{"id":163430,"date":"2021-01-26T20:14:49","date_gmt":"2021-01-26T17:14:49","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/tiffanys-lineup-set-for-a-major-overhaul-under-lvmh\/"},"modified":"2021-01-26T20:14:49","modified_gmt":"2021-01-26T17:14:49","slug":"tiffanys-lineup-set-for-a-major-overhaul-under-lvmh","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/tiffanys-lineup-set-for-a-major-overhaul-under-lvmh\/","title":{"rendered":"#Tiffany’s lineup set for a major overhaul under LVMH"},"content":{"rendered":"

“#Tiffany’s lineup set for a major overhaul under LVMH<\/strong>”
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French luxury goods group LVMH plans to overhaul Tiffany & Co.\u2019s vast merchandise lineup to increase the focus on gold and precious gems and take its silver bangles upmarket after closing the $15.8 billion takeover of the US jeweler this month.<\/p>\n

Six sources, including two people with inside knowledge of Tiffany\u2019s operations, told Reuters the owner of Louis Vuitton would also likely revamp the app<\/a>earance of the jeweler\u2019s stores and boost its presence in Europe and Asia.<\/p>\n

More than a third of Tiffany\u2019s 320 shops are in the United States, and two sources described some of them as out-of-date, shoddy and in need of refurbishing.<\/p>\n

\u201cLVMH can give Tiffany the kind of time and money needed to make some big investments in the product range and in stores worldwide, and wait for those to pay off in the medium term,\u201d one of the sources said.<\/p>\n

At a town hall in New York for Tiffany\u2019s 14,000 employees on Jan. 8 \u2014 a day after LVMH installed a new leadership team \u2014 the group\u2019s new bosses laid out their initial plans to focus on high-end, sparkling jewelery, said one person who attended it. The group is also considering building out Tiffany\u2019s lineup in watches, another source familiar with its thinking said.<\/p>\n

Compared with rivals, such as Richemont-owned Cartier and Van Cleef & Arpels, as well as fellow LVMH brand Bulgari, Tiffany\u2019s products are a broad range from $150 silver pendants to diamond necklaces priced in the tens of millions.<\/p>\n

Silver jewelry has gross margins of around 90 percent and offers an entry point for younger, less wealthy shoppers, but top industry names also need the medium-to-high range \u2014 with a price tag above $100,000 \u2014 to create an aura of exclusivity, experts say.<\/p>\n

In a video message to employees during the town hall, LVMH boss Bernard Arnault, who is also France\u2019s richest man, said he wanted to elevate Tiffany\u2019s standing, even if that took time.<\/p>\n

\u201cWe will also prioritize Tiffany\u2019s long-term desirability over short-term constraints,\u201d Arnault said, according to a person who attended. At one point brandishing one of Tiffany\u2019s signature robin\u2019s egg-blue boxes, Arnault underscored the label could count on cash-rich LVMH\u2019s resources.<\/p>\n

The world\u2019s biggest luxury goods group, also home to Moet & Chandon champagne, was shaken by the COVID-19 pandemic and sales in airport stores plunged, but its biggest labels have been robust.<\/p>\n

The mood among some of Tiffany\u2019s workforce is anxious nonetheless.<\/p>\n

A senior store employee in Europe said the jeweler would benefit as a more sophisticated, exclusive brand under LVMH, but also worried about the group\u2019s reputation as a demanding owner.<\/p>\n

\u201cIf a store doesn\u2019t quite work, they just shut it down,\u201d this person said, speaking on condition of anonymity.<\/p>\n

Arnault is known for dropping in on stores unexpectedly \u2014 including at a Tiffany store in Seoul after the deal was announced in late 2019, where he pointed out blips such as a cleaning product that had been left out on a stand and a pink Post-It note saying \u201cnot available\u201d that had been put up on a product, people familiar with the group said.<\/p>\n

LVMH and Tiffany declined to comment. <\/p>\n

Meanwhile, LVMH on Tuesday posted a 3 percent drop in comparable sales for the fourth quarter, in line with forecasts, as a boom in revenues at Louis Vuitton offset a weak performance at its duty free shops.<\/p>\n

LVMH said fourth-quarter sales came in at 14.3 billion euros overall. For 2020 as a whole, when earnings were hit by the coronavirus pandemic that forced retailers to close shops, revenues reached 44.65 billion euros, falling 16 percent from a year earlier on a like-for-like basis, which strip<\/a>s out acquisitions and currency effects.\u00a0<\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Tiffany’s lineup set for a major overhaul under LVMH” French luxury goods group LVMH plans to overhaul Tiffany & Co.\u2019s vast merchandise lineup to increase the focus on gold and precious gems and take its silver bangles upmarket after closing the $15.8 billion takeover of the US jeweler this month. Six sources, including two people…<\/p>\n","protected":false},"author":1,"featured_media":163431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/01\/tiffany-lvmh-jewelry.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[90870,74225,5086,5015,70741],"class_list":["post-163430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-26-21","tag-jewelry","tag-louis-vuitton","tag-retailers","tag-tiffany-co"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/163430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=163430"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/163430\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/163431"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=163430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=163430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=163430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}