Tiffany Non Traditional Retail Propposal by Pan Wang

Professor G race C a n n e p a

Participants C a ro l i n e Lowe M a ri a Sa n c h ez Tati a n a Ra p p a cc io li Pa n Wa n g

415 : Non Traditional Retailing This co u r s e p re s e n t s a co m p re h e n s i ve overview of the direct marketing industry. Through the u s e o f c a s e s a n d a ss i g n m e n t s , st u d ents learn about strategic merchandising plans. Stud e n t s a re a l s o i n t ro d u ce d to t h e va r i ous electronic vehicles currently used in this ever - c h a n g i n g i n d u st r y. A co m p re h e n s i ve study of the growing Internet business and its dram at i c i m p a c t o n t h e re t a i l i n d u st r y i s presented.

THIS IS TIFFANY

C OM PA N Y OV E RV I EW

The diamond has since been worn by Audrey

The country’s preeminent interior designer and a

Hepburn in publicity shots for the 1961 film

leader of the American Art Nouveau movement,

Breakfast

the

Louis Tiffany had been invited to redecorate the

Smithsonian National Museum of Natural History

White House in 1882, by President Chester A.

in Washington, D.C. Kunz would continue to

Arthur. He soon brought his design aesthetic

travel the world acquiring stones for Tiffany

incorporating American plants and flowers to

& Co., including the gemstone Kunzite, which

Tiffany & Co. In addition to his artistic endeavors,

bears his name.

Louis

friend John B . Yo u n g fo u n d e d Ti f fa ny a s

co m p a ny

“Tiffany

luxury

“stationery

Yo u n g ”

Originally

fo r

the

n ew

c l a ss

t h at e m e rg e d i n t h e s e co n d h a l f o f t h e 1 9 t h

a $1,0 00 lo an f rom Ti f fany’s fat h e r at 259

ce n t u r y. H e t rave l e d to E u ro p e to p u rc h a s e

Broadway i n d ow n tow n M a n h at t a n . Ti f fa ny

d i a m o n d s a n d g e m sto n e s to b e s e t b a c k

i n t h e U S , i n c l u d i n g s o m e p i e ce s t h at o n ce

ho u s ewa re s ,

sold and

sto re,

d e st i n at i o n

American

new venture op e n e d wi t h t h e ass i st an ce o f

originally

goods”

p re e m i n e n t

his

we a l t hy A m e r i c a n i n d u st r i a l i st s a n d b a n ke r s

ceramic

fa n cy

1 8 37.

the

position

the

Young

and

p a p i e r - m â c h é, st at i o n e r y,

but

belonged

Marie

A n to i n e t te.

1 878 ,

soon expan d e d i n to j ewe l r y, a n d eve nt u a l l y

Ti f fa ny a n d co m p a ny g e m o l o g i st D r. G e o rg e

became

s i l ve r,

F re d e r i c k Ku n z p u rc h a s e d a 2 87- c a rat fa n cy

china, and c r yst a l . C h a r l e s Lew i s Ti f fa ny

yel l ow d i a m o n d , w h i c h wa s l ate r ren a m ed

later took s o l e ow n e r s h i p o f t h e co m p a ny

t h e “ Ti f fa ny D i a m o n d .”

kn ow n

wo r l d w i d e

fo r

its

and rename d i t Ti f fa ny & Co. i n 1 8 53 , l ate r incorporatin g t h e b u s i n e ss i n 1 8 6 8 .

Tiffany

also

managed

successfully

of the Great Depression, and later established

which lifted the diamond from its traditional

the brand in its New York flagship location in

place embedded in the ring band to an elevated

1940.

setting,

After several successive years of poor

whi c h a l l owed the d i a m ond to ref l ec t m ore l i g ht

sales, Tiffany & Co. was acquired by businessman

and sparkle, has since become the standard in

Walter Hoving in 1955. He sought to curate

eng a g em ent ri ng s.

set

prongs

This

studio,

under

silversmith

Edward

approachable

appeal

for

the

brand

Moore,

the mass market while retaining the brand’s

nature-

reputation for quality and good design. Hoving

inspired designs and quality artistry. Tiffany

brought on a number of designers, including

designs were awarded the grand prize for silver

Jean Schlumberger in 1956, Elsa Peretti in 1974,

craftsmanship at the 1867 World’s Fair in Paris,

and Paloma Picasso in 1980, whose designs

the first major recognition for the brand, as well

b ec a m e i coni c si g natures for Tiffany. H oving

as the first international award for an American

also installed designers Van Day Truex as design

design house. Moore’s natural motifs marked a

d i rec tor a nd Gene M oore a s head o f visual

departure from the more mannered European

merchandising, responsible for t he captivating

styles of the Victorian era, and signaled the

window displays of the Fifth Avenue flagship.

birth of a distinctly American design movement.

Hoving’s reforms were ultimately successful,

This style was continued by Tiffany’s

bringing the company’s sales to $100 million by

silver

and worked to transition the brand towards

son,

Tiffany

above.

the

q ui c kl y wo r ke d

displayed

the “Tiffany Setting” diamond engagement ring,

The

Ti f fa ny

and

g ui d e hi s father ’s com p a ny through the turmo il

leadership Cha r l e s Lew i s Ti f fa ny a n d h i s s c h o o l

Tiffany’s

In 1 8 8 6 , Cha rl es Lewi s Ti f fa ny i ntrod uced

position

HIS TO R Y

b ec a m e

the

renowned

celebrated

interior

for

i ts

designer,

Louis

Co m fo rt Ti f fa ny, wh o b e c a m e th e co m p a ny ’s first art director after his father ’s death in 1902.

the ti m e he resi g ned i n 1 979.

H oving’s

resig n at i o n

the

Ke n n e d y, i n 1 9 6 0. Th e n - c h a i r m a n Wa l te r H ov i ng

acquisition of Ti f fa ny by Avo n P ro d u c t s , I n c .

ke p t t h e f l a g s h i p sto re o p e n a f te r - h o u r s for

ill-

Ke n n e d y ’s p r i va cy a n d h e l p e d t h e t h e n - P re s i d e nt

fated, however, w i t h c u sto m e r s co m p l a i n i n g o f

E l e c t m a ke h i s c h o i ce. Th e b ro o c h wa s l ater

declining qualit y a n d s e r v i ce, a n d u n favo ra b l e

d is p layed at t h e M et ro p o lit a n M u s eu m o f Art

comparisons to b i g - b ox sto re s l i ke M a cy ’s . I n

i n a n ex h i b i t ce l e b rat i n g J a cq u e l i n e Ke n n e dy.

