Contributors: Radhika Chopra, Caroline Mickley, Heta Patel & Nanthitha Shanmuhasundaram
Established in 1837, Tiffany & Company is an American multinational luxury jewelry and specialty retailer. The brand houses a massive collection of precious metals and gems used to make their gorgeous collections. It symbolizes taste, elegance, and style - women of all ages dream of owning a Tiffany diamond and intend on passing these jewels to their younger generations. Women aspire to own a Tiffany Blue Box, a box that represents luxury and celebration.
The global luxury market has been seeing a slow but steady growth over the last couple of years; however, the luxury jewelry segment has witnessed a decline of 9% in sales over the last few quarters. Despite this, Tiffany & Co. currently holds a leading position in the fine jewelry industry, setting high standards for quality and innovation. In order to further solidify its position in the industry, the recommended brand extension for Tiffany & Co is the Tiffany Bridal Collection, which would make Tiffany the only brand in the world to offer the entire wedding package to a bride under one roof.
This report gives a detailed analysis of the brand and its financials, target consumer and direct competitors. The product development of the bridal collection, pricing strategy, marketing strategy, and promotional plan has been developed with the goal to transform Tiffany into a bridal lifestyle brand in accordance with the aesthetics and DNA of Tiffany & Co.