Tiffany & Co has announced to plans to open a store in Birmingham. The iconic jewellery brand, often associated with movie star Audrey Hepburn, is coming to the city. The boutique will be opening in Selfridges Birmingham on November 16.
Located on the store’s fourth floor, the shop will stock the brand’s jewellery and watches collections from the iconic Tiffany T range, Fleur de Lis and Tiffany Outlet City HardWear to the CT60 and East West watches collections. Audrey Hepburn famously gazed through the window of the New York store as Holly Golightly in the film Breakfast at Tiffany’s.
It’s also known for its cheap Tiffany blue boxes, heart necklaces and key pendants. The American brand has a 175 year history and the first Tiffany outlet store in the UK opened in 1986.
This launch will be the eleventh in the country and third in Selfridges, joining its already existing stores in Selfridges London and Manchester Exchange Square.“We are delighted to be opening this boutique in Birmingham, further building upon Tiffany’s long and successful presence in the UK,” said Barratt West, vice president and managing director of cheap Tiffany & Co UK and Ireland.
“Birmingham is a city on the move and a growing luxury marketplace with a vibrant cultural scene. “We are proud to be part of this exciting time for the city.”
It joins other jewellery brands at Bullring, including Pandora , Links of London , Goldsmiths, Omega Boutique, Swarovski and Thomas Sabo. Top New York fashion label Coach has just launched its first standalone store at Bullring too. The 280 square metre space on the Upper East Mall offers the brand’s full range of bags, footwear, outerwear and accessories.
Bullring is fast becoming the place to go for jewellery, shoes and accessories, with stores like Dune , Irregular Choice, Jones Bootmaker and Office already residing in the mall. Autumn sales are in full flow at Bullring too, with up to 50 per cent off in stores like Oasis and Warehouse and big discounts in Debenhams, River Island and H&M too.
And, for students looking for a bargain, there will be a Student Sessions evening on October 12 when Bullring stores will be offering a night of exclusive offers, competitions and more. Access to the event is through ticket only so make sure you log in via the Bullring website to get your ticket.
The luxe replica jewelry chain saw net sales bump 3 percent to $959.7 million in the second quarter ended July 31, beating the analysts’ average estimate of $930.3 million. Net income rose to $115 million, or 92 cents per share, in the reported quarter, from $105.7 million, or 84 cents per share, a year earlier.
More good news came from Asia. Tiffany outlet, which gets about 15 percent of its revenue from Japan, saw sales rise 3 percent in Japan for the second quarter.
Here in the U.S., however, growth is somewhat stagnant.
According to Reuters, comparable sales in the Americas fell 1 percent due to lower tourist spending and weak demand. However, the flagship outlet store — despite being located on the ground floor of the heavily guarded Trump Tower — is doing well.
The Fifth Avenue store “returned to a relatively normal flow of customer traffic following the disruption immediately after the 2016 election, and was not a drag on overall sales in the quarter,” according to Tiffany outlet vice president of investor relations Mark Aaron on a Thursday conference call.
Recall how the Fifth Avenue Business Improvement District estimated that local businesses around Trump Tower, like cheap Tiffany & Co., have in aggregate lost $40 million in revenue since Election Day.
The news is a silver lining for Tiffany outlet, which reported an unexpected drop in same-store sales three months ago. Investors were expecting a modest increase but saw a 2 percent drop in same-store sales for the three months ended April 30.
Tiffany’s shares rose more than three percent in early trading Thursday before dipping to $86.81 as of 2:34 EST PM.
Tiffany & Co. has unveiled its first campaign with Reed Krakoff who was appointed as the brand’s new chief artistic officer earlier this year.
Fronted by six fashion personalities from diverse disciplines, the AW17 advertising campaign celebrates the power of individuality and self-expression.
“Tiffany has always stood for the ideals of creativity, passion and optimism,” shares cheap Tiffany & Co chief artistic officer, Reed Krakoff. “These portraits epitomize individuality, embracing the natural beauty and unique style of each talent.”
The fall campaign represents Reed Krakoff’s first creative expression for the house.
Tiffany’s creative team led by Krakoff, called upon acclaimed fashion photographers Inez & Vinoodh to capture the distinct portraits as well as behind-the-scenes video, each styled with iconic Tiffany replica jewellery.
