TIFFANY & CO. BY SMRUTI THAKKAR MBA IN LUXURY BRAND MANAGEMENT
Table of Content Brand overview Brand Timeline Brand Marketing mix CBBE Pyramid Brand Positioning SWOT Analysis Competitor Analysis Financial Position Reboot Strategy
About Brand Tiffany & Co. founded by Charles Lewis Tiffany & John B. Young in 1837 was known as Tiffany & Young dealing in stationery and fancy goods emporium. In 1853 , Charles Tiffany took control over the brand , made it a Jewelry brand and shortened its name to " Tiffany & Co." The company operates more than 300 Tiffany & Co. retail stores worldwide . In November 2019 , LVMH acquired Tiffany & Co. for an equity value of €14.7 billion.
Timeline 1837
1987
A journey of Tiffany started by Charles Lewis Tiffany & John B. Young
Shares trading on New York Stock Exchange
1851 Tiffany became the first company to use 92% Sterling. Tiffany's Silver design took attention of the world.
2003 Start of Legacy Collection
2007
1853
Shares trading on New York Stock Exchange
Charles took control of the company & officially named as " Tiffany & Co. "
2008
1878 Introduction of Tiffany Diamond " One of the world's largest & finest yellow diamonds"
Tiffany openes the first Patek Phillipe Salon in U.S
2012 Tiffany celebrates its 175th anniversary
1886
2017
Introduction of the most famous engagement rings .
Tiffany appointed veteran Alessandro Bogliolo as a new CEO .
1902 The Tiffany Art Jewelry Departmenet is established
1950 " Breakfast at Tiffany's " happened
1972 - 1996 Overseas Expansion in Japan & London
2017 Tiffany appointed veteran Alessandro Bogliolo as a new CEO & Lady Gaga became the official face of Tiffany & Co.
2019 French luxury group LVMH acquired Tiffany& Co. for €14.7
Women's Jewelry Men's Jewelry Fragrance Watches Leather Product Home & Accessories Cafes
94 Retail Stores in U.S More than 300 Retail stores worldwide Online Selling through Company's Website Social Media sales Follows Omnichannel distribution
Print media Social media Ad. Campaigns Tag line & slogans Exhibition & Events around the year
Jewelry under $250 for Millenials Premium Price jewelry Range starting from $1100 $25000 & more
CBBE PYRAMID Resonance Lack of new designs, No new innovation , Expensive , Wide range of Products , Superior Quality , Elegant look.
Tiffany & co. has managed to create trust among customers. They have established a loyal community who follows the brand value & brand position.
Judgements High quality of product , Craftsmanship, Distinctive designs, Stylish , Excellent store experience, Online experience , availability Emotional Connection with customers.
Performance
Experience True Love, Feeling more powerful, belonging to a special community , elegant , & Classy.
Feelings
Imagery
Silence An American Luxury Jewelry Brand known for its Fashionable Jewelry & Engagement ring. Brand logo & the blue box is stands out of brand identity.
Lady Gaga & other star ambassadors, Breakfast at Tiffany's movie, Tiffany's Yellow Diamond, T Design , True Love story
Luxury Segment
High Visibility
Brand Positioning
Low Visibility
Mass Market
SWOT ANALYSIS STRENGTH Rich Heritage & Culture Leading Luxury Brand in United States Most Celebrated Brand High Quality Yellow diamond Popular T-Rings & bracelletes Strong brand ambassador
OPPORTUNITY Takeover by biggest Luxury group LVMH Watch Making Industry ASIA European market Collaboration with French Brands
WEAKNESS No New innovative design Expensive Watch Segment Dependency on Jewellery segment Low engagement ratio New Competitors
THREAT No diversification Lack of new designs & innovation in Jewellery & watch segment Dependency on High end jewellery
Key Competitors
Classy & Elegant , Strong brand image , Fashionable , Wide range of Designs , Charity events & campaign, High priced products
Largest online retailer of diamond, High quality of diamond, famous for Engagement rings, similar Price range of product, High sales
Young & fresh , targeting millennials, mass market, Fastest growing brand, Different collaborations, Popularity , Innovative Designs
Financial Position
Tiffany's Annual Revenue in 2019 is $4.4B Revenue have been grown by 35.4% specifically. Apart from increase in revenue , there was declining sales in America , Asia-Pacific & Europe except 4% growth in Japan.
#REBOOT STRATEGY
INNOVATION IN DESIGN & NEW HERO PRODUCT As per the research , Gen-Z hold $143 billion spending power. Currently the company is struggling with their same design . Company should really focus on innovative deisgn & should also come up with new "Hero Product" as T bracellete & rings have become really boring & old. To grab Gen-Z , they can do collaborations with artist and should come up with new style & craft. As Gen-Z is very influensive & they always look for personalisation , Company should come up with personalised product to attract them.
Focus on Watch Segment Tiffany & Co. is know for its Fine jewellery & so it is very important for the company to be also know for its watches. Tiffany & Co. had a successfull collaboration with Patek Phillipe , but their own collection for watches is not so innovative or successful. There is a rumour about the end of this collaboration as their top clients are now interested in purchasing only from Tiffany & Co. . So the company should focus more on their designs & innovation. As apart from this collaboration , watch segment of Tiffany & Co. is very weak & not creative.
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