Since taking the helm last year, Tiffany & Co. CEO Alessandro Bogliolo has steered the 181-year-old jeweler to attract younger shoppers. Initiatives have included adding “graffiti” on the flagship store as an act of “brandalism,” and a millennial-oriented marketing campaign called “Believe in Dreams” with Elle Fanning in a take-off on “Breakfast at Tiffany’s” set to “Moon River.”
The “Believe in Dreams” campaign is a “modern interpretation of the historical legacy of Tiffany,” says Bogliolo, and reinforces the brand message that “New York is a place where anything can happen, and Tiffany is where dreams come true.”
The campaign, featuring the new Paper Flowers collection, was described by The Atlantic as “modern interpretation of the historical legacy of Tiffany,” seems to have restored the luster to the luxe marque.
“The Tiffany brand is getting its mojo back with US consumers,” Jefferies analysts noted.
The graffiti and hip-hop strategy might “help cleanse Tiffany of its traditional air of snootiness,” and encourage wealthy young people to feel better about wearing the brand’s jewelry, adds The Atlantic.
The success of its platinum and diamond collection Paper Flowers spurred sales of other items in the same price category, said Bogliolo. The collection includes a $5,500 ring made of tiny diamonds in the shape of a flower and a $75,000 platinum-and-diamond necklace.
In June Tiffany launched Make It My Tiffany program, an in-store service to personalize jewelry with initials or artwork. The program is running in U.S. stores, Australia and New Zealand, and is part of a broader industry trend of customer customization in engagement rings and jewelry.
Tiffany’s Save the Wild collection offers rhinoceros, lion and elephant charms. The will donate 100% of profits from the collection to the Wildlife Conservation Network, which includes the Elephant Crisis Fund, with a total commitment of $4 million by December 2019.
As a sign of brand health, the jeweler will spend as much as 2% of its worldwide net sales on the renovation over the next three years of its 10-floor New York City flagship store on Fifth Avenue. Bloomberg estimates the renovation total as high as $250 with construction set to begin in spring 2019.
“We are extremely excited about the opportunity to transform our iconic New York flagship store and create a dramatic new experience for customers,” says Bogliolo. The revamped location “will serve as the modern crown jewel” of the company’s store fleet.
Tiffany remains an iconic brand whose pop culture influence was established in the 1961 film “Breakfast at Tiffany’s,” starring Audrey Hepburn as Holly Golightly. Fifty-eight years later, Tiffany is refreshing its mark as a maker of luxury products.