1984, Avon sol d Ti f fa ny & Co. to a n i nve sto r

Th e p re s i d e n t wo u l d re t u r n to Ti f fa ny i n 1 9 62

group led by Wi l l i am R . C h an ey i n a l eve ra g ed

to co m m i ss i o n c a l en d a r m em en to s i n ster l i ng

buyout. Chaney s e r ve d a s Ti f fa ny ’s c h a i r m a n

s i l ve r to g i ve a s g i f t s to a i d e s w h o h a d a ss i sted

until 1999 and o rc h e st rate d t h e co m p a ny ’s I P O i n

h i m d u r i n g t h e C u b a n M i ss i l e C r i s i s . Ti f fa ny a l so

1987. Chaney in c re a s e d Ti f fa ny ’s re t a i l fo o t p r i n t

d e s i g n e d ce re m o n i a l swo rd s g i ve n to s o l d i ers

overseas and ex p a n d e d Ti f fa ny ’s p ro d u c t l i n e

fo r d i st i n g u i s h e d s e r v i ce d u r i n g t h e C i v i l War,

to include frag ra n ce s a n d l owe r - p r i ce d ste r l i n g

a n d , i n t h e 1 8 8 0 ’s wa s co m m i ss i o n e d to re d e s i gn

silver. In 1997, Ti f fa ny d e b u te d t h e “ Re t u r n to

t h e G re at S e a l o f t h e U n i te d St ate s , w h i c h c an

Tiffany”

line

st i l l b e s e e n to d ay o n t h e o n e d o l l a r b i l l . Ti f fa ny

of sterling silve r j ewe l r y t h at wa s e n o r m o u s l y

h a s a l s o d e s i g n e d t h e Vi n ce Lo m b a rd i t ro p hy for

popular, helpin g to d r i ve s i l ve r to a cco u n t fo r

eve r y S u p e r B ow l s i n ce 1 9 67, a s we l l a s t h e Wh i te

30% of all of Ti f fa ny ’s s a l e s by 2 0 03 . M i c h a e l

H o u s e c h i n a s e r v i ce fo r P re s i d e n t J o h n s o n a nd

Kowalski, who to o k ove r Ti f fa ny ’s re i n s f ro m

t h e F i r st L a d y i n 1 9 6 8 .

1978.

Avon’s

wa s

p ro m p te d

own e r s h i p

collec t i o n ,

te n u re

wa s

a cce ss i b l y- p r i ce d

Chaney in 1999, d e c i d e d to i n c re a s e t h e p r i ce

Ti f fa ny h a s a l s o b e e n h i sto r i c a l l y well

of the “Return to Ti f fa ny ” co l l e c t i o n by 4 0 0 % i n

k n ow n fo r i t s p ro m o t i o n a l p ro d u c t s . Th e Ti f fa ny

order to quiet d e m a n d fo r t h e co l l e c t i o n , w h i c h

B l u e B o o k , a n a n n u a l c at a l o g u e d e t a i l i n g t he

was hurting the p re st i g e o f Ti f fa ny ’s h i g h e r - e n d

jeweler ’s most exquisite pieces, was first published

products.

i n 1 8 4 5 , a n d wa s t h e f i r st s u c h c at a l o g u e to be

Tiffany & Co. h a s a l s o s e r ve d a p ro m i n e n t

d i st r i b u te d i n t h e U n i te d St ate s . Th e B l u e B o ok,

role in Americ a n h i sto r y, co u n t i n g a m o n g i t s

w h i c h h a s wo r n a cove r o f Ti f fa ny ’s s i g n at ure

customers

b l u e s i n ce 1 878 , i s st i l l p u b l i s h e d to d ay. I n t he

including client

was

ma ny Willi a m

d i st i n g u i s h e d Randolph

Pre s i d e n t

i n d u st r i a l i st s ,

H e a r st .

A b ra h a m

Another

L i n co l n ,

1 990 ’s , Tif fa ny p u b lis h ed a n ex p la n ato r y b o o kl et

who

e n t i t l e d “ H ow to B u y a D i a m o n d ,” a s a g u i d e for

presented his wi fe M ar y Tod d L i n col n w it h a

m e n l o o k i n g to b u y e n g a g e m e n t r i n g s , w h i ch

Tiffany pearl n e c k l a ce u p o n h i s i n a u g urat i o n

h e l p e d Ti f fa ny p o s i t i o n i t s e l f a s t h e ex p e r t i n t he

in 1861. Preside n t J o h n F. Ke n n e d y s e l e c te d a

e n g a g e m e n t r i n g m a r ke t .

ruby and diam o n d J e a n S c h l u m b e rg e r b ro o c h from Tiffany’s a s a g i f t fo r h i s w i fe, J a cq u e l i n e

TIMELINE

Charle s Ti f fa ny t a ke s sole own e r s h i p of t h e compa ny, re n a m i n g i t Tiffany & Co.

1853

fat h e r.

Businessman Walter Hoving acquires Tiffany & Co. and works to transition the brand towards the mass marke t.

1902

1955

Lo u i s Co m fo r t Ti f fa ny t a ke s ove r m a n a g e m e n t o f Ti f fa ny & Co. u p o n t h e d e at h o f h i s

1837

1886

1940

Ti ffany is opened as

C h a r l e s Ti f fa ny

Lo u i s Ti f fa ny e st a b l i s h e s t h e

Ti ffany & Young by

i n t ro d u ce s t h e “ Ti f fa ny

b ra n d i n i t s N ew Yo r k f l a g s hip

C harles Lewis Tiffany

S e t t i n g ,” fo reve r

lo c at io n .

a n d his school friend

t ra n s fo r m i n g t h e

J o hn B. Young.

e n g a g e m e n t r i n g ’s a p p e a ra n ce.

Elsa Peretti joins Tiffany & Co.

Tiffany debuts the “Return to Tiffany” collection.

New D e s i g n D i re c to r France s c a A m f i t h e at ro f launc h e s t h e m o d e r n i st Tiffany “T” collec t ion.

1974

1997

2014

1987

2012

The company

Tiffany celebrates its 175 t h anniversary with the lau n c h o f the “Rubedo” collection , fe at u r i n g Charles Tiffany’s signatu re.

com p l etes a n IPO on the New York Stock Exc ha ng e.

MI CHAEL J . KOWALSKI

JENNIFER DE WINTER

Chairman of the Board and Interim Chief

Seni or Vi ce Presi d ent for Norther n America

Exec uti ve O f f i cer , Ti f fa ny & Co.

PHILLIP GALTIÉ REED KRAKOFF

Internati ona l Seni or Vi ce Presi d ent

Chi ef Arti sti c O f f i cer

ANDREW HART MARK ERCEG

Senior Vice President for Diamond and

Executive Vice President and Chief Financial

Jewel ry Sup p l y

O f f i cer

CU R R E N T O W N E R S HI P

CAROLINE NAGGIAR

TIFFANY & Co.

