The 178-year-old luxury brand has relied on its rich heritage to cultivate lasting relationships. But with net sales recently soft in the U.S., Tiffany & Co. is eyeing growth markets abroad while expanding its core jewelry lines. CEO Frederic Cumenal, who took over in April 2015, brings with him a wealth of experience managing Asia, Japan, Europe, and emerging markets. As a former LVMH executive, Cumenal understands the importance of upholding the brand’s heritage while modernizing it for a new generation.
Tiffany & Co. put a contemporary sheen on its classic engagement line with the socially progressive “Will You?” campaign, which portrays moments of emotional engagement. Launched in January 2015, the ads celebrated modern love by featuring real-life, same-sex and interracial couples. On the product side, Tiffany & Co. is furthering the innovative legacy of former chairman Henry B. Platt, who passed this year—the man responsible for embracing now-iconic designers like Elsa Peretti and Paloma Picasso. Francesca Amfitheatrof, who became Tiffany & Co.’s first female design director in 2013, introduced Tiffany T, a modern line designed for the global daily wear market.
Tiffany & Co. also continues to open strategic storefronts, under the guidance of its new CEO. In 2015, the company opened its first stores in New Zealand and Chile and added two more to its 30 existing shops in China, which boasts the fastest growing luxury market. New markets also pose new challenges for the brand—in China, Tiffany & Co. faces anticorruption laws that threaten the luxury sector, and the devaluation of the yuan.
As it expands its brand globally, Tiffany & Co. continues to keep its sparkling reputation—and its signature elements—protected. In September 2015, the company won a trademark case against Costco, which threatened to devalue the brand by selling lower-cost rings under the “Tiffany” name. Authenticity is Tiffany & Co.’s keystone. Despite the potential of lab-grown diamonds to disrupt the industry, Tiffany & Co. is committed to sourcing real diamonds—sustainably, by working to advance global mining standards through the Initiative for Responsible Mining Assurance (IRMA) and sourcing diamonds strictly from countries that participate in the Kimberley Process Certification Scheme (KPCS). In April, 2015, Cumenal named Anisa Kamadoli Costa the company’s first-ever Chief Sustainability Officer, representing a commitment to becoming a “leader in sustainable luxury.”
Committed to classic values like quality, authenticity, and responsibility, while focusing on contemporary markets, Tiffany & Co. continues to shine on the global luxury stage.