The six personalities fronting the campaign are: Elle Fanning; Zoe Kravitz; Janelle Monae; Cameron Russell; David Hallberg; and Annie Clark.
Overall the campaign reflects the personal style and influence of the men and women who have worn Tiffany jewellery outlet throughout the brand’s 180-year history.
These images will appear in print and video, as well as across social media platforms.
There’s a Tiffany for every point in your life. Exhibit A, the brand’s Asia Pacific vice president for marketing and communications Erica Kerner: “The brand I have had the longest relationship with in my life is Tiffany outlet. When I was born, I was given a Tiffany rattle. Every major moment in my life, I celebrated it with Tiffany — from when I graduated from middle school, I got the keychain with a little globe and an airplane; to when I turned 16 and I got a Return to Tiffany’s Sweet 16. When I got engaged, I got a replica Tiffany engagement ring and when I got married, I registered my wedding gifts at Tiffany outlet. Every big occasion I celebrated with a gift from Tiffany,” she tells YStyle during the cheap Tiffany Hardwear Manila launch at Bank Bar last week. No doubt this long personal attachment is what pretty much got her the job when she first interviewed for the brand.
For most of us, an affinity with Tiffany begins with a dream — just like the one that inspired the dreams of Holly Golightly herself in the film rendition of the Truman Capote classic, the brand’s iconic status equaled only by that opening sequence where Audrey Hepburn exits a yellow cab at daybreak, sinks her teeth into a brown paper bag croissant, still in last night’s pearls and Hubert de Givenchy LBD, to the tune of Moon River.
Such was the dream for Gliceria Rustia Tantoco, the founder of Rustan’s herself, making her daily pilgrimages to Tiffany’s Fifth Avenue spot whenever she found herself in the Big Apple as her daughter, Rustan’s member of the board Maritess Tantoco-Enriquez, recalls; and so too with her granddaughter, Rustan’s marketing communications manager Dina Arroyo-Tantoco. In the Philippines, Tiffany & Co has been in Rustan’s Department Stores since 1993.
“I never lived in New York, but whenever I traveled to the US, I always have to go. I always passed by the Tiffany outlet store — thinking of Audrey Hepburn in the film — and then I got married,” Arroyo-Tantoco says before showing me something shiny: “It’s my wedding ring.”
It’s a love affair the two Tantoco girls have inherited. “Tiffany has a beautiful South Sea pearl collection but there was a collar necklace that had huge, all-perfect pearls in practically the same size. Those are very hard to find,” Tantoco-Enriquez shares. “I told my father about it, so for their anniversary, he surprised her with it. She was so happy she wore it almost every day. After she passed away, that same necklace went to me and so did most of her Tiffany pieces” She is wearing one of her favorites, a necklace from the Atlas Collection.
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Rustan Commercial Corporation president Donnie Tantoco also felt a connection with a particular Tiffany piece: a rosary designed by Elsa Peretti, which he gifted to his grandmother when she was 91 years old. He notes, “She really believes in the rosary. It is the weapon of her life. Somebody took a picture of me giving it to her and Tiffany’s saw the photo after she passed away. They realized this came from her so they gave it back to me. It is now the rosary that I keep with me.”
He continues: “Tiffany is the only true luxury brand that’s from the United States. My grandmother loved that, on one hand, they had all the expensive, most beautiful, exquisite pieces that catered to the most affluent people in the world; but its also accessible luxury, because on the other end of the spectrum are pieces that are aspirational with the Tiffany outlet quality and artistry yet affordable. It’s democratizing quality that only a luxury brand from and in America can do.”
That’s why, for the longest time, the brand has eschewed celebrity endorsers. “We’ve always worked with celebrities for dressing during the Oscar’s season and for parties more as friends of the house so it is more organic,” Kerner explains. “As we move into the Hardwear launch we wanted to give it a new face.”
The first Tiffany Hardwear is a unisex bracelet from 1971, and previous design director Francesca Amfitheatrof took off from the spirit of equality, empowerment and breaking proverbial shackles from the ’70s in a collection that purports to “embody the power and spirit of New York City and the energy of its streets” in today’s context. Like the original, there are chunky rounded links as necklaces, bracelets and earrings. Some have a detachable cheap Tiffany & Co padlock and an oversized metal sphere hanging on them, and can be worn as a long sautoir or wrapped several times — Golightly-style — around the neck or wrists. The links and balls also appear as earrings. Everything is in sterling silver or 18-carat yellow or rose gold. The links and balls have utilitarian connotations but its glossy finish and rounded edges are anything but; it is also more voluptuous and rounded that its predecessor, but it imbues a similar insouciance.