JEAN-MARC BELLAICHE

Senior Vice President and Chief Brand

Senior Vice President for Strategy and

O f f i cer

B usi ness D evel op m ent

TONI LAKIS

P UBL I C LY TR A D E D O N N YS E ( TI F )

VICTORIA BERGER-GROSS Senior Vice President for Global Human Tiffany & Co. h a s a te n - m e m b e r B o a rd o f

2 01 3 ,

f ro m

the

position

Design

Re s o u rce s

Directors, le d by C h a i r m a n M i c h a e l Kowa l s k i ,

D i re c to r. A m f i t h e at ro f h a d b e e n wo r k i n g to

re pre s e n ts sharehol der s’ i nterest s. Kowa ls ki

re d e f i n e Ti f fa ny ’s d e s i g n d i re c t i o n w i t h t h e

PAMELA CLOUD

is also curre n t l y s e r v i n g a s I n te r i m C E O a s

i n t ro d u c t i o n o f h e r Ti f fa ny “ T ” co l l e c t i o n .

Senior Vice President for Global Category

of the Janu a r y 2 01 7 d e p a r t u re o f F re d e r i c

A m f i t h e at ro f wa s re p l a ce d by Re e d K ra ko f f,

M a rketi ng

Cumenal, w h o h a d h e l d t h e p o s i t i o n s i n ce

t h e fo r m e r Co a c h d e s i g n e r a n d t h re e - t i m e

April 2015. C u m e n a l ’s d e p a r t u re wa s co u p l e d

C F DA awa rd w in n er, w h o wo u ld t a ke over

with that o f F ra n ce s c a A m f i t h e at ro f, t h e

t h e ro l e o f C h i e f A r t i st i c O f f i ce r.

acclaimed whose

m o d e r n i st

hiri n g

Cumenal

j ewe l r y had

designer

o rc h e st rate d

Creati ve D i rec tor for Gl ob a l M a rketing

GRACE CODDINGTON Creati ve Pa rtner

NET SALES

T I F F A N Y & C o. In the past, Tiffany has relied on the

j ewel ry i nd ustry, i nc l ud i ng the general

allure of its midcentury glamour, storied

slowdown

history, and reputation for quality to

market, a tightening of anti-corruption

appeal to customers, but recent events

laws in China, which has affected gifting,

indicate that that strategy is no longer

and the strength of the dollar, which has

wo rk i n g . 2 01 5 s aw Ti f fa ny ’s s a l e s d ro p

decreased spending by tourists visiting

to $4.1 billion from $4.2 billion in 2014,

the US. However, the Americas remain

and the summer of 2015 marked Tiffany’s

Tiffany’s largest source of reven ue, and

biggest sales slump since the recession

have not been unaffected by Tiffany’s

of 20 0 9, wi th Reuters d ec l a ri ng , “ol d -

problems. In 2015, sales in the Americas

world luxury fails to charm millennials.”

shrunk by four percent to slightly less

Globally, Tiffany has been hit by many of

tha n $2 b i l l i on.

the same problems as other players in the

the

worldwide

luxury

NET SALES

A N N UA L N ET SA L ES $50 0 ,0 0 0 0

$40 0 ,0 0 0 0

$300 ,0 0 0 0

CU R R E N T P R O M O T IO N A L ACT I V I T I E S $20 0 ,0 0 0 0

T I F F A N Y & C o. $1 0 0 ,0 0 0 0

0 2000

2001

2002

2003

2004

2 005 2006

2007

2008

2009 2010

2011

2012

2013

2014

2015

In 2016, Tif fa ny f i n a l l y b ro ke i t s st re a k o f

d e c l i n e d 4 p e rce n t co m p a re d to t h e s a m e

seven straig h t q u a r te r s o f s a l e s d e c l i n e s w i t h

p e r i o d i n 2 01 5 . Th i s wa s exa ce r b ate d by a

a 1 percent g a i n i n s a l e s i n t h e t h i rd q u a r te r,

1 4 p e rce n t d ro p i n s a l e s at t h e F i f t h Ave n u e

reported in N ove m b e r. Th at s m a l l g a i n d i d n o t

F la g s h ip, d r iven by in c rea s ed s ec u r it y a n d

represent th e t u r n i n g o f a co r n e r, h oweve r,

p ro te st s a ro u n d Tr u m p Towe r fo l l ow i n g t h e

with reporte d e a r n i n g s fo r 2 01 6 st i l l d ow n

e l e c t i o n . Th e F l a g s h i p sto re a l o n e a cco u n t s

four percent co m p a re d to 2 01 5 . Ti f fa ny â&#x20AC;&#x2122;s s a l e s

fo r 1 0 p e rce n t o f U S s a l e s fo r Ti f fa ny, a n d i s

for the 2016 h o l i d ay p e r i o d we re l owe r t h a n

l o c ate d r i g h t n ex t d o o r to Tr u m p Towe r.

expected, e s p e c i a l l y i n t h e U S , w h e re s a l e s

L ADY GAGA FOR TIFFANY

TIFFANY HARDWEAR CAMPAIGN

campaign and “Ring Finder ” mobile app. In

over

digital platforms and was accompanied by a short

$700,000 to create its own Snapchat geofilter

film by director R.J. Cutler. The campaign was

featuring its #LoveNotLike campaign, advertising

Tiffany’s first to include celebrities, and marked a

the

The

departure form the brand’s typical advertising of

p op ul a r

jewelry still lifes alongside black and white New

sterling silver “Return to Tiffany” line launched in

York streetsc ap es, and rep rese n te d an e f fo rt

1997 as an entry-level price point for aspirational

to reach a more stylish customer. Coddington

customers. The campaign celebrated the launch

ha nd p i c ked

confidence, intelligence, and authenticity, as well

new

col l ec ti on

July

2016,

“Return is

Tiffany

Sep tem b er p ri nt i ssues a s wel l as o n Tiffany’s

Tiffany

rep a c ka g i ng

invested

Love” of

the

line.

“Return to Tiffany Love” and featured young

models P yper America Smith, Fernanda Ly, and

#LOVENOTLIKE SNAP CHAT PROMOTION

the

c a m p a i g n’s

stars

fo r

their

as their appeal “beyond the average celebrity.”

Imaan Hammam, marking an a push to appeal

The latest iteration of the “Legendary

to millennial customers on platforms popular

Style” campaign was launched in February 2017,

wi th the d em og ra p hi c . The g eof i l ter i nc l ud es

with a 60-second film shot by David Sims and

the Tiffany logo, the Love not Like hashtag,

starring Lady G aga wearing pieces from Tiffany’s

and hearts in the iconic Tiffany blue. The filter

newest

was announced with a GIF via Tiffany’s Twitter

Ha rd Wea r.” The v i d eo, overseen by Co ddingto n

account, followed by corresponding advertising

and Tiffany’s in-house creative team, aired during

on other social media platforms.

Sup er B owl LI, for whi c h La d y G a ga was the half-

fashion

jewelry

collection,

“Tiffany

In the fall of 2016, Tiffany launched the

time show performer. The was also featured on

“ Leg end a ry Sty l e” c a m p a i g n, the b ra i nc hi l d of

the Tiffany website and was accompanied by

I n 2 01 5 , Ti f fa ny s p e n t $ 3 02 .0 m i l l i o n o n a d ve rtising,

fo rm e r Vo g u e c re ati ve d i re c to r Gra ce Co d d i n g to n

stills across print and digital media. The selection

m a r ke t i n g , a n d p u b l i c a n d m e d i a re l at i o n s , o r 7.4% of

and global marketing creative director Toni Lakis.

of Lady G aga and the “HardWear ” collection

to t a l n et s a l es . Ti f fa ny a dver t i s es t h ro u gh n ews pa p ers,

The campaign featured portraits of celebrities

represent yet another step by the brand in a

m a g a z i n e s , a n d d i g i t a l m e d i a , a s we l l a s p u b l i s h i ng the

Elle Fanning, Lupita Nyong’o, Christy Turlington,

fashion-forward direction.

“ B l u e B o o k ” c at a l o g u e to s h owc a s e i t s h i g h - e n d j ewelry.

and Natalie Westling wearing Tiffany jewelry

Ti f fa ny & Co. wa s ra n ke d h i g h e st fo r s o c i a l media engagement

and

re s p o n s i ve n e ss

Fo r b e s

2015.

Fo r b e s n o te d t h at Ti f fa ny c u sto m e r s a re ve r y e m o t i ve and e n g a g e d w i t h t h e co m p a ny ’s a d ve r t i s e m e n t s , a n d truly re s p o n d e d to t h e s e n t i m e n t ex p re ss e d i n t h e c a m paigns. Ti f fa ny re p o r te d a 2 0 p e rce n t i n c re a s e i n s a l e s fo l lowing t h e l a u n c h o f t h e i r re ce n t “ Wh at M a ke s Love True”

and shot by David Sims. The campaign ran in

B RA N D AS A PERSON

B RA N D AS A SY M BO L

El eg a nt Cl a ssi c Si m p l e Lux uri ous Ti m e l e ss

D i a m o nds Eng a gement ring Ti f fa ny Blue Ti f fa ny box

Youthf ul Iconi c Internati ona l

BR A ND M ATRIX FOR TIFFANY

B RA N D AS A PRODU CT

B RA N D AS A O BJE C T

Jewel ry

New Yo rk since 1837

Eng a g em ent ri ng

Worl dâ&#x20AC;&#x2122;s premier jeweler

Ti m e l e ss co l l e c ti o n s

Gl ob al presence Li fetime relatio nship Committment to social and env i ro nmental respo nsibility

D I S T R I BU T IO N

T I F F A N Y & C o.

TIFFANY LEGENDARY STYLE CAMPAIGN

T HE AM ERI CAS

D I AM O ND WHO LESALE

47 % o f Ne t S a l e s 124 Store Locations. Retail stores in the United States, Ca na d a , M ex i co, B ra zi l a nd Chi l e. Internet, c ata l og , b usi ness-tob usi ness a nd whol esa l e op erati ons.

Diamonds originally purchased i n quantity by Tiffany to be cut and polished that do not adhere to company standards for diamonds, and are resold to third-parties to recoup original costs. LI CENSI NG AGREEM ENTS

EURO PE 1 2% O f Net Sa l es 41 Store Locations. Retail stores in Austria, Belgium, Czech Republic, France, Germany, Irel a nd , Ita l y, The Netherl a nd s, Russia, Spain, Switzerland, and the Uni ted Ki ng d om . Internet op erati ons.

ASIA - PACIFIC 24% of Net Sa l es 81 Store Locations. Retail locations in Australia, China, Hong Kong, Korea, Macau, Malaysia, Si ng a p ore, Ta i wa n a nd Tha i l a nd . Internet a nd whol esa l e op erati ons.

JAPAN 1 3% of Net Sa l es 56 Store Loc ati ons Retail locations and partnerships with Japanese department stores. Internet, business-to-business and whol esa l e op erati ons. AME R I C AS

EM ERGI NG M ARK ETS

AS I A-PAC I FI C (Perce n ta ge)

JA PA N

E UR O P E

E M E R G IN G MA R KE TS 0

<4% Net Sa l es 5 Store Locations. Re ta i l S a l e s i n UAE Wh o l e s a l e i n s e l e c te d m a rke ts , p ri m a ri l y i n M i d d l e Ea st

Eyewe a r- L u xo tti c a Gro u p <1 % Net Sa l es Fragrance- Coty, Inc. 0 % Net Sa l es E-CO M M ERCE E-commerce enabled websites in 13 countri es US, Canada, Australia, Japan, UK, Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, and Irel a nd . Informational sites in several other countries. Internet sales account for 6% of net sales.

Mo n obra n d S it e

CU R R E N T P O S I T IO N I N G

T I F F A N Y & C o.

Mu l t ibra n d S it e

In t h e p a st d e c a d e, Ti f fa ny d e b u te d

f ro m a n o t h e r o f A m f i t h e at ro f ’s l i n e s , t h e

a few pop u l a r co l l e c t i o n s , i n c l u d i n g t h e

“Out

2009 “Tiffa ny Keys ” a n d 2 01 2 ’s “ R u b e d o ”

fe at u re s re - re l e a s e d i te m s f ro m t h e Ti f fa ny

line in faux ros e g ol d me t al , wh i ch fe at u red

a rc h i ve s , a re b e i n g s o l d at D ove r St re e t

Charles

M a r ke t i n N ew Yo r k . A m f i t h e at ro f ’s h i r i n g

a n n i ve r s a r y.

a s we l l a s t h e p ro m o t i o n o f LV M H a l u m

“Rubedo,” d e s i g n e d to c a p i t a l i ze o n t h e

F re d e r i c C u m e n a l to C E O i n 2 01 5 s i g n a l e d a

recent tren d o f ro s e g o l d j ewe l r y, p rov i d e d

n ew e f fo r t by Ti f fa ny to a p p e a l to a yo u n g e r

another en t r y- l eve l p r i ce - p o i n t o u t s i d e t h e

a n d m o re fa s h io n - fo r wa rd d em o g ra p h ic o f

sterling si l ve r c ate g o r y. H oweve r, n o n e o f

wo m e n w h o m ay h ave re ce i ve d p i e ce s f ro m

these matc h e d t h e m a ss i ve p o p u l a r i t y o f

t h e “ Re t u r n to Ti f fa ny ” co l l e c t i o n a s te e n s ,

“Return to Ti f fa ny.” I n ste a d , m u c h o f t h e

b u t h a d re ce n t l y t u r n e d away f ro m Ti f fa ny.

