MADRID – Tiffany & Co.’s first Spanish flagship is only part of the luxury retailer’s ambitious rollout plan.
“We started accelerating our European and Asian rollout about 5 years ago and today those markets are the fastest growing segments of our business,” James Quinn, Tiffany president, said on the eve of the Madrid launch. “In Europe, we’re opening our sixth London store at the end of this week in Westfield Mall; Dublin will roll out end of November; and we opened two stores in Berlin and Düsseldorf last month.”
In addition, “The Far East is very busy. We just opened four more stores in China and we’re looking at an additional four in the region for next year,” he added.
Quinn acknowledged the current economic crisis makes for “a challenging time. Our business in Europe is still growing but we’re cautious about growth for the coming year.”
Located on Calle José Ortega y Gasset, home to the likes of Louis Vuitton, Chanel and Giorgio Armani, the two-level Madrid store houses “a full assortment – and a more traditional retail format and selection than the recently launched California unit,” explained Linda Buckley, vice president of public relations.
The space spans 6,000 square feet with jewelry displayed under glass cases. The Madrid boutique, one of 170 worldwide, boasts a sedate environment in dark grainy woods, patterned marble, stainless-steel casing and a neutral color palette of beige, sand, grey and lilac.
High-end diamond pieces, wedding bands, engagement rings, charms and colored gemstones are upstairs; with Tiffany’s gold and silver collections including 1837, Notes, Somerset and Atlas on the lower floor. Retail price ranging from 150 euros ($187, at current exchange) to upwards of 2 million euros ($2.5 million).
For the opening, the retailer brought over its “Bird on a Rock” brooch by Jean Schlumberger, which is usually on permanent display in the Fifth Avenue store. Featuring a massive fancy yellow diamond of 128.54 carats, it was worn by Audrey Hepburn in publicity stills for “Breakfast at Tiffany’s.” It will be on display here until November 8.