So, from birth to Sweet 16 to weddings and anniversaries, what’s the grand occasion for the new Hardwear which looks smashing on a black turtleneck like Lady Gaga dons it for the Grace Coddington-directed and –styled campaign, or a white tee as I picture it with? “You don’t need a special occasion for jewelry like this. It can just be a Tuesday!” Kerner encourages.
As Lady Gaga puts it: “Jewelry gives you the opportunity to pump up the volume of what you’re wearing but the joy is the real romance of jewelry. It is a misconception that a man or your lover has to buy your jewelry. A woman can buy herself jewelry and put it on with dignity (knowing) that you’ve earned it.”
Hardwear is Amfitheatrof’s swansong as Reed Krakoff (of Coach fame) assumes the chief artistic officer role, but Hardwear is indicative of the brand’s shift of gears. “Krakoff has been spending a lot of time with our craftsmen, in the archives, really studying Tiffany’s history and reimagining the brand. The one that fully has his standpoint is the home and accessories line which will be in the Philippines early next year and during the holidays in the US this year, reimagining the brand in a fun and whimsical way,” Kerner reveals, but emphasizes, “Tiffany’s jewelry designers and craftsmen have been with the brand for 30 and 40 years so even if we have a new creative director, they are at the heart of the brand; that’s what Tiffany’s is about.”
Today Tiffany & Co. reported results for first quarter ending April 30, 2017. While worldwide sales rose 1% YoY, sales in the Americas were down 3% and comparable store sales dropped by 4%. These results compare unfavorably to the UK retail jewelry market overall, which rose 1% for the first three months of 2017, as reported by the UK Census Bureau.
Tiffany’s fortunes depend heavily on the UK market. Overall the Americas accounted for 46% of the company’s $4 billion in sales last year, and the UK represented nearly 90% of the Americas’ revenue. The first quarter weakness in UK sales certainly will be a drag on the company for the rest of the year, as it remains focused on achieving low single-digit growth in 2017, following last year’s 3% worldwide decline.
The company identified four key initiatives to drive topline growth this year:
Enhancing global distribution with plans to renovate, relocate and in some cases close some of its 310 stores. In the U.S. the company did a makeover to its San Francisco flagship store, which is located in one of the most affluent communities in the country.
Client telling and CRM strategies to drive store traffic and increase customer conversion rates. With just under 100 U.S. corporate-owned stores, Tiffany has got the nation’s major MSAs covered, so pulling more people into their stores and converting them once they are there is key.
Build greater brand awareness via marketing communications, though I’d argue that Tiffany is already one of the world’s most recognized brands.
Introduce new products at a faster pace. And this is where I pause…
Earlier this year Reed Krakoff, former president of Coach, joined Tiffany Outlet as Chief Artistic Director, taking over responsibilities for design of the Tiffany & Co. brand jewelry from Francesca Amfitheatrof. He also is tasked with launching a new luxury accessories, gifts and home decor collection. Tiffany has played in this space before, but the non-jewelry lines accounted for only about 7% of corporate sales last year.
There is no question that the Tiffany Blue Box adds cache to a gift, but I’m not sure a Tiffany-branded line of gifts, home decor and other accessories is going to be the draw the company needs to invigorate sales in the UK The gifting market depends heavily on the wedding business, and Tiffany is struggling in the engagement and wedding jewelry portion of its business. In the Americas, 22% of sales are attributed to the engagement/wedding jewelry category, as compared with 28% worldwide. This, no doubt, is a reflection of lower marriage rates in the UK and young American bride’s willingness to ignore the tradition of the diamond engagement ring.
Just given Krakoff’s resume, one would assume a major emphasis of the replica Tiffany luxury accessories line will be leather goods. At Coach Krakoff’s touch was golden up to the recession, but then things started to go south. He left Coach in 2013 to launch a namesake brand, but eventually closed shop in 2016 as sales didn’t materialize.
