Tiffany & Co. doesn’t want to be the biggest luxury brand by sales, but it wants to be the most relevant to consumers.
That was the key takeaway from a presentation to investors by Frederic Cumenal, chief executive officer of the specialty retailer, at the Deutsche Bank dbAccess Global Consumer Conference in Paris earlier today.
Cumenal, who was named ceo last year, said the company is going through an evolutionary process. “We don’t need to reinvent ourselves,” he said, adding that the company will focus on its core strength in engagement rings, bridal offerings and gift items while also “developing some more opportunities in better capturing the self-purchaser, those ladies that are seeking style.”
The strategy will be anchored by improving the shopping experience, he said, noting that there “is a physicality attached to the consumer experience, which is about the stores, and the locations of the store.” Improving the consumer experience also means strengthening the brand, and Cumenal said the company will leverage its long heritage.
“Our ultimate objective is not to be the largest luxury brand by size in terms of turnover,” Cumenal said. “But it is our objective to be one of the most important, one of the most relevant global luxury brands.” And that relevancy includes the iconic blue shopping bag and box.
“Whenever you see someone walking down the street with a blue bag from Tiffany, you know that something joyful has happened,” Cumenal said. “There is something in that blue bag, in that blue box that will be cherished forever and that will signify a special moment in their life or in the life of someone special to them.”
The company operates 122 stories in the Americas, 73 units in the Asia-Pacific region, 56 stores in Japan, 38 units in Europe, five stores in the United Arab Emirates and one store in Russia. In its most recently reported quarter, the company said sales increases 1 percent on a constant currency basis.