Now that the acquisition of Tiffany & C° is complete, LVMH's Bernard Arnault is wasting no time, replacing a significant part of Tiffany's executive management with LVMH insiders. The luxury conglomerate has appointed Anthony Ledru as CEO, who stood at the helm of LVMH's Louis Vuitton up until recently, effective immediately and Arnault's own son, Alexandre as executive vice president, product and communications. Another high profile exec, Michael Burke, current chairman and ceo of Louis Vuitton will be chairing Tiffany's board of directors.
In a joint statement, both parties have announced they have lowered the agreed share price down from US$135 to US$131.5, a significant US$400m less than the original merger. JCK's Rob Bates reports about the rumors that Tiffany and LVMH, who got caught up in a legal battle after the latter announced they would back out of the deal to buy the iconic jeweler, might be back in negotiations to conclude the deal after all.
Media reports say LVMH has now definitively backed out of the US$16 billion deal that would merge Tiffany with the French luxury conglomerate. In a response, Tiffany has allegedly filed a lawsuit against LVMH, denouncing LVMH's claim that Tiffany had breached its obligations as stipulated in the merger agreement.
Bloomberg, citing the encouraging jewelry sales results of brands like Signet, Tiffany and Macy's, reports that US shoppers - at least those who can - are spending their money on diamond jewellery, rather than trips or restaurant visits. High-end products have been performing particularly well in the last quarter and those spending are spending more than normal on items, the article states.
Tiffany & Co announced it will be detailing the entire journey of each and every diamond in one of their jewels, complete from mine to finished jewelry piece, in a "full craftsmanship journey". In a dedicated certificate, for each stone, Tiffany will tell the story of the diamond's origin, where it was cut and polished, graded and set and in which circumstances. The company believes that by doing so, they will not only tap into consumer demands for transparency, but as an iconic brand also aims to create awareness and inspire others to bring about broader change.
A deal that was announced between LVMH and Tiffany & C° earlier this year, in which the France-based luxury conglomerate led by Bernard Arnault would acquire the iconic jeweler for $135 per share, is potentially falling through, as LVMH is reconsidering its engagement amid the turmoil of the COVID-19 pandemic and unrest in the USA. According to Retail Dive, LVMH’s press release suggests that it is looking to lower the offer, and some sources say that move is based
Tiffany & Co. shareholders voted in favor of the jeweler’s acquisition by LVMH during a meeting held on February 4 at its Fifth Avenue headquarters, the companies announced in separate press releases. LVMH Moët Hennessy Louis Vuitton, the world’s largest luxury goods company, announced on November 25, 2019 that it had reached an agreement to buy the jeweler Tiffany & Company in a $16.2 billion deal, the largest ever in the luxury sector. According to the agreement, LVMH will acquire Tiffany, the global luxury jeweler, for $135 per share in cash.
Tiffany & Co. announced on Thursday Dec. 26 that its overall global sales during the holiday shopping season (from November 1 through Christmas Eve) rose about 1% to 3% compared with the same period last year, with the largest contribution coming from China, Europe and a recovery in the Americas. Mainland China drove the business during the holiday period, with Tiffany seeing a double-digit sales increase there, offset by declines in Hong Kong.
Tiffany & Co. launched its first-ever men's collection, Tiffany Men's, in October with a launch party in Los Angeles. They have now set up a Men's Pop-Up Shop on East 57th St. in New York City. The pop-up shop is open from December 5 through January 6.
Luxury jeweler Tiffany & Co fell short of investor expectations for profit and sales during the third quarter ended Oct. 31 2019, as weak demand in the U.S. and retail disruption in Hong Kong offset growth elsewhere in China. Tiffany's business in the Americas and Europe has struggled to generate growth in recent years as price-conscious younger customers gravitate to lower-priced competitors like Signet Jewelers - which last week released “better-than-expected” results for the third quarter of fiscal year 2020.
