Tiffany & Co.: There is only one true love.
August 12, 2023
Tiffany & Co. (Tiffany’s) is an American luxury jewelry and specialty retailer headquartered in New York City.
There are 94 Tiffany’s retail stores in the United States and 13 in Canada.
In 1837 the jeweler Charles Lewis Tiffany opened his first store in New York City. The first day’s sales totaled $4.98.
For more than 185 years, Tiffany & Co. has been known for its luxury jewelry. Colloquially known as Tiffany’s this American luxury jewelry and specialty design house is headquartered on Fifth Avenue in Manhattan.
Tiffany’s rose to fame in the early 20th century under the artistic direction of Charles Lewis Tiffany’s son, Louis Comfort Tiffany.
History
When Tiffany’s was founded in 1837, it was a stationery and fancy goods emporium. The founder, Charles Lewis Tiffany had help from his father who used his profits from a cotton mill to finance the store for $1,000.
When Tiffany’s first opened, it operated as Tiffany, Young and Ellis at 259 Broadway in Lower Manhattan. The name was shortened to Tiffany & Company in 1853 when Charles Tiffany established the firm’s emphasis on jewelry.
Although other stores sold their merchandise on credit, Tiffany’s subscribed to the cash-only system. To avoid haggling, the prices were clearly marked on each piece of merchandise. [20]
In 1845, Tiffany’s introduced its first mail-order catalog, known as the Blue Book, which is still published today.
In 1870, at a cost of US$500, Tiffany’s built a new store at 15 Union Square West. It was described by the New York Times as a palace of jewels. Tiffany’s remained at this site until 1906.
In November 1978, Tiffany & Co. was sold to Avon Products, Inc for about US$104 million in stock. In August 1984, Avon sold Tiffany to an investor group led by William R. Chaney for $135.5 million in cash.
Tiffany’s Flagship Store, Manhattan.
In 1994, a jewelry heist occurred at the store in New York City, in which six men stole $1.9 million of jewelry. Luckily, the store was not vandalized, no one was injured and two weeks after the robbery the six thieves were arrested and the jewelry was recovered.
Tiffany & Co. trademarked their signature Tiffany Blue color in 1998.
In late October 2020, LVMH announced that it had agreed to buy Tiffany & Co. for $15.8 billion. The deal closed on January 7, 2021, and Tiffany’ stock was delisted from the New York Stock Exchange.
LVMH group’s plans include expanding Tiffany & Co.’s presence in Europe and China.
The company’s product line features fine jewelry, sterling silver, watches, porcelain, crystal, stationery, haute couture fragrance and personal accessories, and leather goods.
On January 7, 2021, multinational holding company LVMH Moët Hennessy Louis Vuitton acquired a majority stake in Tiffany & Co for US$15.8 billion and delisted Tiffany’s stock from the New York Stock Exchange. It remains headquartered in New York City and operates as an independent subsidiary.\
Gloria Sauvé
Communications