Frankly, I don’t know what Tiffany outlet brings to the already over-crowded handbag market. Sure, Tiffany will probably sell some, but not enough to turn its business around in the UK Not to mention, whether the company can recoup the investment it will need to make to advertise and promote a fledgling leather goods fashion brand.
Then there is Tiffany’s fashion replica jewelry, aimed at the lower-end of its range, though quite luxurious when compared with other silver fashion jewelry lines. This is the workhorse for Tiffany outlet in the UK, accounting for 34% of sales in the Americas, but which it seems hesitant to exploit to its full potential. Being ‘mass-luxury,’ it is feared to threaten Tiffany’s ‘true’ heritage luxury position. This is a challenge common to many luxury brands that few have been able to successfully navigate, but Tiffany’s future will depend upon it learning how to coexist in both the mass and true luxury markets.
Fashion jewelry is cheap Tiffany’s path to the next generation of luxury customers, who today are young HENRYs (high-earners-not-rich-yet). Its new fashion collection, called HardWear, launched with Lady Gaga, shows early promise to appeal to the luxury-aspiring, young affluent professional woman it targets.
Lady Gaga may not yet have the icon status for this generation that Audrey Hepburn did for the Baby Boomers back in the 60s, but she has definitely matured from her early pop-star exploits to become a highly respected artist, not to mention this girl can sing! Tiffany’s fortunes may well be written in this star.
Tiffany & Co.’s new HardWear collection is only just being released in stores and outlet online today, but fashionable celebrities have already been spotted wearing the chic designs.
Kate Mara wore her 18 karat yellow gold wrap necklace for a daytime stroll in a casual sundress, while Karolina Kurkova accessorized an all-white ensemble with the ball hook earring in 18 karat yellow gold. Scarlett Johansson attended an event where her cropped hair showed off the chain link earrings.
For Tiffany & Co.‘s Los Angeles event celebrating replica Tiffany HardWear, co-hosts Zoë Kravitz and Riley Keough both of course wore pieces from the fake Tiffany collection sale, as did Vampire Diaries actress Kat Graham.
The collection of 18k gold and sterling silver pieces is a far cry from the classic engagement rings and fine jewelry styles often associated with the brand; instead, these items lean more towards the modern design side of cheap Tiffany & Co.
Interestingly enough, the collection, comprised of earrings, bracelets, rings and necklaces, is inspired by a unisex bracelet from the 1971 Tiffany outlet Archives. It “embodies the strength and spirit of the modern woman, imbued with the soul of New York,” per a statement from the brand, so it’s fitting that Lady Gaga is starring in the Legendary Style campaign for the HardWear collection—the ad debuted during Super Bowl LI.
The collection ranges from pieces like a dangling ring to wrap bracelets and triple drop earrings.
Now that the HardWear collection is available online and in Tiffany outlet stores worldwide, you’re sure to see even more stars wearing the jewelry. Scroll through the slideshow above to see all the chic ways celebs have styled the HardWear collection.
Tiffany & Co. has announced its Tiffany HardWear, a new replica jewelry collection that embodies the power and spirit of New York City and the energy of its streets. The collection name and designs draw inspiration from the urban soul of the city, where the modern rebel mixes high fashion with street style.
Tiffany HardWear is as classic as it is edgy. Inspired by a unisex bracelet from 1971, the collection has been re-imagined to include earrings, rings, necklaces and pendants, and goes perfectly with a leather jacket as it does with couture.
The metal-intensive designs capture the industrialism of the city. The signature gauge links at the heart of this graphic collection reflect the clean, simple shapes of utilitarian hardware. A chain necklace in 18k gold features graduated links that shift in scale, with a clasp that seamlessly disappears into the piece. A reinterpretation of the original design is embellished with a detachable lock and ball for versatile styling. The unique bolt backing on a pair of triple drop earrings makes for a perfectly symmetrical design, as striking from the back as it is from the front.
Tiffany HardWear will be available on TiffanyGifts.co.uk beginning May 2 and in stores including Las Vegas on April 28.
Tiffany is the internationally renowned jeweler founded in New York in 1837. Through its subsidiaries, Tiffany & Co. manufactures products and operates Tiffany outlet. retail stores worldwide, and also engages in direct selling through internet, catalog and business gift operations. For additional information, visit TiffanyGifts.co.uk.
