Since joining his company LVMH, Bernard Arnault has big plans for Tiffany&Co. In addition to assigning his son, Alexandre, Executive Vice President of Product and Communications, and Anthony Ledru, CEO, to strengthen the brand’s position in the global jewelry market and capture a younger consumer group, he plans to become a serious player in the Haute Joaillerie category, or the ‘high’ jewelry market, whose pieces are unique in design, craftsmanship, and astronomical prices. As Ledru shared with WWD reporters, the company plans to launch a series of experiential sales events that will emphasize Tiffany&Co’s unique design and bring the brand closer to customers eager for exceptional luxury. Earlier this year, the company reported that it had doubled its revenue in that category, thanks to the ‘high’ jewelry collection that has captivated customers.
Two Groups of Customers
As Ledru stated, there are more and more of these customers, and they are not only found in America, Singapore, or the Middle East but also in Paris, London… – They are everywhere, and there are more of them than ever before. I believe that an incredible wealth has been created over the last ten years. This has increased the appetite for Tiffany&Co’s high jewelry – Ledru stated, adding that the most popular pieces still come from the Schlumberger collections. The company targets two types of customers. The first are called ‘purists’ interested in history and heritage. They want to be part of a club of brands that have their own tradition and recognizable style, and there are four or five such brands in the world. The second group includes younger customers for whom jewelry is ‘Cool.’ The majority of these are in China and Southeast Asia, but also in other parts of the world, and they enjoy purchasing jewelry from luxury fashion companies. To continue with their business plan and for Tiffany to remain a special brand among customers, Ledru believes it is crucial to understand both target groups. Judging by the business results, they are doing very well.