Lew i s

celebrate

the

Ti f fa ny ’s b ra n d ’s

s i g n at u re

1 75 t h

company’s re ce n t reve n u e h a s co m e f ro m

Re t i re m e n t ”

Other

re ce n t

co l l e c t i o n s

stores glob a l l y i n 2 0 03 to 275 i n 2 01 2 .

reva m p o f t h e 1 9 97 o r i g i n a l a cco m p a n i e d

A m f i t h e at ro f

wa s

h i re d

Ti f fa ny

h ave

included

Francesca

which

expanding i t s p o r t fo l i o o f sto re s , f ro m 1 41

In 2 01 3 , m o d e r n i st j ewe l r y d e s i g n e r

“ Re t u r n

co l l e c t i o n

Love,”

by a S n a p c h at a d ve r t i s i n g p u s h s q u a re l y aimed

yo u n g e r

millennials,

and

Design Dire c to r, a s p a r t o f Ti f fa ny ’s e f fo r t

Ti f fa ny “ H a rd We a r,” a co l l e c t i o n o f s l e e k

to re-focus o n q u a l i t y d e s i g n . A m f i t h e at ro f

metal

introduced t h e m o d e r n “ T ” co l l e c t io n i n

Ti f fa ny ’s a rc h i ve s a n d fe at u re d i n a n ew

2014,

g re at

critical

a cc l a i m .

S eve ra l

i n s p i re d

campaign

st a r r i n g

u n i s ex

Lady

design

Gaga.

Th e

items from t h e co l l e c t i o n a re ava i l a b l e fo r

“ H a rd We a r ” co l l e c t i o n wa s A m f i t h e at ro f ’s

sale on Ne t - a - p o r te r, t h e o n l i n e - o n l y l u x u r y

l a st fo r Ti f fa ny, h oweve r, w i t h t h e co m p a ny

e-commerce s i te p o p u l a r w i t h m i l l e n n i a l s ,

a n n o u n c i n g i n J a n u a r y 2 01 7 t h at s h e wo u l d

marking t h e f i r st t i m e Ti f fa ny h a s s o l d

b e d ep a r t in g t h e b ra n d a lo n g w it h C E O

products v i a w h o l e s a l e i n t h e U S . P i e ce s

Cumenal,

further

underlining

the

inner T I F F A N Y & C o. T I FFANY T CO LLECT I O N

Tiffany has also undertaken a redesign

for customization at a much lower price point

of som e of i ts store l oc ati ons, m ost nota b l y the

than Tiffany. Popular pieces fro m designers

late 2016 renovation of the company’s Rodeo

like Sophie Buhai and Charlotte Chesnais that

Drive store in Los Angeles. Creative Director

appeal to the fashionable millennial customer

fo r Sto re D e s i g n a n d Vi s u a l M e rc h a n d i s i n g ,

are much more delicate than most Tiffany

Richard Moore, began the design revamp with

i tem s, a b l e to b e l ayered a nd st acked fo r a

Tiffany’s Chicago location in 2015, and will

customizable look. At the same time, online

continue with similar renovations of stores

sales for jewelry have been steadily increasing,

in San Francisco and Vancouver later in 2017.

with McKinsey & Co. projecting that online

The new stores are outfitted in shades of

sales of luxury goods, long though to be

cream and gold with light polished marble,

rejected in favor of the rich in-store luxury

communicating

aesthetic

experience, could triple and climb to over

that represents a major departure from the

$74 billion by 2025. E-commerce startup Blue

m a sc ul i ne l ook of Ti f fa ny ’s New York Fl a g shi p.

Nile sells exclusively online and specializes

modern,

airy

Despite these recent changes, Tiffany

and

ethically

sourced

diamond

solitaires, cutting into the engagement market

made it clear that Tiffany is no longer able to

once dominated by Tiffany, whose online sales

rely on the rich brand heritage that has fueled

have remained stagnant at six pe rcent for the

its popularity in the past. Millward Brown’s

past three years.

Gl ob a l B ra nd s, Ti f fa ny ’s b ra nd eq ui ty shra nk by 24 percent from 2015. The fickle millennial consumer no longer values history over price. Newer brands like Pandora, Alex & Ani, and Kendra Scott appeal to the millennial desire

R OD EO D RI V E , L A | C A L I FO R N I A

quality

is still struggling. Recent sales declines have

2016 rankings of the Top 100 Most Valuable

T I F F A N Y & C o.

HIG H PRICE

Cartier David Yurman

Tiffany & Co.

M AR K E T P O S I T IO N I N G

T I F F A N Y & C o.

LOW A CCESSIB IL IT Y

HIGH ACCESSIBILITY

Bl u e N i l e

Pandora

L OW PRICE

SWOT ANALYSIS

History & heritage

Omnichannel

Brand recognition

Dilution of brand

Customer service

equity

Wide price range

Executive turnover Outdated image Seasonality

S W O T A N A LY S IS

T I F F A N Y & C o.

Transparency

Changes in consumer

International

taste

expansion

Economic anxiety

E-commerce

Trump Tower security

Mobile commerce

and protests Currency fluctuations

MARKET SEGMENTS

SALES BY SEGM ENT

STAT E M E N T, F I N E & SOL ITA IRE J EWEL RY

EN GAG EMEN T RIN G S& WEDDIN G B A N DS

FAS H I O N J E W E L RY

TIMEPIECES, CHINA, C RYSTA L , STAT I O N E RY, ACCESS O R I ES

L ICEN SIN G AG REEMEN TS & WHOL ESA L E

TOTA L

100

110

FU TU R E G R O W T H P L A N

T I F F A N Y & C o. T I F F A N Y & C o. T I FFANY 18 37 CO LLECT I O N

In its 2015 Annual Report, Tiffany & Co.

interested in the brand, and returning to make new

outlines the companyâ&#x20AC;&#x2122;s goals for future expansion

purchases, as well as appealing to new customers

and improvement. The primary initiative listed is

with fresh designs.

the enhancement of customer knowledge of the

Tiffany also states its goal to improve the

Ti f fa ny & Co. b ra n d , w h i c h th e co m p a ny l i sts a s i ts

customer

most valuable asset, as well as its history, heritage,

and store environments; providing a high-quality

and association with quality and luxury. The report

shopping experience by enhancing sales and product

lists Tiffanyâ&#x20AC;&#x2122;s investment in public relations and

training programs for employees, and improving

marketing programs as the primary vehicle for this

sto re d e s i g n a n d c re ati ve v i s ual display. Finally,

initiative. Another strategy is maintaining an active

the report outlines a goal for the optimization

product development program, incorporating the

and expansion of Tiffanyâ&#x20AC;&#x2122;s global store network,

introduction of new designs and the expansion of

through the opening of new stores and expansion of

current collections on an annual basis. Product

e-commerce sites to new countr ies.

d evel op m ent i s key to keep i ng ex i sti ng c ustom ers

experience

through

engaging

service

OM N I - C HA N N E L AU D I T

S OC I A L M E D I A

T I F F A N Y & C o.

