of children receiving surgeries or access to surgeries from their schools.” Hughes added: “No provider in the US would perform surgery on a minor under the direction of a school, let alone without parental consent.”

For minors, parental consent is also required in the US for non-surgical gender-affirming medical treatments, like puberty blockers and hormone therapy. Various guidelines and standards for medical care of transgender adolescents, from entities including the American Academy of Pediatrics and the World Professional Association for Transgender Health , explain that parental consent is needed.

“Any gender-affirming medical care or surgical care would legally require the consent of (both) parents/legal guardians and assent of an adolescent under 18,” Dr. Laura Taylor , medical director of the gender-affirming care program at the University of Southern California, said in a Tuesday email. “This includes puberty blockers, hormones, and surgery.”

There are no definitive national figures on the number of minors who receive gender-affirming surgeries , which include breast or chest procedures, often called “top surgery,” and genital reconstructive procedures, often called “bottom surgery.” But the limited available data makes it clear that the vast majority of such surgeries occur among adults.

Taylor outlined a lengthy process before a minor might undergo a gender-affirming surgery.

“In adolescents, the decision to start hormones and/or have surgery would happen afterconsultation with an interdisciplinary team for a psychosocial assessment,” she said, the bold type hers. “The assessment includes understanding the dysphoria related to gender incongruence (the distress caused by the physical characteristics that do not match the person’s identity), how long it has been present, excluding other reasons to account for the dysphoria, and making sure the adolescent and family can provide informed consent.”

Trump’s campaign can’t substantiate the claim

Trump, the Republican presidential nominee, regularly ad-libs false claims that his campaign is unable to substantiate . When CNN asked the campaign on Monday for any evidence of a school deciding to send a child into gender-affirming surgery without parental consent, the campaign could not provide any.

Instead, spokesperson Karoline Leavitt pivoted away from Trump’s specific assertion – emailing a series of articles related to the broader debate about transgender minors, schools, and parental consent. Some of the articles were about schools that do not notify parents if their child wants to identify as a different gender on school grounds.

Leavitt said: “I have personally spoken to several individuals whose children were undergoing transition, being called entirely different names at school and the parents were never notified. These cases don’t always make the news because parents fear backlash, but their stories are nevertheless truthful and very concerning.”

For the purposes of this fact check, the debate about how schools should disclose social transitions to parents is beside the point. Trump made an explicit claim that schools are approving gender-related surgeries for children without parental consent.

“I can’t imagine a scenario in which this is plausible and do not know of a single case where a decision like this has been made by a school,” said Lindsey Dawson , director of LGBTQ health policy at KFF, an organization that researches health policy.

Conservative groups also find no evidence

CNN reached out to four conservative organizations that monitor how schools handle gender issues to check if they had any evidence that might corroborate Trump’s claim. None of these organizations said they had – though the two that responded in detail defended Trump’s remarks nonetheless.

Tiffany Justice, the Moms for Liberty co-founder who conducted the public conversation with Trump, said in a Tuesday interview: “Are kids getting surgery in school? No they’re not.” But she continued that she was still “thankful to President Trump” for making the claim – since, she said, his remark has drawn attention to the important issue of schools facilitating children’s social transitions without parental consent.

Justice said of Trump’s claim: “It grabbed your attention, and we’re talking about it now, and that makes me very happy.”

Thomas Jipping , senior legal fellow at the conservative Heritage Foundation think tank, said in a Tuesday interview that “Trump’s point is completely valid” given how some schools are not notifying parents about their children’s social transitions. But Jipping said he is “not aware of a specific incident yet where it has gone that far, where it has gone from social to medical transition.”

Jipping said that if you “just change a couple words” in Trump’s quote – and make it about a child coming from school with a new gender identity rather than coming home “with an operation” – the claim “is 100% accurate and correct.”

But we don’t fact-check hypothetical alternative quotes. Trump used the words he used, and they were about surgery.

Another Trump false claim on the subject

At multiple events in August , including the Moms for Liberty event, Trump claimed that Olympic women’s welterweight boxing gold medalist Imane Khelif of Algeria “transitioned” to female.

That’s false, too. The International Olympic Committee (IOC), Khelif herself and her father have noted that Khelif was born and raised as female and has always competed as a woman. She did not transition.

Before her triumph in the Olympics, Khelif was disqualified last year from the world championships held by the International Boxing Association – an organization with extensive ties to the Russian government that was stripped of official recognition by the IOC for a variety of problems, including a history of corruption . The authority has claimed that a gender eligibility test showed Khelif had “competitive advantages over other female competitors,” but it has never substantiated this assertion.

Regardless of the merits of the 2023 disqualification, there is simply no basis for claiming Khelif is transgender. IOC spokesperson Mark Adams said during the Olympics in August: “The Algerian boxer was born female, was registered female, lived her life as a female, boxed as a female, has a female passport. This is not a transgender case.”

CNN’s Jen Christensen contributed to this article .

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