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Tiffany Plans New Engagement-Ring Design
Aug 30, 2018 3:28 AM
By Rapaport News
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RAPAPORT... Tiffany & Co is preparing to launch a new engagement-ring
concept as it heads into the holiday season on the back of solid second-quarter results.
The jewelry retailer highlighted several new projects that
will frame its strategy in the second half of 2018 during its earnings
conference call on Tuesday, transcribed by Seeking Alpha.
Among these, Tiffany plans to introduce a new engagement-ring
design, Tiffany True, in the coming weeks, and into 2019.
“With the launch of Tiffany True, I think we will benefit also
from a newness in this important category, even if we know [it] takes time to
establish a new setting, a new design as a classic and as a bestseller,” said
CEO Alessandro Bogliolo.
The retailer is also looking to expand its personalization program
by increasing its marketing effort for the Make it My Tiffany program, which allows customers
to create one-of-a-kind designs that can be engraved on jewelry and charms.
Bogliolo noted “substantial customer interest” in the production-store,
immediate-customization service, which Tiffany currently offers in more than
100 locations around the world. The jeweler also has plans to expand its
engagement-ring customization program to various markets outside the US.
In addition, Tiffany will raise its marketing expenditure for
its Paper Flowers collection — the first by creative head Reed Krakoff,
which it launched in North America in May — as it extends the collection to
Europe, Asia and other global markets.
China, the brand’s second-largest market after the US, will be the
focus of new projects in the latter half of the year. Tiffany plans to expand
its digital presence in the country, through an online pop-up store in
conjunction with Luxury Pavilion, the luxury retail platform of Tmall, which it
will roll out in September.
The Tmall pop-up follows the success earlier this year of a
digital pop-up the jeweler did in partnership with WeChat in China.
Tiffany plans spending for the third and fourth quarters to be
“well above” that of prior years, as it moves forward with this new strategy,
which includes a new “whimsical holiday campaign” the company has planned for
later in the year. However, Bogliolo believes the expenditure will pay off in
the long term.
“We believe [the expense] is necessary to generate sustainable
sales and earnings growth in the future,” he said.
Image: FaceMePLS
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Tags:
Alessandro Bogliolo, Luxury Pavilion, Make it My Tiffany, Paper Flowers, Rapaport News, Reed Krakoff, Tiffany, Tiffany & CO., Tiffany True, tmall
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