Never forgot les Galeries Lafayette in NYC.
A French mess.
Again?
A French mess.
Again?
French luxury group LVMH offers to buy U.S jeweler Tiffany: sources
- Thread starter uhpharm01
- Start date
Oh Lord Jesus
I had to do a quick google search and wow.
I didn't know about this.
Source:
Galeries Lafayette - Wikipedia
Integrating Tiffany & Co. Is A “Challenge,” LVMH Says
By Rob Bates | April 15, 2021
Integrating Tiffany & Co. Is A “Challenge,” LVMH Says
<p>LVMH has found integrating Tiffany & Co. a “challenge,” particularly with most of its employees still working from home, LVMH chief financial officer Jean-Jacques Guiony told analysts on an April 13 conference call. LMVH completed its purchase of Tiffany in January. “Integrating Tiffany is...www.jckonline.com
LVMH has found integrating Tiffany & Co. a “challenge,” particularly with most of its employees still working from home, LVMH chief financial officer Jean-Jacques Guiony told analysts on an April 13 conference call.
LMVH completed its purchase of Tiffany in January.
“Integrating Tiffany is very important to us,” Guiony added, which means that LVMH is unlikely to consider future acquisitions in the near term.
“We don’t want to dilute our efforts,” he continued. “[Tiffany is] a big acquisition for us [and] our number one priority.”
Guiony later called Tiffany a “very strong brand” that it’s committed to changing, though he didn’t spell out exactly what those changes would be.
“The potential is tremendous,” he added. “We have said that the issue with Tiffany was their timing with the stock market was not appropriate, and the stock market was not giving them the time to develop the strategies that were needed to develop the brand.
“It will take years to do what we want to do with this brand, from a distribution, merchandising, and marketing viewpoint. It is a lot of work—we are committed to doing it.”
According to WWD, Alexandre Arnault, the brand’s new executive vice president of product and communications (and son of LVMH chairman Bernard), has been crowdsourcing the retailer’s new strategy, asking on his personal Instagram account, using the Stories feature: “What would you like to see us do at Tiffany?”
One person asked if it would do more collaborations. “Oh, we will,” Arnault answered, according to WWD.
Overall, LVMH’s jewelry and watches segment showed 35% organic growth in the first quarter of 2021, compared to the previous year. (The prior year’s number includes March 2020, the first month COVID-19 spread worldwide.) When compared to the first quarter of 2019, organic growth rose 1%.
On the earnings call, Guiony said that jewelry did better than watches during the quarter, though “high jewelry” showed weakness.
He admitted that, with vaccine distribution ramping up, he expected the percentage of LVMH’s sales conducted online to decrease, but that that hasn’t happened yet. His company remains committed to brick-and-mortar, however.
“I don’t feel that people are willing to stay at home and shop just at home,” he added. “As we’ve discussed many times, the experience that you get from a screen or from a store is entirely different. We do believe that nothing replaces the store visit.”
He was noncommittal about whether eased pandemic restrictions would mean a greater shift toward “experiential” purchases.
“It’s a bit early,” he said. “It’s welcome anyway. Staying in a situation where restaurants, hotels, cinema, theaters are closed is not a good thing for people and not for the business.”
He also said that the recently passed stimulus bill has probably helped LVMH’s business in the United States.
“The big impact of the stimulus was to avoid the country being frozen, as would have been the case had such stimulus not been distributed,” he said. “It’s a psychological impact of ‘We will be there for you, so you can continue to go shopping.’ I think we benefited from that.”
(Photo courtesy of Tiffany & Co.)
This Article was really interesting to say the least.
Thanks so much for sharing. Reading it, I just kept thinking, hmm, they're saying a lot, but without actually saying anything concrete!
I don’t think it will happen with Tiffany.Oh Lord Jesus
I had to do a quick google search and wow.
I didn't know about this.
View attachment 5066901
Source:
Galeries Lafayette - Wikipedia
en.wikipedia.org
But LVHM has to somewhat preserve Tiffany’s culture in order to be successful in America, imho.
One thing that caught my eyes in the article posted is that the High End jewelry has not been doing well.
Are they going to invest there?
The stock is pretty stable. I wonder if it is considered a buy?
Oh okay. I think you're right about that. That's a good question about Tiffany's stock.
