The store immortalized by the envious glances of actress Audrey Hepburn in the movie “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, took “longer than expected,” Tiffany’s CEO Anthony Ledru admitted on this occasion, but the result “exceeds our wildest 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, crafts, 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 it 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 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 sneakers.
“Tiffany was a sleeping beauty,” said Erwan Rambourg, a specialist in the luxury sector at HSBC bank. She relied on a “very strong reputation”, but she was also “very conservative in her choices, very slow and quite closed in the short term” to satisfy shareholders, he told AFP.
The new management, fueled by “Bernard Arnault’s own spirit of conquest,” he said, repositioned the brand’s image by giving a little less importance to wedding-related products 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”, commented 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, 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 entourage.
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 all over the world” each year.
2023-04-26 19:14:14
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