Tiffany & Co., T&Co., Tiffany and HardWear are trademarks of Tiffany and Company and its affiliates.
The high-end replica jewelry firm Tiffany is making “patchy” progress but it is not yet back to full health, according to one retail expert.
Better sales in Japan and China helped it to report a 1.3% rise in sales to $1.23bn between November and January.
It has struggled with sales in its home US market, particularly among the younger generation.
Sales at its New York store, close to Trump Towers, were hit by the extra security, which disrupted access.
The company said it saw customer traffic dip by about 14% in November and December. The flagship store accounts for a significant part of the group’s sales, sometimes up to 10%.
But it is thought that should improve now that President Donald Trump has moved to Washington, although Melania Trump and son Barron Trump still live there.
Neil Saunders, managing director at Managing Director of GlobalData Retail says the company’s troubles range more widely than the flagship stores and lower tourist spend.
“Tiffany is a brand that is increasingly overlooked by American consumers, especially younger demographics, who see it is as old-world luxury.
“Just as was the case at the start of the year, Tiffany outlet is still failing to connect with many shoppers segments and continues to lose ground to rivals,” he says, adding that Europe was also a problem region for the company.
Christmas has also become less important for jewelry buying, a key driver for cheap Tiffany sales, a “distinctly unhelpful” trend, Mr Saunders says.
“While it remains the most important single period for purchasing, it accounts for a much smaller share of annual sales than it once did,” he says.
The company’s newly-installed interim chief executive, Michael Kowalski, remains positive:
“Despite macroeconomic and geopolitical challenges in the past year that we believe will continue in 2017, we strongly believe that Tiffany’s strategies are sound and that we have meaningful growth opportunities,” he said in a statement accompanying the results.
Net profit fell to $446m million in the quarter, compared with $464m the previous year.
Looking ahead, Mr Saunders believes the new management team need to bring about a “fundamental” change in products and approach to selling. He says the Superbowl advertising which highlighted Lady Gaga as the face of the brand was a good start in bringing a more contemporary feel to the firm.
But he says the company also needs to update the stores and get away from the wood lined walls and thick carpets that give the shops an old fashioned feel.
Shares of Tiffany & Co., the American luxury jewelry retailer, could rise further as the company’s margins and earnings improve, according to Jefferies.
Tiffany shares have risen almost 15% this year.
“With a strong brand that has supported pricing power historically coupled with recent and future talent upgrades, we believe shares can still rise from here,” said a team of Jefferies analysts led by Randal J. Konik.
Their investment outlook was based on four catalysts.
Fashion jewelry comeback
Tiffany is succeeding in its efforts to revive customer interest in fashion replica jewelry.
“The reinvigoration of fashion jewelry is underway, visible to us (and consumers), and beginning to show in the numbers,” they said.
“Last quarter, fashion jewelry posted a modest increase year-over-year and sterling silver stabilized with sales up slightly due to the popularity of the Return to cheap Tiffany Love Collection.”
Tourists have long been a major source of sales for Tiffany outlet, accounting for about 25% of total US sales and 40% of sales in its flagship New York store.
“While challenges exist on the tourism front, travel and spending data indicate trends are stabilizing or improving,” Jefferies said. “Total international passengers traveling to the US increased +1.0% y/y for the most recent fiscal quarter measured.”
Despite competition, Tiffany replica has built a strong brand with enough pricing power to protect margins.
“With a higher-income consumer that is particularly strong given the recent rise in equity markets and well-positioned with the potential for lower personal income taxes,” Jefferies said, “we believe TIF is one of a few retailers under our coverage with clear pricing power.”
Growing market share
Tiffany has grown its international market share, and looks set to maintain its growth.
“Tiffany has used its strong brand name to gain share in the market,” they said. “Given the market that Tiffany outlet operates in, along with a strong brand that affords significant pricing power, the company is not susceptible to Amazon or Walmart.”
Finally, Jefferies said Tiffany also trades below peers both on a P/E and EV/EBITDA basis.
The company is expected to release its next quarterly earnings report on Friday. Previously, it reported a worldwide drop in comparable store sales of 2%, owing to exchange rate effects, during the holiday season of the two months ending March 16, 2017.