Part of the Tiffany experience is the excellent customer service. I hope they keep that spirit.
Anthony is a Skema graduate, so he is no dummy .
Will follow for sure.
Had a quick chat with my Tiffany SA the other day. Asked her if she is feeling anything from upper management post LVMH. Of course it is still too early to tell, but she remains hopeful.
I do want to say that I don’t want to equate LV to LVMH. Chaumet and Bulgari are both under LVMH. I’m obsessed with Bulgari’s serpenti line. Dior is also making some pretty jewelries for their fine jewelry line. Their Rose Dior Bagatelle pieces have my heart. It really depends on who they are going to invite as the leads for jewelry design and marketing. A few days ago I was told that they invited Rose from the very popular K-pop group Blackpink to be their global ambassador so clearly they are still targeting younger audiences. I believe one of her teammates is also the global ambassador for Chanel. It’s definitely beneficial for the brand to grab the attention of younger crowds again.
I do want to say that I don’t want to equate LV to LVMH. Chaumet and Bulgari are both under LVMH. I’m obsessed with Bulgari’s serpenti line. Dior is also making some pretty jewelries for their fine jewelry line. Their Rose Dior Bagatelle pieces have my heart. It really depends on who they are going to invite as the leads for jewelry design and marketing. A few days ago I was told that they invited Rose from the very popular K-pop group Blackpink to be their global ambassador so clearly they are still targeting younger audiences. I believe one of her teammates is also the global ambassador for Chanel. It’s definitely beneficial for the brand to grab the attention of younger crowds again.
Thanks for sharing this. One thing that struck out to me is the crowdsourcing/getting opinions on Instagram what they should do. For real? They are supposed to be in the luxury jewelry business, and they don't have a strategy? They need to ask unskilled people via Instagram to help them create pieces? Well, since they value my zero-jewelry-designing-skills... I'll submit my input... a diamond pave Hello Kitty ring, with Hello Kitty wearing a Tiffany blue bow.Integrating Tiffany & Co. Is A “Challenge,” LVMH Says
By Rob Bates | April 15, 2021
Integrating Tiffany & Co. Is A “Challenge,” LVMH Says
<p>LVMH has found integrating Tiffany & Co. a “challenge,” particularly with most of its employees still working from home, LVMH chief financial officer Jean-Jacques Guiony told analysts on an April 13 conference call. LMVH completed its purchase of Tiffany in January. “Integrating Tiffany is...
LVMH has found integrating Tiffany & Co. a “challenge,” particularly with most of its employees still working from home, LVMH chief financial officer Jean-Jacques Guiony told analysts on an April 13 conference call.
LMVH completed its purchase of Tiffany in January.
“Integrating Tiffany is very important to us,” Guiony added, which means that LVMH is unlikely to consider future acquisitions in the near term.
“We don’t want to dilute our efforts,” he continued. “[Tiffany is] a big acquisition for us [and] our number one priority.”
Guiony later called Tiffany a “very strong brand” that it’s committed to changing, though he didn’t spell out exactly what those changes would be.
“The potential is tremendous,” he added. “We have said that the issue with Tiffany was their timing with the stock market was not appropriate, and the stock market was not giving them the time to develop the strategies that were needed to develop the brand.
“It will take years to do what we want to do with this brand, from a distribution, merchandising, and marketing viewpoint. It is a lot of work—we are committed to doing it.”
According to WWD, Alexandre Arnault, the brand’s new executive vice president of product and communications (and son of LVMH chairman Bernard), has been crowdsourcing the retailer’s new strategy, asking on his personal Instagram account, using the Stories feature: “What would you like to see us do at Tiffany?”
One person asked if it would do more collaborations. “Oh, we will,” Arnault answered, according to WWD.
Overall, LVMH’s jewelry and watches segment showed 35% organic growth in the first quarter of 2021, compared to the previous year. (The prior year’s number includes March 2020, the first month COVID-19 spread worldwide.) When compared to the first quarter of 2019, organic growth rose 1%.
On the earnings call, Guiony said that jewelry did better than watches during the quarter, though “high jewelry” showed weakness.
He admitted that, with vaccine distribution ramping up, he expected the percentage of LVMH’s sales conducted online to decrease, but that that hasn’t happened yet. His company remains committed to brick-and-mortar, however.
