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LVMH Sets Sights on Comprehensive Tiffany & Co. Store Overhaul August 14, 2023 (0 comments)
New York, NY--LVMH, the luxury conglomerate owning Tiffany & Co. since 2021, is gearing up to substantially renovate Tiffany's over 300 global outlets.
[Image via Israeli Diamond]
During a recent interaction, LVMH’s finance chief, Jean-Jacques Guiony, articulated the firm's aspirations to refurbish most Tiffany's stores in three to four years.
“That’s a significant capital cost that we have to bear," Guiony stated, as per the news report published in Israeli Diamond. "But frankly, I mean, what we want to do with the brand cannot be done in the existing network.
"Not one single store apart from the few ones that we have already renovated are up to our standards. And it will take time and a lot of money to redo them.”
For H1 2023, LVMH announced a revenue surge to €42.2 billion (around $46.5 billion), marking a 15% year-on-year increase per their official site.
LVMH's Watches & Jewelry segment posted 13% organic growth. The profit from ongoing activities soared by 10%.
Tiffany's reopened “Landmark” in NYC within this domain garnered remarkable traction. Similarly, brands like Bulgari, Chaumet, and Fred registered remarkable upticks in H1, with Bulgari's Mediterranea high jewelry launch being a notable standout.
Learn more in the news report on Israeli Diamond.