FACEBOOK

9.3 million

@Tiffany

INSTAGRAM

6.1 million

@TiffanyAndCo

TWITTER

1.5 million

@TiffanyAndCo

167,886

@TiffanyAndCo

TUMBLR

@TiffanyAndCo

YOUTUBE

35,455

@TiffanyAndCo

G OOGLE

34 0,6 8 3

@TiffanyAndCo

ENGAGEMENT RING FINDER

ST R AT E G IC I N I T IAT I V E

We b s i te

R i n g Fi n der App

2. 2 m i l l i on v i s it s p e r six- m o n t h p e r io d

Allows users to try on engagement rings

Ave ra g e o f 6 . 4 5 p a g e s p e r v i s i t i n three

in different sizes and styles as well as

m i n u te s ,

view engagement ring and wedding band

se co n d s

2 .03%

traf f i c i s d r i ve n by s o cia l m e d ia

websi te

combinations. Customers can see product and detailed information, but cannot make

M AR K E T A N A LY S I S

T I F F A N Y & C o.

Appealing to t he M ille n n i a l Cust o mer .

t h at j u st 24 p e rce n t o f m i l l e n n i a l a g e s 1 8 -3 3 we re

“Millennial” is th e a p p e l l at i o n fo r t h e g e n e rat i o n

m a r r i e d , co m p a re d to 3 8 p e rce n t o f G e n e rat i o n

born between 19 8 0 a n d 2 0 0 0, o r t h o s e b e t we e n

X- e r s i n 1 9 9 8 , a n d 4 0 p e rce n t o f B a by B o o m e r s

the ages of 37 a n d 1 7. Th i s g e n e rat i o n i s t h e

i n 1 9 8 0. Th i s s h i f t m e a n s t h at wo m e n s p e n d

current focus o f m a ny b ra n d s a n d m a r ke te r s

m o re t i m e i n t h e wo r k fo rce b e fo re m a r r i a g e,

because

m o st

a n d t h e re fo re, m o re d i s p o s a b l e i n co m e to b e

affluent life sta g e i n a b o u t te n ye a r s . Th e te r m

s p e n t s o l e l y o n t h e m s e l ve s . Th e s e d e m o g ra p h i c

“millennial” wa s co i n e d by a u t h o r s N e i l H owe

changes

and William Stra u ss i n 1 9 87.

s h i f t t h e i r fo c u s to b o t h t h e “s e l f - p u rc h a s i n g

they

will

re a c h i n g

their

a re

leading

j ewe l r y

co m p a n i e s

wo m a n ,” a wo m a n w h o b u ys jewelr y fo r h er s elf,

The

Self-Purchasing

Woman

and

the

Ju s t - B e c a u s e P u r c h a s e . Throughout

th e

20th

ce n t u r y,

a n d t h e “ j u st - b e c a u s e p u rc h a s e,” a n eve r yd ay b u y t h at d o es n o t rep res en t a s p ec ia l o cc a s io n .

j ewe l r y

wa s

Acco rd i n g to a re p o r t f ro m t h e J ewe l r y

primarily consid e re d a “g i f t i te m ,” p u rc h a s e d by

Co n s u m e r

m en to give to wome n . A s a re s u l t , most j ewelr y

o f a ll A m er ic a n wo m en b u y t h em s elves n o n -

advertising was t a rg e te d towa rd s t h e m e n w h o

o cc a s i o n - b a s e d

bought the ite m s , w i t h t h e fe m a l e re c i p i e n t s

considered “se co n d a r y i n f l u e n ce r s .” Wi t h few

t h em s elves at lea st o n ce a yea r. Ad d it io n a lly,

women in the wo r k fo rce, m o st d i d n o t h ave t h e

De B eer s fo u n d in it s a n n u a l D ia m o n d I n s ig h t

discretionary i n co m e to p u rc h a s e ex p e n s i ve

Re p o r t t h at m i l l e n n i a l we re m o re l i ke l y to m a ke

jewelry items. To d ay, h oweve r, t h e l a n d s c a p e o f

j ewe l r y p u rc h a s e s fo r n o n - t ra d i t i o n a l re a s o n s

the jewelry ind u st r y h a s s h i f te d d ra m at i c a l l y.

l i ke co m m e m o rat i n g a p e r s o n a l m i l e sto n e o r

Not only are m o re wo m e n wo r k i n g , b u t m a ny

a p ro m o t i o n , o r s i m p l y a s a t re at o r a s re t a i l

are earning mo re a n d s e e i n g s i g n i f i c a n t c a re e r

t h era py t h a n o ld er g en erat io n s . De B eer s a ls o

progression that l e ave s t h e m w i t h m u c h g re ate r

fo u n d t h at i n 2 01 5 , m i l l e n n i a l s s p e n t $ 2 6 b i l l i o n

purchasing powe r. Ol d e r m i l l e n n i al wom e n a re

o n d i a m o n d j ewe l r y, w i t h 3 1 p e rce n t o f t h o s e

also adhering le ss st r i n g e n t l y to t h e t ra d i t i o n a l

p u rc h a s e s m a d e by wo m e n b u y i n g p i e ce s fo r

schedule of life m i l e sto n e s , g e t t i n g m ar r i e d

t h e m s e l ve s , re p re s e n t i n g a co n s i d e ra b l e r i s e i n

later in life (if at a l l ) a n d h av i n g c h i l d re n l ate r

fe m a l e s e l f - p u rc h a s i n g .

as well. In 2014, t h e Pew Re s e a rc h Ce n te r fo u n d

Opinion

American

Co u n c i l ,

j ewe l r y

wo m e n

m o re

and

p u rc h a s e

than

half

p e rce n t

j ewe l r y

fo r

The Digital Co nsume r

experiences

are

expected

millennial

Digital media is the primary method

consumers and any retailer “not equipped

of communication for a generation considered

for this will lose out among this client base.”