According to several reports, LVMH's raised offer of 16.7 billion US dollar - from the 14.5 billion offered and declined earlier - might be convincing enough to persuade TIffany's and the deal could be concluded fast, insiders say. If so, Tiffany's would be joining LVMH's portfolio, which includes Bvlgari, Louis Vuitton and Dior and put the luxury conglomerate in a more interesting position to compete with rivals, such as the Swiss-based Richemont.
Tiffany & Co. has asked luxury conglomerate LVMH to raise its $14.5 billion acquisition offer, arguing that it significantly undervalues the U.S. jewelry chain, Reuters reports, citing unnamed sources. Last week, it became known that LVMH Moët Hennessy Louis Vuitton is seeking to add the iconic U.S. jeweler to its portfolio of upscale brands.
Tiffany & Co. has received a takeover approach from LVMH Moët Hennessy Louis Vuitton, which is seeking to add the iconic U.S. jeweler to its portfolio of upscale brands. The French company sent Tiffany officials a letter in the past couple of weeks outlining an all-cash takeover bid of about $120 a share, according to people familiar with the matter. That would value Tiffany at close to $14.5 billion, and represents a 22% premium over the stock’s closing price on Friday, according to the Financial Times.
Last week, Tiffany & Co. found itself at the center of a social media firestorm after posting an image on Twitter of a woman covering one eye with her hand, leading to accusations that the jeweller supports the Hong Kong protesters and prompting Tiffany's to remove the post. Angry Chinese consumers believed it deliberately evoked a symbolic pose adopted by Hong Kong’s pro-democracy demonstrators after a woman was shot in the eye with what protesters say was a police beanbag round during violent clashes with police. Her image later popped up in many posters and memes.
Tiffany & Co. earlier this month announced plans to enter the India market, and recently said they would be increasing their presence in China following a quarter in which they saw double-digit growth with local customers in Mainland China, together with a decline in tourist purchases which impacted their Q2 results.
Tiffany & Co. reported a decline in sales in the Americas and globally in the second quarter, with the company pointing to weak spending among tourists and locals in the Americas and Asia Pacific spurred by unrest in Hong Kong. Net sales in the second quarter tailed off by 3% to $1.05 billion in the three months ended July 31, in part due to a strong performance in the same quarter a year ago when they earned $1.08 billion. Worldwide same-stores sales were down 4 percent, the jeweler announced, while net income of $136.3m in the second quarter was down 6% from a year ago.
Tiffany & Co. reported a modest decline in global sales in the first quarter, impacted by unfavorable foreign exchange rates and 'dramatically' lower worldlwide tourist spending, which was mitigated by strong local sales. The famous jeweler announced that in the first quarter, worldwide net sales declined 3% to $1.0 billion, down from $1.03 billion in Q1 2018, and comparable sales declined 5%; on a constant-exchange-rate basis, however, net sales were equal to the prior year and comparable sales declined 2%.
Tiffany & Co has been expanding its workforce in sub-Saharan Africa as part of its drive to increase its transparency and raise ethical jewelry standards across the industry.
Tiffany & Co. last week reported record sales and net earnings for the full year 2018 despite its holiday sales failing to meet expectations due to external events, economic uncertainties, and market volatilities. Worldwide net sales rose by 7%, reaching a record $4.4 billion due to growth in all regions and higher spending attributed to local customers and foreign tourists. Net earnings were $586 million, compared with $370 million in the prior year, notwithstanding a 1% worldwide net sales decline to $1.3 billion.
At the 2019 Oscars, Lady Gaga wore a necklace featuring a 128.54-carat, 141-year old "Tiffany diamond", dubbed "one of the largest yellow diamonds in the world." It is reportedly worth over $30 million. Audrey Hepburn was the last lady to wear the incredibile, yellow, cushion-cut diamond it back in 1962 for publicity posters for Breakfast At Tiffany's. Last night marks only the third time in history that the Tiffany diamond was worn in public; before Hepburn's spin, the diamond was first worn by Mrs. Sheldon Whitehouse at the 1957 Tiffany Ball held in Newport, Rhode Island.