“I don’t feel that people are willing to stay at home and shop just at home,” he added. “As we’ve discussed many times, the experience that you get from a screen or from a store is entirely different. We do believe that nothing replaces the store visit.”
He was noncommittal about whether eased pandemic restrictions would mean a greater shift toward “experiential” purchases.
“It’s a bit early,” he said. “It’s welcome anyway. Staying in a situation where restaurants, hotels, cinema, theaters are closed is not a good thing for people and not for the business.”
He also said that the recently passed stimulus bill has probably helped LVMH’s business in the United States.
“The big impact of the stimulus was to avoid the country being frozen, as would have been the case had such stimulus not been distributed,” he said. “It’s a psychological impact of ‘We will be there for you, so you can continue to go shopping.’ I think we benefited from that.”
(Photo courtesy of Tiffany & Co.)
This Article was really interesting to say the least.
VCA, Cartier, Chaumet... they would never do that, "ask the public for their opinion". Each house has a clear look and strategy. They have skilled artists, they set direction for jewelry, and each house often creates trends that turn into classics (e.g. Love, Alhambra).
Collaborations... that seems to be a big LV thing. LV does that often with their bags... one time trends that come and go. Nothing lasting, and to me, a true luxury jewelry house need to have iconic pieces that last.
That's my two cents and my opinion of course. We'll see how it goes.
I still love Tiffany and the blue box, and I love many of their pieces. I do look forward to seeing a new collection.
@BigAkoya
It is a new world with different marketing techniques.
They are smart to cultivate and capture the next generation. And it is thru social media.
Tiffany got me in my twenties and while I don’t exclusively buy there, I am somewhat faithful to the brand.
I never hesitate buying a small token for a young person there or a wedding present. No Snafu ever.
It is a new world with different marketing techniques.
They are smart to cultivate and capture the next generation. And it is thru social media.
Tiffany got me in my twenties and while I don’t exclusively buy there, I am somewhat faithful to the brand.
I never hesitate buying a small token for a young person there or a wedding present. No Snafu ever.
Yes, I think you are right. When you said that, hmmmm... they got me in my 20s also! Ok, now I have a new view on this to see how it plays out!
Thanks to your reco, I signed up for the VCA zoom about French Royal jewels.
If you are not already, I think you’ll get hooked on VCA. Their pieces are really art. Glad you signed up. I love their sessions.
Thanks for sharing this. One thing that struck out to me is the crowdsourcing/getting opinions on Instagram what they should do. For real? They are supposed to be in the luxury jewelry business, and they don't have a strategy? They need to ask unskilled people via Instagram to help them create pieces? Well, since they value my zero-jewelry-designing-skills... I'll submit my input... a diamond pave Hello Kitty ring, with Hello Kitty wearing a Tiffany blue bow.
VCA, Cartier, Chaumet... they would never do that, "ask the public for their opinion". Each house has a clear look and strategy. They have skilled artists, they set direction for jewelry, and each house often creates trends that turn into classics (e.g. Love, Alhambra).
Collaborations... that seems to be a big LV thing. LV does that often with their bags... one time trends that come and go. Nothing lasting, and to me, a true luxury jewelry house need to have iconic pieces that last.
That's my two cents and my opinion of course. We'll see how it goes.
I still love Tiffany and the blue box, and I love many of their pieces. I do look forward to seeing a new collection.
Was thinking the same things! Where can I pre-order the Hello Kitty ring?
Do think she's darling, but do not need to own anything with her likeness. 
This got me thinking, when they brought on Elsa Peretti in the 70s what did the old guard Tiffany customers think? Were her designs too avant-garde for them? I love the classic pieces, but I'm looking forward to them bringing in new energy, which I do feel they need. I know many of the newer Tiffany lines seem popular, but to me, they just seem lacking in creativity. I just hope LVMH respects the heritage of the company while they make changes, which from their comments sounded like a top to bottom shake-up!
It will be interesting to see how this unfolds.Regarding the Instagram comment, I must admit I rolled my eyes at the concept. Partially because I'm not a fan of Instagram (or their parent Facebook), and it ruffles my feathers a bit that companies rely on them so much. But I guess no harm in gathering data.
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