Tiffany & Co.’s revision under Reed Krakoff has been slow going — but more should be visible in the first half.While named the jeweler’s chief artistic officer in January 2017, Krakoff’s first designs for the firm weren't unveiled until November — and those were his concepts for its home collection, which he was first hired to make over in July 2016. The line was called "Everyday Objects" and received mixed reviews — with some media criticizing a tin can design cast in sterling silver for its $1,000 price tag.Krakoff's jewelry designs have yet to be revealed. A Tiffany spokesman noted they are due in stores in May.While Krakoff’s approach to Tiffany has not yet been realized in full, the brand — which has struggled in the last decade to maintain momentum in the North American market — has already exhibited early signs of financial turnaround under new chief executive officer Alessandro Bogliolo and chairman Roger Farah.For the third quarter, the jeweler’s net income rose 5 percent to $100 million, or 80 cents a diluted share, from $95 million, or 76 cents, a year earlier. Sales increased 3 percent to $976 million, although comparable-store sales slipped 1 percent. Comps were flat on a constant currency basis.In October, Wells Fargo issued analysis that remarked upon Tiffany’s new home assortment: “One of the biggest initiatives this year comes from the Q4 launch of the home/accessories line designed by Reed Krakoff’s team, which can help reinvigorate a gifting business that used to be sizable many years ago (a mid-teens percent of sales) but has been significantly de-emphasized over the years (now a LSD percent of sales)."With a dedicated floor in the [New York] flagship — opening in early-November — and more-limited assortments in the U.S. branch stores, management hopes that a broad assortment of non-jewelry product, such as barware, travel accessories, pet accessories, baby gifts, etc., will drive increased visitation and incremental revenues to stores….This will be key to [Tiffany] achieving their holiday goals, as Q4 will be a telling sign if there is an inflection story building into 2018," Wells Fargo wrote.In late November, with Tiffany share price then hitting around $92, a report by RBC Capital Markets projected growth for the jeweler. “We believe in-line Q3 earnings and sequential improvements in most regions are enough to give hope that upcoming catalysts could lead to upside over the next few quarters. We note the seven-times multiple expansion the stock already had in anticipation of improving trends (and keeping pace with luxury peers) as well as rising concerns around GMs, could limit material upside to the stock,” the report noted.On Tuesday, Tiffany’s stock rebounded — reaching more than $106 a share, a sum not seen since December 2014.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion