Jeweler Tiffany & Co. officially reopens for business on 5th Avenue after extensive renovations under new owners, French luxury giant LVMH
Tiffany was founded in New York in 1837, and has become best known for its diamonds, silver jewelry and engagement rings sold in the brand's iconic robin's egg blue boxes.
At LVMH's annual earnings presentation in January, CEO Bernard Arnault noted Tiffany was on track to"exceed $1 billion in current operating income" this year.With help from Arnault's son, Alexandre, Ledru has embarked on a refresh of the brand, calling on America's hottest show business couple Jay-Z and Beyonce to promote its products, and launching a campaign around the provocative slogan,"Not your mother's Tiffany.
The new management, spurred on by"the spirit of conquest specific to Bernard Arnault," repositioned the image of the brand by putting less emphasis on products related to marriage and silver jewelry and by raising some prices, he said.
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