Archive

  • 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.

  • Tiffany & Co. Chief Financial Officer Ralph Nicoletti will leave the company at the end of next week, just two years after joining the luxury jewelry retailer, to become the finance chief at a non-jewelry firm. Nicoletti’s resignation is effective as of May 20. Nicoletti’s total compensation at Tiffany in 2015 was $2.7 million, compared with $5.7 million in 2014, his first year at the company, The Wall Street Journal reported.

  • LVMH jewelry brand Bulgari sees a rise in sales in the second half of this year after sales were hit as a result of the terror attacks in Paris in November."If we keep that traction through the summer, the second half could indeed be much stronger in terms of growth rate," Chief Executive Jean-Christophe Babin told Reuters in an interview. He added that the jeweler aims to grow sales by more than 10% this year. Bulgari is the world's third largest watch and jewelry maker behind Cartier and Tiffany, generating annual revenue estimated at $1.7 billion-2.25 billion.

  • Lower diamond – and precious metals – prices are helping luxury jeweler Tiffany & Co. which has been hit by currency fluctuations and an uncertain global economy, the firm said in a conference call on Friday, Bloomberg reports. Lower metal expenses have already driven an improvement in profitability, and the benefits from cheaper diamonds will show up in results next year, Tiffany said. The retailer has suffered from lower tourism spending, the strength of the U.S. dollar, and slower demand for luxury goods overseas.

  • Diamcor Mining Inc., which has a long-term strategic alliance and first right of refusal agreement with Tiffany & Co. Canada to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project in South Africa, sold 3,199 carats of rough diamonds for $485,834 in its February tender, resulting in an average price per carat of $151.86. And at its January tender it sold 3,697 carats of rough diamonds for $542,540 with an average price per carat of $146.74. The miner said that the prices per carat were in line with its expectations.

  • The rise in overall fine jewelry sales in the US and the demand for smaller goods indicate that the US market was interested in jewelry this holiday season, but not in the higher-end costlier items. This is underscored by Tiffany’s 5% drop in same store sales during Nov-Dec. At Signet, its mid-priced Kay posted a 7.2% increase in same store sales, while at its higher-end Jared, same store sales were up only 2.7%. After a very difficult year, we are looking at some positive movement, focused however on smaller, lower-cost items.

  • Tiffany & Co.'s board of directors has approved a $500 million stock repurchase program which is effective immediately allowing the repurchase of the company’s common stock based on market conditions and the firm's liquidity needs through open market transactions. The announcement follows a 20% drop in the jeweler's stock since the start of 2016 and a 30% fall over the past year.

  • Diamcor Mining Inc. said that Tiffany & Co. Canada has agreed to payment deferrals and a maturity date extension of its loan and convertible debenture financings with the company for six months. Diamcor reportedly had a long-term debt of $4.41 million owing to Tiffany as of October 30. The arrangement is subject to the finalization and execution of amended documentation whereby interest will continue to accrue on the outstanding balances of the financing facilities during this period, with payments of both principal and interest to commence again on July 20, 2016. Diamcor Mining Inc.

  • JCK's Rob Bates reports that, "Tiffany is slashing staff after holiday sales were hurt by the strong dollar and tough worldwide economic climate," though he noted that Tiffany's provide little detail on the specifics outside of 'staff and occupancy reductions'. He notes that they did comment to the Wall Street Journal that the reductions would not impact the number of stores. Bates further reports that, "The company’s comps for the November–December holiday period fell 5%, and worldwide net sales fell 6% to $961 million.

  • A new campaign by the luxury jeweler tells the story of the craftsmen behind the firm's famous Tiffany® Setting engagement ring. “When our founder Charles Tiffany introduced the Tiffany® Setting in 1886, he gave us not only a symbol of true love, but also an enduring reminder of our diamond heritage and reputation for craftsmanship,” said Caroline Naggiar, chief marketing officer of Tiffany & Co. “What better way to celebrate the 130th anniversary of this handcrafted ring than to honor its makers.”

  • Tiffany & Co. shares rose on Tuesday after the upscale jeweler's stock was upgraded to buy from hold by investment house Jefferies. Analysts at the firm substantially raised forecasts for Tiffany's shares – to $100 from $88. In a note to clients, the firm said there was "a rare opportunity to get a high-quality company at a discount," and that Tiffany is a "powerful" and stable luxury brand that is improving its systems and supply chain.

  • Tiffany & Co reported a surprise drop in quarterly sales and forecast a bigger fall in full-year profit than it had expected earlier as a strong dollar hurt tourist spending in the United States and reduced the value of sales from other markets. The company, which has raised prices to offset the impact of a strong dollar, said worldwide comparable sales fell 5% in the third quarter ended Oct. 31. On a constant-currency basis, comparable sales rose 1%. The dollar rose about 12.5% against a basket of major currencies in the year ended Oct.

  • Upscale jeweler Tiffany & Co. has opened its first-ever stand-alone boutique at sea on cruise line Royal Caribbean International’s Oasis of the Seas liner. The 875-square-foot Tiffany & Co. boutique will be operated by the cruise line, with the new store including what a release called “noble materials, including marble, glossy lacquers, polished metals, cerused walnut paneling, velvet drapery, and upholstered walls.”

  • Thomas Biesheuvel and Jesse Riseborough of Bloomberg chronicle the fascinating struggle for control of the Koidu Mine in Sierra Leone that yields some of the most valuable diamonds in the world for premium jeweler Tiffany & Co.

  • Jewelry and watch retailers, as well as brand owners, must cooperate to make the mining sector that supplies the materials on which they depend more transparent and responsible. Consumer sentiment is changing on these issues, and the point of sale is where our industry feels most sharply the new public awareness.

  • As JCK's Rob Bates reports, the shipment with the fake jewelry arrived from China. If genuine, the jewelry would equal $2.85 million. The seizure took place on Sept. 22, when U.S. Customs and Border Protection (CBP) officers discovered 1,200 inferior-quality counterfeit Tiffany & Co. bracelets at Miami International Airport. The bracelets aroused inspectors’ suspicions because they “did not appear to be of the quality consistent with the products normally manufactured by the trademark holders,” according to a CBP release issued on Oct. 27. A further look confirmed they were fakes.

  • Laurelton Reign Diamonds, a joint venture between Tiffany & Co's Laurelton Diamonds and Namibia's Reign Investments, is set to reopen its state-of-the-art diamond-cutting and polishing factory in Namibia after closing the doors on its Windhoek factory last August. The factory, which opened in 2007, shut down after Laurelton Diamonds pulled out of the joint venture, leaving 157 workers on the streets.

  • Tiffany and Cartier jewelry brands enjoy the greatest awareness among affluent consumers, according to the new Millionaire Monitor, the 27th tracking study of the wealthiest 10% of U.S. households by the American Affluence Research Center (AARC). Tiffany and Cartier earned 98% awareness, while four other brands scored above 95% (Chanel, Kay, Zales, and Jared), while Graff and Buccellati were recognized by approximately 20%. Prior purchases of the brands ranged from a low of zero for Graff to a high of 50% for Tiffany.

  • JCK reports research by Karus Chains, an online retailer specializing in silver and gold chains for men, shows that of all English-language online retailers, Pandora, Swarovski, Tiffany, and Blue Nile top the list in terms of website traffic, with an average of 2.3 million visitors for Pandora which ranked first. Performing surprisingly well, ethical e-tailer Brilliant Earth has an estimated 610,000 visitors per month.