Tiffany & Co.’s product assortment isn’t its only crown jewel up for a revise under chief artistic officer Reed Krakoff.
The jeweler announced late Tuesday afternoon that its Fifth Avenue flagship — the store that served as the titular muse for Truman Capote’s “Breakfast at Tiffany’s” and whose windows once famously reflected Audrey Hepburn’s pining expressions in the book’s film adaptation — is to undergo a total renovation.
Once completed in late 2021, the 10-story building at 727 Fifth Avenue will “create a dramatic new experience for customers,” Tiffany’s chief executive officer Alessandro Bogliolo said in a statement.
During the renovation, Tiffany will temporarily expand its retail operations to the neighboring 6 East 57th Street.
The location has been a symbol of retail innovation throughout history, according to the jeweler. Upon its opening in 1940, the flagship was one of the world’s first stores to boast central air-conditioning. Bogliolo said, “Innovation will remain at the forefront of Tiffany’s plans for 727 Fifth Avenue, and the newly reimagined flagship will serve as the modern crown jewel of our global store network.”
The flagship saw a partial renovation in 2017 when its updated housewares floor was unveiled to include a café.
Tiffany expects the renovation costs will increase capital expenditures by 1 to 2 percent each year, beginning in February 2019. News of the renovation was announced after Tuesday’s market close.