The store immortalized by the envious glances of the actress Audrey Hepburn in the film Breakfast at Tiffany’sfrom 1961, officially reopened its doors today, April 26, before some personalities and the press, before receiving the public on Friday.
The works, which began in 2019, took longer than expected, Tiffany CEO Anthony Ledru admitted on this occasion; however, the result exceeded the greatest 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 experience to customers, with a mix of art, craft, heritage and lifestyle,” Ledru explained before the opening in a message to AFP.
“Tiffany seeks to remain true to its origins while remaining culturally relevant,” he said, adding that he 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 around 300 points of sale.
Bernard Arnault, LVMH’s chief executive, said in January that Tiffany would 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 sneakers.
“Tiffany was a sleeping beauty,” said Erwan Rambourg, a specialist in the luxury sector at HSBC bank. “She relied on a very strong notoriety, but she was also very conservative in her choices, very slow and quite closed in the short term to satisfy shareholders, he explained to AFP.
The new direction, driven by Bernard Arnault’s own spirit of conquest, according to him, repositioned the brand’s image by giving a little less importance to products linked to weddings and silver jewelry and 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.
“Its 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, bracelet or pendant, but the shape of certain so-called iconic products can, at a distance of 20 meters in a restaurant or bar, allow you to identify that it is a Tiffany jewel , Cartier or Van Cleef,” Rambourg said.
According to the specialist, the group has also developed a new approach to its stores, opting for a more feminine, warm and welcoming concept.
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 did about 10% of its sales there before construction, during which customers could go to a nearby temporary space.
Without wanting to advance specific objectives, Ledru assured that the group has set the bar very high and expects millions of visitors from around the world every year.
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FUENTE: AFP
2023-04-26 22:33:13
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