Tiffany & Co., convened a multi-day celebration for the reopening of its New York flagship, reinvigorating the jewelry giant’s identity in modern lights and strengthening parent company LVMH’s stronghold on the luxury market.
Tiffany’s four-year, mystery million-dollar renovation concluded on Friday with an exclusive party, celebrity guest list and performances from Katy Perry and Radio City Rockettes. Ribbon cutting took place two days earlier with the brand’s global ambassador, Gal Gadot, president and CEO Anthony Ledru, and Alexandre Arnault, the 30-year old company executive vice president of product and communications.
Arnault is also the son of Bernard Arnault, chairman and CEO of LVMH, who also recently surpassed Elon Musk as the richest person in the world. All five of Bernard Arnault’s children hold executive titles at LVMH-owned companies, including Louis Vuitton, TAG Heuer and Dior. Alexandre Arnualt was appointed to his role when LVMH acquired Tiffany’s in 2020.
The revamped ‘Landmark’ is set to be just as eloquent an experience as its diamond products. Inside the 10-story storefront are world-renowned art collections, Audrey Hepburn memorabilia, video installations, a café and private club. The CEO told Bloomberg the store’s goals of mainly servicing ultra-elite clientele.
Along with the flagship renovation, Tiffany’s marketing presence has modernized since the Arnault’s joined the brand. Various collaborations and campaigns superseded the Fifth Ave. renovation, aiming to attract younger customers and a wider range of investors. Including a collection of Nike Air Forces and basketballs, Supreme incorporations and a campaign championed by Beyoncé and Jay-Z. All of which has contributed to Tiffany’s doubled profits since acquiring, according to January earnings calls.
Despite economic uncertainty, LVMH reported record high earnings for its first quarter of the year, up 17% from 2022 Q1. While the rest of the retail industry—both high and fast fashion moguls—grapple with inflationary pressures, the LVMH family is persevering with confidence from both shoppers and investors.
With both a shiny new face and wealthy affirmations at work, LVMH’s grip on the luxury market has gotten even tighter thanks to its Tiffany-blue success.
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