Tiffany & Co. has announced that, effective immediately, it will begin sharing with consumers the provenance (country of origin) of its diamonds weighing 0.18 cts. and up. This "Diamond Source Initiative", which Tiffany's calls "a significant step for diamond transparency," will go further than current industry standards, and responds to increasing consumer demand to know they are making responsible purchases.
Tiffany & Co's worldwide net sales increased 4% to $1.0 billion in the third quarter, with higher spending by local customers noted across the board, but a decline in purchases by Chinese tourists in the United States and Hong Kong put a dent in the jeweler’s Q3 results. The stock market took notice, as shares of Tiffany & Co. plunged 12 percent following their publication of the results, as industry analysts had been anticipating better results.
Famed jeweler Tiffany & Co. has lifted the veil on the company’s upcoming jewelry collection, Tiffany True, its first new engagement line in nearly a decade. The newly designed engagement ring at the core of the collection features a new cut of diamond, and its setting is designed so that its four link sides create a basket for the ring, allowing it to sit lower on the finger for a more modern feel.“Tiffany has symbolized the ultimate in love and commitment since 1886 with the invention of the original Tiffany Setting.
Tiffany & Co outstripped quarterly estimates for profit and revenue and raised its full-year earnings forecast as the retailer sold more jewelry in China and the Americas. Second-quarter global net sales rose 12% to $1.1 billion, with comp sales rising 8%, and first half sales net sales increased 13% to $2.1 billion, comp sales rising 9%, reflecting geographically broad-based growth and increases in all product categories.
Tiffany & Co. announced earlier this week it would undertake a three-year renovation of its iconic flagship store on Manhattan’s Fifth Avenue, made famous by the film Breakfast at Tiffany’s and "one of the most recognized jewelry retail spaces in the world," according to Anthony DeMarco.
Tiffany & Co. (NYSE:TIF) yesterday reported its financial results for the three months (Q1) ended April 30, 2018, which saw worldwide net sales increase 15% to $1.0 billion, led by gains in North America and Asia. As a result of broad-based sales growth, comparable sales increased 10%. Profits soared 53 percent, to $142 million, as shares jumped as much as 17 percent to $119.60 in New York trading, an all-time intraday high and the biggest one-day leap in almost a decade.
In celebration of the launch of its spring campaign, "Believe In Dreams", as well as their largest new jewelry collection in nearly a decade, “Tiffany Paper Flowers”, Tiffany and Co. has transformed its corner of New York City with its iconic blue hue. Tiffany & Co's marketing blitz took a New York icon, the city's famed yellow cabs, and painted them with the brand's trademark robin's egg blue.
Tiffany & Co. reported that its global net sales for FY 2017 (ended January 31, 2018) increased 4% to $4.2 billion, reflecting sales growth in most regions - particularly in the U.S. and China. However, its comparable store sales remained flat for the year despite 9% sales growth in the fourth quarter (Q4). During Q4, on a constant-exchange-rate basis, worldwide net sales rose 6% and comparable store sales were 1% above the prior year, falling short of estimates of a 2.7% gain.
Tiffany & Co. has announced the impending discontinuation of its manufacturing activities at its Antwerp subsidiary, Laurelton Diamonds, with the internal company reorganization coming as a result of changing market conditions. The manufacturing unit will be dismissing 24 of its 27 employees, confirming the speculations that have been circling through Antwerp's diamond district for more than a week.
Tiffany & Co.'s worldwide net sales increased 8% to $1.05 billion in the two months of the holiday period ended December 31, 2017 due to growth across regions and product categories, and comparable store sales rose 5%, the jeweler announced in a press release. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 6% with comparable store sales up 3%. The growh was fueled by higher sales of fine jewelry, watches, and a new home and accessories collection.
