Headlines

Coming Off Down Quarter, Tiffany & Co. Shifts Focus Beyond Jewelry

Published

7 years ago

July 14, 2016

INSTORE Staff

Jeweler also taking steps to connect with younger consumers.

Tiffany & Co. is looking beyond its core jewelry business to buoy overall sales, partnering with Reed Krakoff to design a new gift, home and accessories collection, Luxury Daily writes. The article says that Tiffany’s “worldwide net sales for 2016 were lower than the year-ago first quarter,” marking a decline in all regions except Japan.

“A heritage brand, such as Tiffany, must continue to evolve to remain relevant to its core and prospective customers,” Rebecca Miller, CEO of Miller & Company, told the fashion news outlet. “It is a natural progression for a brand to expand beyond its core products to those products that serve as a natural extension of the brand.”

The article also mentions Tiffany’s recent partnership with Grace Coddington, the former creative director of American Vogue magazine, to lead a new ad campaign featuring several “iconic” jewelry collections. “This relationship signals the brand’s intent and understanding that the world of jewelry, which is underperforming at all levels, needs to begin to reach out and find disruptive ways to create an edge in the market. Capitalizing on the fashion world’s constant motion by using designers in fashion that are modern may help to hit the right note with millennials,” Miller added.

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Newton’s Jewelers in Fort Smith, Ark., was a true institution. But after being at the helm for most of his life, owner (and descendent of the original founder) Kelly Newton decided it was time to retire. He chose Wilkerson to handle the sale. “I’ve known the owners of Wilkerson for a long, long time. I felt at home with them,” he says. The final retirement sale was just a “blast” and the Wilkerson sales team made it so very simple and straightforward, says Newton. Would he recommend Wilkerson to others? Absolutely. “They’ve done incredible work,” says Newton. “They feel like family.”