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The Tiffany Bridal Collection, Making Tiffany the Only Brand in Recommendations the World to Offer the Entire Wedding Package to a Bride Under One Roof

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The Tiffany Bridal Collection, Making Tiffany the Only Brand in Recommendations the World to Offer the Entire Wedding Package to a Bride Under One Roof Executive Summary Table of Contents Tiffany has been a significant part of American culture since its inception 180 years ago. Women of all ages dream Company Overview of owning a Tiffany diamond and intend on passing these jewels to their younger generations. Women aspire to The Tiffany Story own a Tiffany Blue Box, a box that represents luxury and celebration. Mission, vision and values Logo, slogan and color analysis The global luxury market has been seeing a slow but steady growth over the last couple of years; however the Products and services luxury jewelry segment has witnessed a decline of 9% in sales over the last few quarters. This initial decline for The Tiffany setting Tiffany & Co could be in part to the lack of customization, lack of discounts and lack of website offerings. Return to Tiffany collection The City Hardwear collection Some of the recommended strategic directions that Tiffany could take in order to appeal to young millennials and Target Customer Generation X could be: • Tapping into the Tiffany story: Tiffany has been a big part of American history, and the life and Organizational Analysis innovations of the founder, Charles Lewis Tiffany need to be told to the younger audience in order Organizational structure and management to connect with them on a personal level, helping Tiffany to engage with customers and drive sales. Supply chain management Channels of distribution • Discontinue the Tiffany Everyday Home collection: This collection brings everyday objects into focus Current promotional activities and expenditure by creating them in sterling silver and adding the Tiffany Blue element. However, this collection Environmental factors affecting business has led to a decrease in the value of the brand, since these items are not considered to be luxury, SWOT analysis negating the aspirational status of Tiffany. Additionally, this alienates their main luxury customers. External Analysis • More customizable design collections: Millennials seek personalization on a very high level, and the same PEST Analysis needs to be adapted to the jewelry market. Tiffany needs to add a collection of jewelry items where the item Competitive landscape can be personalized on a regular basis, by adding charms of different colors, shapes, and designs. This will also help the brand keep up with current fashion trends. Financial Analysis However, despite this decrease, Tiffany & Co. currently holds a leading position in the fine jewelry industry, Balance sheet, income statement and cash flow statement setting high standards for quality and innovation. In order to further solidify its position in the industry, the recommended brand extension for Tiffany & Co is the Tiffany Bridal Collection, making Tiffany the only brand in Recommendations the world to offer the entire wedding package to a bride under one roof. The Tiffany Bridal Collection This report gives a detailed description of the target consumer, competitors, product development, pricing strategy, Expansion into bridal wear marketing strategy and promotional plan for the bridal wear launch. Competitive landscape Target customers Marketing goals, objectives and launch date 7Ps strategy for proposed extension (Product, Price, Placement, Physical space, People, Process and Promotional Strategy) Measurement and Evaluation Risk Analysis Future Plans Conclusion Sources Company Overview Type: Public Industry: Retail Traded As: NYSE TIF Headquarters: 727 Fifth Avenue S&P 500 Component New York City, New York, U.S. 10022 Area Served: Worldwide Website: www.tiffany.com Established in 1837, Tiffany & Company is an American multinational luxury jewelry and specialty retailer. Headquartered in New York City, the company is known for selling jewelry, timepieces, sterling silver, stationary, crystal, china, accessories, fragrances, leather goods and watches. Tiffany houses a massive collection of precious metals and gems used to make their gorgeous collections, however they are known for their timeless diamonds – wedding bands, rings, bracelets, necklaces, earrings, brooches and charms. Tiffany markets itself as an arbiter of taste and style. Company Overview The Tiffany Story Tiffany initially operated as ‘Tiffany, Young and Ellis,’ a stationary and fancy good emporium. In 1853, Charles Tiffany became the head of the company, and changed its name to Tiffany & Co. The brand refocused its attention on luxury jewelry, especially high quality diamonds and established many industry standards. It was the first in the business to mark fixed prices on their products and did not accept payments on credit. This showcased Tiffany’s confidence in the quality of their merchandise. They introduced the “Blue Box,” a packaging that was provided to the customer only when they bought a Tiffany product. Charles Tiffany famously said that it was “the one thing money 1837 : The Blue Box 1851 : USA adopts cannot