Tiffany is subverting the jewelry industry
Tiffany’s path to transformation has been going on for a long time. Last year, Tiffany first teamed up with the American female singer Lady Gaga to launch the HardWear series, and spent millions of dollars to launch a new series of commercials by Lady Gaga for the first time in the US Super Bowl football game; then cooperate with the beauty group Coty. Returning to the perfume business every 13 years, and specially invited Chinese actor Xu Weizhou as a ambassador to shoot a series of publicity pictorials, which created extremely high sales in a short time.
The Blue Box Café, the world’s first coffee shop, opened in the flagship store of Fifth Avenue in New York, USA. The iconic Tiffany Blue and the full girl’s heart triggered a large exposure of domestic and foreign social media. In China, Weibo and WeChat represented On the social platform, Tiffany has become a hot topic with high-priced home products such as pins and yarn balls of nearly 10,000 yuan. The brand WeChat search index once soared to 245.42%, successfully creating the second peak after the “Net Red” cafe.
These bold innovations have indeed brought about a recovery in the Group’s performance. During the year ended January 17, 2018, Tiffany’s sales increased 4% year-on-year to US$4.2 billion, compared with comparable store sales. However, it seems that all these moves have steered away from Tiffany’s core product, the Diamond Engagement Ring. In last year’s earnings report, sales of wedding jewellery became the only category in which the group recorded a decline.