“digital natives.” The 2013 Millennial Consumer

In a De Beers survey on information sources

Index Report from Bite Group and Redshift

used by US women in preparation for making

found

millennials

a p urc ha se of d i a m ond j ewel ry, 92 percent o f

contribute to web forums or user groups, 39

millennial women reported looki ng online for

p ercent wri te rev i ews for or rate p rod uc ts that

information, compared to 76 percent of older

they have purchased and 38 percent share

generations, and by far the most popular

links to products and services that they like.

method for researching a purchase, with the

The

Insights

next most popular method, visiting jewelry

Group found that this digital interaction is

stores to view the range of options available,

even higher for affluent millennials, with 60

a ccounti ng for onl y 6 8 p ercent o f millennial

percent rating products and services online

respondents.

that

True-Luxury

percent

Global

Consumer

and 29 percent running their own websites or blogs. These levels of digital interaction are

O nline and Mo bile Lux ur y

much higher than those of older generations. Millennials shop p i ng ,

continue tend i ng

this to

use

behavior a

when

com b i nati on

It was not long ago that conventional wi sd om

a m ong

l ux ury

b ra nds

dictated

that e-commerce would never account for

of in-store and online methods. The True-

Luxury Global Report found that 45 percent

sales,

of millennials check prices via mobile while

shopping in-store, 44 percent look at product

the

information in the store, and 43 percent look

multisensory environment of the luxury retail

for coupons or promotions online when in

store. However, this thinking has changed,

the store, rates nearly double those of older

and as previously discussed, McKinsey & Co.

generations. The De Beers Diamond Insight

recently predicted that online sales of luxury

Report, which listed “Millennials” as one of

goods will triple to reach over $74 billion by

the four major factors currently affecting the

2025.

diamond industry, concludes that omnichannel

meaningful with

make

proportion affluent

their

customers

purchases

p ersona l i zed

luxury

c ustom er

goods

preferring

surrounded service

by and

M c K i n s ey

fo u n d

t h at

while

only

four

upcoming events, and Facebook as a source

pe rce n t o f l u x u r y p u rc h a s e s a re c u r rently

for information.

made

Con cl u si ons

o n l i n e,

p e rce n t

l uxury

pu rc h a s e s a re i n s o m e way i n f l u e n ced by

Based on this research, we believe

a c u sto m e r ’s d i g i t a l ex p e r i e n ce, w h ether

that the development of a fully-functioning

th ro u g h s o c i a l m e d i a o r o n l i n e re s earch.

mobile app will be a productive investment

Th e st u d y reve a l e d t h at t h re e o u t o f fo u r

for Tiffany & Co., and will complement the

lu x u r y c u sto m e r s ow n a s m a r t p h o n e, and

existing brand’s existing efforts to target

m o re t h a n h a l f ow n a t a b l e t . Th e s e mobile

millennial

dev i ce s

c u stomer

catalogue, prominent placement of current

de c i s i o n j o u r n ey, w i t h m o re t h a n h alf of

promotions and features, the 360 degree

pro d u c t

vi ewi ng

fa c to r

h e av i l y

s e a rc h e s

fo r

the

luxury

p u rc hases

women.

capabi l i ty,

The

easy-to-browse

custo me r

se rvi ce

m a d e o n a m o b i l e d ev i ce. Th e M c K insey

features, and convenience will appeal to

st u d y a l s o fo u n d t h at l u x u r y c u stomers

customers looking to research or purchase

on l y d ow n l o a d e d m o b i l e a p p l i c at i o n s that

products

of fe re d s i g n i f ica n t b e n e fit s, su ch a s use f ul

believe that this app will help drive traffic

fe at u re s n o t ava i l a b l e t h ro u g h t h e mobile

and sales on Tiffany’s website, as well as

site, d e t a i l e d , u p - to - d ate i n fo r m at i o n , and

di re ct custo me rs to the i r ne are st bri ck-

an e a s i l y n av i g ate d c at a l o g u e.

and-mortar location to make an in-store

The McKinsey & Co. study corroborates th e f i n d i n g s o n s o c i a l m e d i a e n g a g ement

their

mobile

devices.

purchase. In

laying

out

our

plans

for

the

st ate d i n t h e D e B e e r s re p o r t , e m p h a sizing

launch of this app, our goal is to utilize

th e i m p o r t a nce o f i n te rco n n e c te d social

Tiffany’s existing social media reach for

m e d i a a n d e - co m m e rce p l at fo r m s fo r the

announcement and promotion, as well as

lu x u r y c u sto m e r. M c K i n s ey fo u n d t h at the

capitalize on the Tiffany’s partnerships with

us e o f ce l e b r i t y b ra n d a m b a ss a d o r s who

celebrities Lady G aga, Lupita Nyong’o, Elle

pro m o te t h e b ra n d o n t h e i r ow n social

Fanning, Christy Turlington, and Natalie

m e d i a p a g e s c a n h ave a p ro fo u n d i m pact,

Westling, as well as millennial influencers

es p e c i a l l y i f t h ey a l re a d y h ave a fo l l owing

P yper America Smith, Fernanda Ly, and

within

Imaan Hammam, all of whom have been

the

t a rg e te d

d e m o g ra p h ic.

The

st u d y a l s o fo u n d t h at l u x u r y s h o p p e r s use di f fe re n t p l at fo r m s fo r d i f fe re n t re a sons, us i n g Tw i t te r a s a s o u rce fo r n ews and

featured in recent Tiffany ad campaigns.

TAR G E T CO S TU M E R

T I F F A N Y & C o.

APP DEVELOPMENT AND IMPLEMENTATION

TIFFANY & Co.

We are proposing the development of a new

app will follow the same navigation and features

Tiffany app to serve as a fully functional mobile

as the website, but will be optimized for mobile.

shopping platform that will include an interactive

Shopping bag and wish list functions and saved

360-degree

technology.

a d d resses a nd p ay m ent op ti ons w ill be co nsistent

Features will include the interactive images, Touch

with those on the website once customers log

ID login, store locator, wish list, multiple payment

in to their Tiffany accounts. Finally, the app will

op ti ons, tra c ki ng a nd shi p m ent noti f i c ati ons, g eo-

also include the “Drop a Hint ” feature available

From | Manhattan, NY

sp ec i f i c p op -up noti f i c ati ons when a c ustom er

on the web si te, that a l l ows a c usto mer to send a

Age | 29 ye ar s old

is near a store, and customer service features

love one links to products as possible gift ideas.

En joys | Wi ne tasting

including chat, an option to make an appointment

The current version available on the website only

and

in-store, and to “Call an Expert.” The new app

allows the hints to be sent by email, but the app

Po rte r Ma g azine.

will also absorb the existing Tiffany “Ring Finder ”

wi l l a l l ow hi nts to b e sent by b oth email and text.