buy.” Over the last 180 years, the Blue Box has become 1837 : Recognised Customer “One thing money 1845 : First Blue Book Tiffany’s Sterling Silver Base | Fixed Price, Cash Only cannot buy.” Standards synomous with the brand. In 1845, the first “Blue Book” was launched. This catalogue showcased all their products, and was published and distributed across the United States, and eventually gave rise to the catalogue culture in the United States. Setting high quality standards has always been a part of Tiffany’s endeavor. The United States recognized this, and adopted Tiffany’s Sterling Silver Standard as the national standard in 1851. Due their national brand position, Tiffany was commissioned to supply swords to the Union Army during the American Civil War in 1862. In 1877, Tiffany designed and produced the Police Medal of Honor, which was later adopted as the Yankees logo in 1909. 1878 : Purchased Tiffany 1877 : Police Medal 1886 : Introduced the Diamond, Cut from 287 to of Honor, Yankees 1862 : Supplied swords Tiffany purchased the largest yellow diamond in the world in 6 Prong Diamond Solitaire 128.54 carat to emphasise adopted the logo in to Union Army during 1878. While the diamond was initially 287 carat, it was cut down Engagement Ring on quality 1909 American Civil War to 128.54 carat. This showcased that Tiffany truly believed in high quality over quantity, further increasing their reputation in the jewelry industry. This priceless diamond was christened the “Tiffany Diamond” and continues to be a part of their permanent collection, never to be sold. In 1886, under the supervision of Charles Tiffany, they launched the iconic 6 Prong Diamond Solitaire Engagement Ring. The 1926 : USA design became a sensation amongst women young and old, and officially adopts every bride aspired to have the “Tiffany” ring. 1902 : Louis Comfort Tiffany’s standard of purity 1887 : Purchased Tiffany launches Art 1940 : Opened Fifth A year later Tiffany purchased the French Crown Jewels and for Platinum. French Crown Jewelry, included Avenue Store further elevated their status in the world of luxury. This was taken Jewels precious colored stones ‘Palace of Jewels’ a step further by Louis Comfort Tiffany, son of Charles Tiffany. Louis Tiffany, a designer by passion and profession launched “Art Jewelry,” that was made using precious colored gems. In 1926, the United States recognized and officially adopted Tiffany’s standard of purity for Platinum. In 1940, Tiffany opened its flagship store on Fifth Avenue in New York. It was called the “Palace of Jewels.” Gene Moore joined Tiffany in 1955 and created dramatic window displays. This soon became a tradition, and is still followed at Tiffany. A year later Jean Schlumberger joined Tiffany as the Head Designer, creating beautifully ornate designs inspired by nature. In 1961, Audrey Hepburn starred 1955 : Gene Moore created dramatic 1956 : Jean in Breakfast at Tiffany’s. The brand entered popular culture with this window displays Schlumberger 1961 : Breakfast at 1967 : Produced the NFL iconic film and gained tremendous public attention on an international joined Tiffany Tiffany’s Super Bowl Trophy scale. Apart from jewelry, Tiffany has also designed and produced the NFL Super Bowl Trophy in 1967 and created china for the White House during President Johnson’s term in 1968. The iconic “Return to Tiffany” collection was created in 1969 and still continues to be one of their most popular collections. The owner of each Tiffany item was given a special code under this system. This 1974 : Elsa Peretti code was also carved into the jewelry. If the jewelry was ever lost and 1979 : Paloma Picasso 1969 : Return to joined Tiffany return to Tiffany, they could track the owners and give it back to them. joined Tiffany Tiffany 1968 : White House Collection china for President In 1974, the famous and internationally renowned designer Elsa Johnson Peretti joined Tiffany. She created the famous bean-design and heart- in-heart design while at Tiffany. In 1979, Pablo Picasso’s daughter Paloma Picasso joined Tiffany and created collections inspired by spiral formations. Even during the recession of 1990, Tiffany educated the masses on how to buy diamonds as an investment After a gap of 113 years, in 1999 Tiffany introduced the new Lucida 6-prong setting engagement ring. Like it’s predecessor, this ring too became highly sought after by young brides. In 2000, Tiffany founded the Tiffany & Co. Foundation that focused on environment concerns. Under this 1999 : Lucida new foundation, Tiffany eliminated the usage of corals in its collections from 2002 due to the lack of transparency 1990 : Recession 6-prong setting 2000 : The Tiffany & Co. within the supply chain. Tiffany looks closely into the sourcing of its materials and provides complete transparency - How to Buy a Foundation 2012 : 175 years of Diamond legacy within the process through their “Journey of a Tiffany Diamond” program. They ensure responsible mining and lay emphasis on recycling. In 2012, Tiffany completed 175 years in business. They marked the special occasion by redesigning and resetting the timeless Tiffany diamond in a contemporary setting. This represented its traditional values and remarkable quality in the modern world.
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