History of Luxury: Tiffany

Founded in 1837, Tiffany & Co. has evolved from a modest establishment on Broadway, New York, to becoming an international jewellery and luxury brand. Its history is dotted with pioneering moments and has built a close and shining relationship with the world of cinema and celebrities.

The Origins

The origins of Tiffany & Co. lie in "Tiffany, Young, and Ellis", a stationery and luxury goods store that Charles Lewis Tiffany and John B. Young founded with the financial assistance of Tiffany's father. In 1853, Charles took full control of the company and renamed it as Tiffany & Co. Over time, the brand increasingly focused on jewellery, establishing its reputation as a leader in high-quality diamonds and fine jewellery.

Important Milestones in Its History

Tiffany & Co. has had a number of significant milestones in its history. It was the first American company to institute the .925 silver standard for jewellery, which would later be adopted by the US government. Additionally, in 1886, Tiffany & Co. introduced the now-famous Tiffany setting for engagement rings. This unique design raises the diamond above the band, highlighting it and allowing more light to pass through the stone, enhancing its brilliance.
In 1940, the brand moved to its iconic store on Fifth Avenue in New York. This building has become a landmark, not only for the brand but also for New York City.

Tiffany and the Cinema

The relationship of Tiffany & Co. with cinema and celebrities is a notable facet of its history. Perhaps the most iconic is its role in the 1961 film "Breakfast at Tiffany's", based on Truman Capote's novel. In the film, Audrey Hepburn plays Holly Golightly, a young woman who dreams of a life of luxury and spends her time looking at the Tiffany & Co. window display on Fifth Avenue. Hepburn's role and her attire, including a Tiffany pearl necklace, have become iconic images of cinema and fashion.
Since then, Tiffany & Co. has maintained a solid relationship with Hollywood and celebrities. Actresses such as Elizabeth Taylor, Marilyn Monroe, and Anne Hathaway have worn Tiffany jewellery on screen and in real life. The brand has also designed exclusive jewellery for films, such as the sapphire necklace from "Titanic", and has sponsored significant film events.

The connection between Tiffany & Co. and the famous is not limited to the big screen. The brand has dressed countless celebrities for the red carpet, including the Academy Awards, the Grammys, and the Golden Globes. Among those who have worn Tiffany jewellery are Lady Gaga, Charlize Theron, and Gal Gadot.

More recently, the brand has worked with celebrities and artists to create unique jewellery collections. In 2019, Tiffany collaborated with singer and actress Lady Gaga to create a special jewellery collection. In 2023, Tiffany & Co. announced a collaboration with Nike to create a unique version of the Air Force 1 Low 1837, which was released on 7 March. This collaboration also included a series of silver accessories that went on sale the same day.

The story of Tiffany & Co. is one of innovation and excellence, from the creation of quality standards to its role in cinema and fashion. But beyond its impressive trajectory, what truly stands out about Tiffany & Co. is its commitment to beauty, craftsmanship, and design. Whether through a piece of fine jewellery, an iconic scene in a film, or a bold design collaboration, Tiffany & Co. continues to illuminate the world with its brilliance.

This brilliance particularly shines in its relationship with cinema and celebrities. From Audrey Hepburn to Lady Gaga, Tiffany & Co. has adorned some of the most influential and elegant women in the world. Its presence on the red carpet and on the big screen has solidified its place in popular culture, and its ability to evolve and adapt to the times has ensured its relevance in the present and the future.

In essence, Tiffany & Co. is more than a mere jewellery brand. It's a symbol of elegance and sophistication, a landmark in the history of fashion and cinema, and a testament to the timeless beauty of well-crafted jewellery. From its humble beginnings to its current status as a world leader in luxury jewellery, Tiffany & Co. has proven time and again that beauty, like diamonds, is eternal.

In the world of glamour and bright lights, whether in a Fifth Avenue jewellery shop or in a cinema, there will always be a place for Tiffany & Co. Jewellery may be an adornment, but Tiffany & Co. has proven that it can be much more: a symbol of love, an indicator of status, an artefact of history and, perhaps most importantly, a source of dreams and aspirations. In this sense, Tiffany & Co. not only sells jewellery, it sells dreams. And with each jewel that shines under the light, with each film that showcases its creations, with each celebrity that wears its designs, Tiffany & Co. continues to make these dreams come true.

Business Evolution

The business evolution of Tiffany & Co. has been a fascinating journey over the years. The brand, which was acquired by LVMH Moët Hennessy Louis Vuitton, has become a gem in the crown of this French luxury conglomerate. Tiffany joins other luxury brands in the company's Watches and Jewellery segment, and is expected to double sales in this segment.
In terms of leadership changes, LVMH has installed a trusted management team to oversee the brand. The changes in management have been a visible sign of Tiffany's shift towards LVMH, with Michael Burke, CEO of Louis Vuitton, assuming the role of Tiffany's chairman, and Anthony Ledru and Alexandre Arnault taking on the roles of CEO and Vice President of Product and Communications, respectively.

Strategically, LVMH seeks to strengthen its global presence and diversify its risk with the acquisition of Tiffany. While LVMH heavily relies on Asia, especially China, for its revenues and growth, Tiffany generates the majority of its revenue in the Americas. This represents an opportunity for LVMH to diversify its risk in the event of an economic slowdown or crisis in China or Asia.

In terms of product offerings, with the support of LVMH's extensive supply chain, Tiffany is expected to be more agile in bringing the right products to the right markets. There is an effort to develop collections specific to each market, instead of imposing a US-centric perspective globally. This regional strategy includes specialising in engagement rings in Japan, diamonds in Asia, gold in Europe and continuing with silver in America.