Lifestyle | H ealthy

app, and incorporate the “Try It on” feature. The

Emily Newman

Reading

Women’s

Wear

Daily

Professi on | Anal yst at Me rri l l Lynch Ma ri t a l St a t u s | E ngaged Hou s e h ol d I ncom e | $ 30 0,000

viewer

and

3-D

CAD

The new Tiffany app will help to expand and

utilize the WebRotate software and existing CAD

optimize

renderings created in the product design process

the

global

distribution

base,

i nc rea si ng m ob i l e sa l es a nd b ra nd v i si b i l i ty.

to create a 360-degree view of each product. For

eng a g em ent

ri ng s,

sol i ta i re

jewelry,

and

The technology behind this initiative is the 360

other pieces with large stones, we will also use

Product Viewer. It creates an interactive image

360-degree photography to accurately capture

of the product, allowing users view the product

the brilliance of the stones. However, because

in every angle. This way, user will be able to see

every diamond is unique, we still encourage

a l l the d eta i l of ea c h p i ece, a s i f they were usi ng

our customers to go into the store to view the

a microscope to view the product while in the

product in-person. Customers can also use the

store. This level of detail and interactivity will

“Try It on” feature, originally in the “Ring Finder ”

drive sales traffic in two different ways: First, it

a p p, to g et a rea l i sti c i d ea of how the piece w ill

gives the customer the confidence in the product

look on each individual.

required to make an expensive purchase via the

To d eve l o p t h i s n ew i n n ovat i o n , we w i l l h i re a n

mobile app or the Tiffany website; or second, it

o u t s i d e a p p d eve l o p e r to c re ate t h e p l at fo r m . We w i l l

will entice customers to visit the store to make

a l s o n e e d to h i re a te a m o f te c h n i c al s u p p o r t st a f f to

the purchase in person.

a ss i st i n d eve l o p m e n t a n d c re at i n g a n d i n p u t t i n g t h e 3 6 0 - d e g re e i m a g e s a n d C A D re n d e r i n g s , a s we l l a s

WebRotate

36 0

Product

Vi ewer

was

f i rst

released in 2010. It is a simple and powerful suite

tools

for

showcasing

products

and

digital work online. The software simply allows JPG or PNG images produced with any hardware or 3-D CAD software to be imported and then rendered into either a 360-degree view or 3-D view. Other vendors such as Iconasys provide

p ro d u c t d e s c r i p t i o n s , p r i c i n g i n fo r m at i o n , a n d c u r re n t fe at u re s ava i l a b l e o n t h e we b s i te. Th e a p p te c h s u p p o r t te a m w i l l a l s o m a n a g e t h e co o rd i n at i o n o f t h e n ew a p p w i t h ex i st i n g c u sto m e r p ro f i l e d at a to c re ate a s e a m l e ss d e s kto p - to - m o b i l e

shopping

ex p e r i e n ce,

we l l

i n te g rat i o n o f t h e ex i st i n g c u sto m e r s e r v i ce a n d s u p p o r t syste m s . O n ce d eve l o p m e n t i s co m p l e te, t h e i n - h o u s e

software similar to WebRotate, but do not allow

te a m w i l l t a ke ove r m a n a g e m e n t o f t h e a p p, u p d at i n g

the developer to create the 360-degree product

t h e p ro d u c t a ss o r t m e n t , a n d p rov i d i n g m a i n te n a n ce

view. With this in mind, we will purchase the

a n d o n g o i n g s u p p o r t a s n e e d e d . Th e a p p te c h te a m w i l l

WebRotate 360 Enterprise software, which costs

b e b a s e d i n t h e Ti f fa ny & Co. m a n a g e m e n t fa c i l i t y i n

$499. For fashion jewelry items, accessories,

Pa r s i p p a ny, N ew J e r s ey.

and pieces without large solitaire stones, we will

Pre-launch Training

app, and

Prior to the rollout of the new Tiffany

craft and personal style, she i s a n a p t c h o i ce

sales

to represent this new chapte r i n Ti f fa ny â&#x20AC;&#x2122;s

associates,

customer

managers,

history. G aga also has an en o r m o u s s o c i a l

trained with the appropriate skills in order

media following, with 22.8 mi l l i o n I n st a g ra m

with

followers, 65.5 million Twitter fo l l owe r s , a n d

demonstrations and information. They will

61.2 million Facebook fans, an d i s e s p e c i a l l y

be trained in workshops beginning three

popular with the fashion-savvy m i l l e n n i a l

moths prior to the launch date, so that they

women targeted by the app. Th e a p p i s

understand the new technology and features

planned to launch in late Nove m b e r 2 01 7, j u st

introduced in the app, as well as the best

before the holiday s eas on, wit h t he o bj ec t i ve

ways to communicate the unique utility of

of increasing overall as well a s m o b i l e a n d

the app to different types of customers,

e-commerce sales during the c r i t i c a l h o l i d ay

ensuring that customers of all profiles are

period.

assist

service

store

customers

comfortable

with

new development.

P R OM O T IO NA L P L A N

and unafraid to explore new d i re c t i o n s i n h e r

and

specialists

will

appropriately

excited

about

the

Associates will also be

The video,

promotional

digital,

and

plan

will

include

a d ve r t i s e m e n t s ;

educated in the specifics of the 3D CAD

a live streaming event; and a l a u n c h p a r t y

technology

attended by celebrity influence r s . P l a ce m e n t

and

the

360-degree

viewer

that will be included for each product. The

in-house

will

around the late November 201 7 l a u n c h d ate

conduct the training for store managers and

to maximize cons umer awareness o f t he a pp.

customer service supervisors, who will then

Live Stre am

technological

support

team

pass the information on to their s ubordinates .

these

ads

The

will

launch

conversation

between

strate g i c a l l y

plan brand

will

timed

include

a m b a ss a d o r

Lady G aga and fashion ico n a n d Ti f fa ny Promotional Plan The face of the new Tiffany app, to

Creative

Partner

discussing

and

Grace

demonstrat i n g

Co d d i n g to n the

n ew

be featured in promotional materials and a

Tiffany app as we ll as the ir thought s on and

launch event, will be Lady G aga. This decision

personal relationship with t h e b ra n d a n d

is based on the success of the marketing

specific pieces or collections.

campaign for the new Tiffany â&#x20AC;&#x153;HardWear â&#x20AC;? collection, starring G aga, that included a 60-second commercial during Super Bowl LI in February 2017. G aga is a legend in her own right, and as an artist constantly evolving

The G a g a /Co d d i n g to n l i ve st re a m w i l l p rovide

on their social media accounts featuring

a st y l e - , rat h e r t h a n te c h - b a s e d , i n t ro d uction

their pieces, as well as their preparation for

to Ti f fa ny ’s n ewe st i n n ovat i o n , a n d t h e star

and experience at the event, all featuring the

powe r o f L a d y G a g a a n d G ra ce Co d d i ngton

hashtag specially created for the evening.

(wh o b o t h a p p e a l to t h e fa s h i o n - fo rward