Tiffany & Co advertising & marketing assignments

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Tiffany & Co is the world's most celebrated jeweller, with an unrivalled reputation for sophisticated luxury. It is best known for its white jewels, notably diamonds, platinum, pearls and silver, and also the distinctive blue ribbon-tied boxes in which it packages its products. The company launches new collections each year, produced inhouse or from exclusive designs by Elsa Perretti and Paloma Picasso, as well as the late Jean Schlumberger. Architect Frank Gehry joined the roster in 2005, and introduced his first collections in 2006. Unlike some luxury brands, which have lost a little sparkle in recent years following their adoption by aspirational or newly wealthy buyers, the Tiffany brand remains resolutely upscale and as a result coasted almost unaffected through the economic downturn of the early 2000s. The recession of 2008/09 proved a little more challenging, but the company bounced back comparatively well after 2010, doubling down on the luxury sector and divesting a small number of lower priced jewellery brands it had acquired. However, for the past few years, the strong dollar has depressed tourist and international sales. As a result topline - which surpassed $4bn for the first time in 2013 - has remained more or less flat. That contributed to the ousting of CEO Frederic Cumenal in favour of Alessandro Bogliolo. Former Coach designer Reed Krakoff became design director. Together, they presided over a modest recovery during 2018. Revenues for ye Jan 2020 were $4.4bn with net earnings of $441m. Though the company also sells watches, homewares and fragrances, jewellery accounts for more than 90% of revenues. In Nov 2019, in the biggest ever deal in the luxury sector, Tiffany accepted an offer to be acquired for $16.9bn including debt by LVMH. Despite a sharp plunge in both Tiffany's and LVMH's performance as a result of the Covid pandemic, the deal had been expected to go ahead as planned until LVMH filed notice to abandon the takeover in Sep 2020. The business was founded in 1837 in New York by Charles Lewis Tiffany, originally as a fancy goods store, selling costume jewellery and stationery. Already a well-established haunt for wealthy New Yorkers by the mid-20th century, the store was introduced to a wider market by Truman Capote's novella Breakfast At Tiffany's and its subsequent movie adaptation. The Tiffany family sold their remaining shares in the 1950s and the business passed through the hands of several owners (including Avon) until an IPO in the late 1980s. Since then it has increased its store network from just 8 outlets to around 325 worldwide.

Capsule checked 24th August 2020

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Who are the competitors of Tiffany? Tiffany's main competitors are the luxury goods groups Richemont, whose brands include Cartier and Van Cleef & Arpels, and LVMH. See Clothes & Fashion Accessories for other companies

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Recent stories from Adbrands Update:

Adbrands Daily Update 9th Sep 2020: LVMH has withdrawn its offer to acquire Tiffany & Co. At the outset of the Covid lockdown, it was rumoured that the French giant had been looking to renegotiate that deal in the wake of a sharp plunge in performance by both groups. However, the terms of the deal allowed little wiggle room, and LVMH voiced its willingness to proceed. Now however, Bernard Arnault has cited requests from the French government and from Tiffany itself to delay completion as justification for a complete withdrawal. LVMH says Tiffany asked to delay the takeover until December this year. In addition, it says the French foreign ministry requested a postponement until 6th Jan 2021 on fears of new trade tariffs imposed by the US. Tiffany is now counter-suing to enforce the agreement and is accusing LVMH of bad faith since it has also failed to seek approval in the European Union for the acquisition. "We believe that LVMH will seek to use any available means in an attempt to avoid closing the transaction on the agreed terms," says Tiffany Chairman Roger Farah. "But the simple facts are that there is no basis under French law for the Foreign Affairs Minister to order a company to breach a valid and binding agreement."

Adbrands Daily Update 25th Nov 2019: LVMH's Bernard Arnault triumphed in his pursuit of Tiffany & Co, with an agreement to acquire the hard-pressed jeweller for $16.9bn including debt. It's LVMH's priciest deal to-date and the biggest ever in the luxury sector. LVMH will pay $135 per share, just over a third more than the price at which Tiffany was trading one month ago. "We have an immense respect and admiration for Tiffany," said Arnault, "and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our Maisons. We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come." Once completed, the deal will more than double the revenues of LVMH's existing Watches & Jewellery division to over €8bn, and push the group's own topline above €50bn for the first time.

Adbrands Daily Update 28th Oct 2019: LVMH is back on the acquisition trail, eyeing up its first big ticket purchase since Loro Piana in 2013. The French group has confirmed it made an approach to globally renowned jeweller Tiffany & Co that would value the US business at $14.5bn. At that price, if a deal materialises, it would be LVMH's biggest ever. However, analysts welcomed such a combination, pointing out the clear synergies between Tiffany and LVMH's existing Bulgari business, bought in 2011.

Adbrands Weekly Update 20th Jul 2017: Tiffany & Co completed its search for a new CEO, five months after the ousting of Frederic Cumenal. Alessandro Bogliolo, leader of upstart denim label Diesel for the past four years, is expected to take up the role at the beginning of October. Before Diesel he spent 16 years at jewellery specialist Bulgari, latterly as COO.

Adbrands Weekly Update 9th February 2017: Only hours after it aired its first TV ad for two decades during the Super Bowl, Tiffany & Co announced the sudden departure of CEO Frederic Cumenal ahead of what are expected to be weak results for 4Q, due for publication next month. Like-for-like sales over the holiday season fell 2% year-on-year. The flagship store in New York - which sits right next to Trump Tower - suffered a 14% drop in holiday sales as a result of the crowds of protesters and supporters who have been loitering outside since last September. Chairman and former CEO Michael Kowalski has stepped back into an executive role on an interim basis pending a fulltime successor. Cumenal's ousting follows the similar removal two weeks ago of design director Francesca Amfitheatrof in favour of Reed Krakoff, formerly of Coach.


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