Tiffany & Co. saw its worldwide net sales increase 3% to $976 million in the third quarter for the three months ended October 31, 2017, while comparable store sales declined 1%. On a constant-exchange-rate basis, their comps held steady. Their net earnings increased 5% to $100 million from $95 million. The uptick in net sales was driven by a 15% rise in the Asia-Pacific region, to $283 million, as strong growth in mainland China contrasted with declines in most other countries, which the jeweler attributed largely to lower Chinese tourist spending.
On November 4, luxury jeweller Tiffany's & Co opened a cafe on Friday as part of a renovation of their Manhattan flagship store at Fifth Avenue and 57th Street in New York City, and it appears to be a hit. The opening of the Blue Box Café revisits a scene from the 1961 film in which actress Audrey Hepburn (Holly Golightly) snacks on a croissant while gazing into a shop window on Fifth Avenue.
An increase in wholesale sales of diamonds, strong growth in e-commerce sales and new store openings help Tiffany & Co. beat earnings estimates despite the fact that same-store sales declined for the seventh straight quarter. For the second quarter (ended July 31, 2017), the renowned luxury retailer reported a 9% rise in net income to $115 million, up from $105.7 million during the same period a year earlier, on net sales of $960 million. Analysts had expected the company to earn revenue of $930.3 million.
Laurelton Diamonds, a wholly owned subsidiary of Tiffany & Co., will be holding the viewings of its next Tender of Polished Diamonds at the Laurelton Diamonds offices in Antwerp, Belgium. The Tender will include a selection of single GIA certified stones and grouped lots of GIA certified and non-certified polished diamonds. These include rounds ranging in size from caraters to melee. The tender is scheduled from Tuesday 22nd August to Tuesday 29th August in Antwerp. Viewing appointments can be booked.
Costco owes Tiffany & Co. more than $19 million for selling 2,500 generic diamond rings falsely identified as "Tiffany" rings, a federal judge ruled Monday. Judge Swan ruled in favor of Tiffany, saying the brand was entitled to $11.1 million as profits for trademark infringement, plus interest, as well as an additional $8.25 million in punitive damages, which had been awarded by a jury in October. Costco was also permanently prohibited from using “Tiffany” as a stand-alone term when selling its products.
Tiffany & Co. launched their fall advertising campaign, “There’s Only You”, a celebration of personal style and individuality with the faces of the campaign being 6 individuals with various backgrounds in the creative fields. The pieces in the campaign are a combination of past and present, classic Tiffany as well as pieces from the new Tiffany HardWear line.
Tiffany & Co. announcd Thursday that it has named veteran luxury industry executive Alessandro Bogliolo as its next chief executive officer. Bogliolo most recently served four years as the chief executive of apparel and accessories company Diesel, and his resume includes 16 years at luxury jeweler, Bulgari, including in the roles of chief operating officer and executive VP of Jewelry, Watches & Accessories.
Tiffany & Co. reported Wednesday that while U.S. sales varied by location in the first quarter, they were “generally soft” with both foreign tourists and local customers spending less. In the first quarter ended April 30, the New York-based retailer recorded a 4 percent decline in same-store sales in the Americas, with net sales down 3 percent to $392 million. Worldwide net sales rose 1% to $900 million due to growth in Asia-Pacific - Tiffany's second largest market - and an increase in the wholesale sale of diamonds, while comparable store sales were 3% below the prior year.
Tuesday morning, Tiffany & Co. posted a message on its Facebook page appealing directly to US President Donald Trump, stating, "Tiffany strongly supports keeping the U.S. in the Paris Climate Agreement" ... and their Facebook page promptly exploded to the tune of 20,000 reactions and over 2,200 shares to this point.
The Tiffany & Co. Foundation, established to preserve the world’s most treasured land- and seascapes, granted University of Delaware’s Saleem Ali the funding to launch a knowledge hub for colored gemstones, including signature projects across the globe. This includes Madagascar and South Asia where the projects are focused on miner education as well as health and safety outreach.