The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — It looks like Tiffany & Co. may have given holiday shoppers just the sort of gifts they were prowling for: A sterling silver ice cream scoop, or maybe a classy ruler.
Both luxury products — part of the company’s recently introduced Everyday Objects collection and priced at $375 and $450 respectively — are currently displayed as sold-out online, joining more traditional paperweights and small storage items, according to a check of Tiffany’s website. Most of the sought-after gifts are priced at less than $900, while the collection’s highest-priced objects, including a woven sterling bird’s nest selling for $10,000, remain in stock.
The "surprisingly strong" response from consumers to the collection prompted KeyBanc Capital Markets analyst Ed Yruma to raise the stock’s 12-month price target to a Street-high of $120, compared with the average of $101. The product line, while a small part of Tiffany’s business, shows it’s "willing to take a fresh look at the brand, and that they have the courage to do that," Yruma said in a phone interview. Foot traffic also got a lift, especially at the company’s flagship New York location, he said. While analyst and investor confidence was shaken by flat same-store sales last quarter, the stock remains one of KeyBanc’s "best ideas" for 2018.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
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After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.