Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Tiffany's $450 Silver Rulers Help Holiday Sales Rebound

The New York-based retailer's home-accessories collection contributed to its recovery.
Tiffany & Co's ruler | Source: Courtesy
By
  • Bloomberg

NEW YORK, United States — Tiffany & Co. posted a rebound in its holiday sales, helped by a new home and accessories collection that included $90 black pencil holders, $275 silver shaving brushes and $450 rulers.

Same-store sales, a closely watched benchmark, rose 3 percent in the final two months of 2017, the New York-based retailer said Wednesday. Tiffany had reported a decline of 1 percent in the previous year on that basis.

Tiffany put its holiday hopes on a new set of luxury home-decor items, which became a hit with shoppers. Several of the items, such as the pencil holders and rulers, sold out on the company’s website. Some of the highest-priced products are still available, including a $9,000 sterling-silver ball of yarn and a $10,000 bird’s nest with three porcelain eggs in Tiffany blue.

“Our holiday-period results confirm that the Tiffany & Co. brand is strong, and we are excited about our numerous long-term global opportunities,” Chief Executive Officer Alessandro Bogliolo said in a statement.

ADVERTISEMENT

The company also says it expects annual sales to increase by about 4 percent. It had previously projected growth in the low single digits.

After a multiyear sales slump, Tiffany hired Bogliolo as CEO in July to revitalise the business. A veteran of Italian fashion label Diesel and rival jeweller Bulgari, Bogliolo set out to revamp Tiffany’s jewellery lines and lure younger shoppers to the 181-year-old retailer.

Tiffany reported strong sales growth across various jewellery segments, from the cheaper fashion items to its opulent high jewellery lines, while engagement rings and wedding bands didn’t perform as well. Bogliolo also cited strength in watches and home goods.

The shares were little changed in premarket hours, trading at $107.47. They’ve gained 3.5 percent this year through Tuesday’s close.

The home-accessories collection, dubbed Everyday Objects, was fashion designer Reed Krakoff’s first attempt to enliven design at Tiffany since he was hired last year. As chief artistic officer, Krakoff oversees design for not only products, but e-commerce, stores and marketing as well. His first jewellery collections for Tiffany are expected to be unveiled later this year.

The previous year, the frenzy at Trump Tower — neighbour to Tiffany’s Fifth Avenue flagship store — ate into holiday sales. Now that the president is in Washington full-time, post-election traffic disruptions have dissipated.

Annually, earnings will increase by a double-digit percentage over the previous year’s $3.55 a share, Tiffany said. In the coming year, the jeweller expects sales to grow by a percentage in the mid-single digits.

By Kim Bhasin; editors: Nick Turner and Lisa Wolfson.

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Financial Markets
A financial lens on the fast-changing fashion sector, including markets, investors and deals.

The Best of BoF 2023: Diversity’s Litmus Test

In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.


The Year Ahead: The Future of Fashion Deal-Making

For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.


The Investment Giant Behind Some of Fashion’s Biggest Deals

L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The Business of Beauty Global Awards - Deadline 30 April 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
The Business of Beauty Global Awards - Deadline 30 April 2024