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.
Tiffany & Co. today (March 17) reported its financial results for the full year and the three months (fourth quarter) ended January 31, 2017, which were consistent with its previously issued guidance for the 2016 fiscal year. Worldwide net sales declined 3% in the year and rose 1% in the fourth quarter, while in both periods higher gross margins countered growth in operating expenses. Net earnings per diluted share declined 1% in the full year and 2% in the fourth quarter. The company generated more than $700 million of cash flow from operating activities in the full year.
Diamond industry analyst and author of the Zimnisky Global Rough Diamond Price Index, Paul Zimnisky, takes us on, "A Trip Through the Diamond Industry in March 2017." If there is one trip you make this weekend, we recommend this one.
As the Hong Kong Trade Fairs get under way, all eyes are on the Chinese retail market and their largest contingent of diamond consumers – the Millennials. Since 2015 luxury jewelers have noticed a growing demand for diamonds by Chinese millennials, aged 18 to 34, who are altering the perception that diamonds are only a symbol of love to be received when getting engaged, married or for an anniversary.
Hollywood's stars got their night to shine on the red carpet at the 89th annual Academy Awards, but their stunning diamond jewelry perhaps shone even brighter. The showstopper was the pair of statement earrings (photo) by Chopard featuring a 25-carat pear-shaped D-flawless diamond and 26-carat heart-shaped D-flawless diamond, 4.55-carats of pear-shaped diamonds and 4.35-carats of brilliant-cut diamonds set in 18k white ‘Fairmined’ gold from the “Garden of Kalahari Collection", worn by Charlize Theron.
Tiffany & Co. announced it would appoint three new independent directors to join its board of directors, making a total of 13 members. Roger Farah, James Lillie and Francesco Trapani will join the board as part of an agreement between Tiffany and stakeholders Jana Partners. “We are excited to be adding such distinguished directors to our Board as part of our ongoing process to refresh the Board, and we are pleased to have worked cooperatively with JANA Partners to have met our objective,” says Chairman Michael Kowalski.
179-year-old Tiffany & Co. has made headlines recently, launching a new ad campaign featuring Lady Gaga - who rocked the Super Bowl halftime show - and quietly dropping CEO Frederic Cumenal. Cumenal was let go due to his inability to turn around the dropping sales figures since taking over in April 2015.
Tiffany & Co.’s Chief Executive Officer, Frederic Cumenal, has decided to step down from his post. The Board of Directors is actively searching for a successor, but until then, former CEO Michael J. Kowalski will serve as Interim CEO while continuing as Chairman of the Board of Directors. In a statement, the company said the decision was based on its disappointing financial results and that the brand needed to improve its performance.
Tiffany & Co. has announced it will run its first-ever Super Bowl commercial this year, and has selected Lady Gaga (Stefani Germanotta) to star. As Roberta Naas writes for Forbes, the commercial is a 60-second spot wherein Lady Gaga will promote a new collection of jewelry - Tiffany HardWear - that will launch in spring. The commercial is scheduled to air during Super Bowl LI on Sunday, February 5, before the halftime show. Lady Gaga is also this year's Super Bowl halftime performer. The ad will be seen in 10 markets across the country.
Tiffany & Co. reported its sales results for the holiday period, the two months leading up to December 31, 2016. Worldwide net sales improved slightly as opposed to the previous year to $966 million from $961 million a year before, due to a sales growth in Asia-Pacific and Japan. These results were offset by lower sales in the Americas and Europe as worldwide comparable store sales declined by 2%.
Tiffany & Co. has unveiled a short film on its diamonds, highlighting their journey through Tiffany's vertically integrated supply chain from mine to their studio in Antwerp, from Antwerp to the company’s polishing workshops in Mauritius and their final journey to New York. The film gives the viewer unprecedented access inside from inside three critical junctures of the journey from responsible mining to sorting, marking, cutting, polishing, grading, setting – and finally, the famous Tiffany Blue Box®.
