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Under the control of LVMH, Tiffany reopens its legendary New York store

Under the control of LVMH, Tiffany reopens its legendary New York store

new yorkers and tourists they will be able to walk again among the rings and diamonds jewelry Tiffany in its mythical store on Fifth Avenue, a step that reflects the impulse given by its new owner, the French luxury giant LVMH.

The store immortalized by the envious glances of the actress Audrey Hepburn in the film “Breakfast at Tiffany’s” (”Breakfast at Tiffany’s, from 1961) officially reopened its doors on Wednesday before some personalities and the press, before welcoming the public on Friday.

The works, which began in 2019, led “longer than expected”admitted on this occasion the CEO of Tiffany, Anthony Ledru, but the result “exceeds our biggest dreams”.

On the ground floor, visitors are greeted by a succession of jewelry counters and walls decorated with large mirrors that intermittently project videos of Central Park.

Elevators lead to the upper floors, where clients can access the Tiffany collections, private lounges or a cafeteria dominated by the turquoise blue that symbolizes the brand.

The goal is to offer “a unique customer experience”with “a mix of art, craft, heritage and lifestyle”, explained Ledru before the inauguration in a message to AFP.

Tiffany seeks to remain true to her origins while remaining culturally “relevant,” she said, adding that she wants to open up to “all generations”.

Provocation, Beyoncé and Nike

Founded in 1837 in New York and best known for its diamonds, silver jewelry and engagement rings, the company was acquired by LVMH in early 2021 for around $16 billion.

It has 14,000 employees and manages some 300 points of sale.

Bernard Arnault, CEO of LVMH, noted in January that “Tiffany was going to surpass $1 billion in recurring operating income for the first time.”

“We were only halfway there when we acquired this business”he added.

Ledru, assisted by one of Bernard Arnault’s sons, Alexandre Arnault, carried out a brand update: he summoned the most prominent couple in American show business, Jay-Z and Beyoncé, to promote their products, launched a campaign around the provocative slogan “not your mother’s Tiffany” and established a partnership with Nike shoes.

“Tiffany was a sleeping beauty”, said Erwan Rambourg, a specialist in the luxury sector at HSBC bank. It was based on a “very strong notoriety”, but it was also “very conservative in their elections, very slow and quite closed in the short term” to satisfy shareholders, he explained to AFP.

The new direction, driven by “the spirit of conquest typical of Bernard Arnault”According to him, he repositioned the brand’s image by giving a little less importance to products related to weddings and silver jewelry and by raising some prices.

“The old management talked a lot about lower prices, which is not necessarily a good approach in the luxury sector”said Luca Solca of the Bernstein consultancy.

Your marketing and communication are “more modern”a necessary strategy “to attract younger consumers,” said the analyst.

most recognizable jewels

The firm also launched new, more recognizable products such as the T by Tiffany jewelry collections or, more recently, Lock, a line of bracelets.

“It is quite difficult to put a great logo on a ring, a bracelet or a pendant, but the shape of certain so-called iconic products can, at a distance of 20 meters in a restaurant or bar, make it possible to identify that it is a Tiffany jewel. , Cartier or Van Cleef”, Rambourg pointed out.

According to the specialist, the group has also developed a new approach for its stores, betting on a concept “more feminine, warm, cozy”.

The reform of the New York store represents the “largest (investment) made in the world of luxury” for an operation of these characteristics, according to Arnault’s environment.

Tiffany performed there around the 10% of their sales before the works, during which customers could go to a nearby temporary space.

Without wanting to anticipate specific objectives, Ledru assured that the group has “set the bar very high” and foresees “millions of visitors from all over the world” every year.

Source: AFP

Source: Gestion

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