Tiffany & Co. FASHION MANAGEMENT MARKETING STRATEGY LEE LIYI ZHANG
Collection Proposal Tiffany & Company (known colloquially as Tiffany or Tiffany's) is an American multinational luxury jewelry and specialty retailer. It was founded by Charles Lewis Tiffany and John B. Young in New York City in 1837 and operated as "Tiffany, Young and Ellis" till the name was shortened to Tiffany & Company in 1853 when Charles Tiffany took control and established the firm's emphasis on jewelry. Now, Tiffany sells jewelry, sterling silver, china, crystal, stationery, fragrances, watches, personal accessories, as well as some leather goods. Many of these goods are sold at Tiffany stores, as well as through direct-mail and corporate merchandising. Tiffany is renowned for its luxury goods and is particularly known for its diamond jewelry. Tiffany markets itself as an arbiter of taste and style.
The new launch products, inspired by vintage keys in the Tiffany Archives ( a collection of pendants and charms that are an intriguing invitation, a promise of adventure), are reworked in the Tiffany Keys collection, each with a storied past now open to an intriguing new interpretation in iconic pendants. Tiffany is not only trying to market its new Keys collection, but is looking to better position itself in the Chinese market and to appeal to more consumers. China is increasingly becoming a key market for global retailers, and most particularly, for luxury brands. This will be a great opportunity for an expansion for Tiffany to create its vision of powerful elegance through the new Keys collection.
Source: www.tiffany.co.uk Source: www.luxurydaily.com
Inspiration Tiffany Keys Keys from the Tiffany & Co. Archives inspired a collection of pendants and charms that are an intriguing invitation, a promise of adventure.
Trend Research
Jewellery demand in China has sustained a brisk pace of growth in recent years. According to National Bureau of Statistics figures, in 2003-2008, the average annual increase in retail sales of wholesale and retail enterprises above a designated scale was as high as 30.4%. In 2012, growth in retail sales of jewellery was 16.0%. Retail sales of jewellery for April 2013 reached Rmb30.3 billion(US$5 billion), representing a year-on-year growth of 72.2%. Besides, Brands and quality considerations rank very high among Chinese consumers. Chinese luxury consumers tend to be younger than their U.S. and European counterparts and are already predisposed to consider luxury goods a necessity. As the pioneer in the international jewelry market in China, Luxury jewelry company Cartier had already 11 watch dealers and 58 exclusive shops in China by 2010. The future of luxury jewelry in China is glitter, this is why Swarovski are opening an average of 25 to 30 stores per year in China due to the great revenue and continues China expansion with exclusive jewelry line.
Source: http://red-luxury.com Source: HKTDC Research, 2013
Key Market Aiming for intelligent modern young Chinese women who want to achieve greatness of their lives. They are college graduates with a professional job who lives in urban environment or near one. They are 25-37 years old and are single, married, or a modern family. They are teach savvy and have positive life attitudes.
Product Line
Petals key pendant $8,500
Star key $21,800
Fleur de lis key $4,000
Heart key charm $2,000
Kaleidoscope key pendant Dragonfly key pendant $16,000 $10,500
Kaleidoscope key $9,000
Crown key pendant $2,300
Distribution (China)
Tiffany & Co. in Shanghai
Marketing Campaign & Key Opinion Leader It’s a smart strategy to engage a popular artistic figure in the country, since Tiffany’s products are considered by many to be works of art. Using household names to push products is a technique sure to see results. Tiffany & Co. has partnered with renowned Chinese painter Yu Hong – known for her paintings of women – to create a number of portraits of women with Tiffany’s signature key symbolically “unlocking” the women’s futures. Zhang Ziyi(Chinese actress), Li Na (former Chinese professional tennis player) and Chris Lee(Chinese pop singer and actress) are all involved in this series of ads.
Technology & Interaction
Weibo Chinese popular SNS platform
Douban Chinese popular SNS platform
Wechat Mobile tech but has features that are similar to social media platform