“China has always been a major growth market for Tiffany.” Anthony Ledru, Global President and CEO of Tiffany & Co., an American luxury jewelry company under the LVMH Group, said in an exclusive interview with Luxe.CO.
The significance of China to Tiffany can be glimpsed from the brand’s newly opened boutique in Shanghai’s Taikoo Li Qiantan in December. This store is another significant milestone in Tiffany’s global retail market following the reopening of their landmark flagship store on New York’s Fifth Avenue in April this year.
Seizing this opportunity, Anthony Ledru described to Luxe.CO a series of Tiffany’s latest deployments: Following the launch of the latest store concepts in Shanghai and Hangzhou, there will be further strengthening of the global store network; there will also be new initiatives online in China.
When the New York Fifth Avenue flagship store opened, Ledru told foreign media, “Tiffany has tremendous opportunities in China.” Taking advantage of the opening of the boutique in Shanghai’s Taikoo Li Qiantan, he added to Luxe.CO, “China has always been a major growth market for Tiffany, and we are confident in the long-term development of the Chinese market.”
Anthony Ledru, who previously served as the Executive Vice President of Global Commercial Activities at LVMH Group’s flagship brand Louis Vuitton, was appointed as the Global President and CEO of Tiffany in January 2021 after LVMH’s $15.8 billion acquisition of Tiffany. He has over 20 years of experience in the luxury goods industry, with a particularly rich resume in the high-end jewelry sector: starting his career at Cartier, he also worked at Harry Winston and served as Tiffany’s Senior Vice President for North America from 2013 to 2014.
Strengthening the global store network is one of Tiffany’s key strategies
At the beginning of 2021, when Tiffany was acquired by LVMH, the brand was at a critical moment of rejuvenating its image. On April 28 this year, Tiffany’s iconic flagship store at 57th Street and Fifth Avenue in New York reopened after more than three years of comprehensive renovation, establishing a new image for the 83-year-old landmark store. Globally, Tiffany is implementing its new store concept in more locations.
Discussing the significance of increasing investment in retail boutiques, Ledru told Luxe.CO, “Further strengthening our global store network is one of Tiffany’s key strategies. Retail is important as it helps strengthen the connection between the brand and consumers.“
“Boutiques allow consumers to immerse themselves in the world of Tiffany and experience its unique charm. At the same time, boutiques also deepen emotional connections with consumers. Through VIP experiences, store activities, and new store opening events, the relationship between the brand and consumers becomes closer.”
Currently, Tiffany has 40 boutiques in mainland China, with Shanghai leading with seven stores, followed by Beijing with four.
Ledru told Luxe.CO, “Shanghai is a very important market for Tiffany.”
Shanghai + Hangzhou, Two New Concept Stores in China
Near the Christmas and New Year season, the square in front of Tiffany’s Taikoo Li Qiantan boutique in Shanghai was specially decorated with a giant light art installation. A nimble bird, transformed into a holiday messenger, perched atop a giant Tiffany blue gift box, inspired by the legendary Tiffany designer Jean Schlumberger’s classic 1965 piece “Bird on a Rock” brooch. In the 1995 Jean Schlumberger retrospective, this nimble bird once “stood” on the world-famous “The Tiffany Diamond.”
The facade of the Shanghai Taikoo Li Qiantan boutique, adopting Tiffany’s new store design concept, is composed of 6,988 diamond-shaped decorations, and the central staircase in the store is adorned with crystal decorations.
The store features two private salons and custom decorations and art installations from renowned global artists, such as the stainless steel sculpture “Justine” created in 2021 by British sculptor Tony Cragg.
The store’s products cover various Tiffany classic collections and diamond jewelry, including the Tiffany® Setting six-prong engagement ring launched in 1886 by founder Charles Lewis Tiffany, and the brand’s most important symbol, the “Bird on a Rock” from the Jean Schlumberger by Tiffany & Co.™ collection.
The opening of Tiffany’s Taikoo Li Qiantan boutique in Shanghai enriches the brand’s commercial map in China. Ledru told Luxe.CO, “The layout of Tiffany’s retail network in China and globally is of paramount importance to the brand… The opening of new stores expands Tiffany’s influence in the Chinese market and also signifies the brand’s commitment to the Chinese market.“
In November, Tiffany’s Hangzhou Tower boutique reopened with a new design concept.
Ledru stated that, as demonstrated by the Shanghai Taikoo Li Qiantan boutique and Hangzhou Tower boutique, Tiffany’s New York Fifth Avenue landmark flagship store will continue to serve as a blueprint and source of inspiration for the opening of new stores globally, providing a foundation for the upgrade of Tiffany’s global stores.
Beyond Beijing, Shanghai, Guangzhou, and Shenzhen, Tiffany has expanded its retail network to 19 other cities in mainland China, including provincial capitals like Chengdu, Nanjing, Hangzhou, Hefei, Xi’an, Wuhan, Changsha, and other cities like Ningbo, Suzhou, Wuxi, Dalian.
A New Milestone in China’s Online Retail Strategy
Beyond store layouts, Anthony Ledru also introduced plans for online channels: Tiffany’s official flagship store will open on Tmall in January 2024.
Ledru told Luxe.CO, “This will be an important milestone in Tiffany’s online retail strategy in China.”
In February this year, Tiffany opened its official flagship store on JD.com, its first third-party online retail partnership in China, covering jewelry, home, and fragrance products.
Ledru concluded, “These (online) stores provide consumers with a richer, higher-quality luxury shopping experience and cater to the diversified needs of consumers in the digital age. The Chinese market holds tremendous development opportunities, and we look forward to continuing to strengthen our performance in the Chinese market.”
| Image Crediturce: provided by Tiffany
| Editor: Zhu Ruoyu