Tiffany & Co.’s shares rose by more than 6% following the announcement of their third quarter update, reporting the jeweler’s first sales growth in over 2 years. Net sales worldwide advanced by 1% to $949 million, and comparable store sales declined 2%. These figures reflect the mixed results across geographic regions and the various product categories. Frederic Cumenal, Tiffany’s chief executive officer, said “We are encouraged by early signs of improvement in sales, but we clearly need more positive data over time before this can be considered an inflection point.”
Earlier this week, Michelle Graff of National Jeweler reported that Tiffany's had been awarded $5.5 million in their legal dispute with Costco. A New York jury has now ruled that wholesale merchandiser Costco must pay them an additional $8.25 million, potentially bringing the total to $13.75 million pending the judges verdict.
A federal jury in New York awarded Tiffany & Co. $5.5 million in damages last week in part one of a two-part verdict being handed down in its case against Costco Wholesale Corp., writes Michelle Graff for National Jeweler.
Top managers of upscale jeweler Tiffany & Co., paid a familiarization visit to ALROSA. The delegation headed by Vice President and Chief Operating Officer of Tiffany & Co.'s Diamond Division Michael Bergkoetter became further acquainted with ALROSA's diamond mining cycle. The delegation visited the Internatsionalny underground mine, Nyurbinsky and Botuobinsky open-pit mines, the processing plant at Nyurba division, and ALROSA's Diamond Sorting Centre. ALROSA entered into a diamond supply agreement with Tiffany & Co. in 2012.
Following downward-trending second quarter reports from major U.S. jewelers such as Signet, Zales (part of Signet) and Tiffany & Co, sales at specialty jewelry stores also fell in July, reports Rapaport News. "Sales fell 2.2 percent to $2.1 billion across outlets selling only jewelry and watch products during the month, according to the U.S. Census Bureau.
Upscale jeweler Tiffany & Co. has appointed Mark Erceg to become its next executive vice president and chief financial officer, responsible for the company's worldwide financial, indirect procurement and information technology functions. His appointment will become effective on October 18. He replaces Tiffany's former chief financial officer who left in May. Erceg comes to Tiffany's from outside the jewelry industry, having been the CFO and executive vice president at Canadian Pacific Railway since May 2015.
Tiffany & Co. reported that revenue for the second quarter was $932 million versus the consensus estimate of $934.74 million, as it recorded falling sales on the year in the quarter and first half of this year compared to the year-earlier periods. In the Americas, total sales of $434 million in the second quarter and $837 million in the first half were both 9% below last year, with declines of 9% and 10%, respectively, in comparable store sales.
We at ABN AMRO support initiatives that create more insight into the value chain, its key players, engages with the right side of the market and excludes areas which show less transparency or no willingness to learn and improve. We see other banks doing the same more and more. In the end there will only be credit lines available for companies with good corporate standards and track record, whether they are small or big doesn't matter ... We expect more consolidation and certain companies going out of business.
Further evidence of the slowdown in high-end jewelry sales has been provided after luxury jeweler Tiffany & Co reported its biggest drop in quarterly sales since the peak of the global financial crisis, with the strength of the dollar deterring tourists in the United States from buying its jewelry and denting revenue from markets outside the jeweler's home country. Net sales dropped 7.4 percent to $891.3 million – the biggest fall since mid-2009 – missing the average analyst estimate of $915.1 million, according to Thomson Reuters, while profits dropped 16.6 percent to $87.5 million.
Luxury jeweler Tiffany & Co. is aiming to boost sales of wristwatches due to a slowdown in the jewelry market. Tiffany-made watches could account for 10 percent of the company’s sales within a decade, according to Nicola Andreatta, head of the firm's timepiece business, from just 1 percent last year. If it succeeds in hitting that target, it would likely make Tiffany one of the world’s top 10 watch brands, he told Bloomberg.