Can Tiffany'S New Strategy Make It Turn The Corner And Turn Danger Into Danger?

In 1961, Audrey Hepburn starred in a movie called Tiffany breakfast, giving the United States a movie.

Jewelry is famous all over the world.

Today, this jewelry store has developed into one of the world's leading luxury goods companies.

As a matter of fact, this well-known high-end jewelry company was actually only a grocery store opened by Tiffany and friends for $1000.

From a small grocery store to world-renowned

Tiffany seems to be growing stronger and stronger.

Recently, however, the senior jewellery company has been making headlines for luxury products because of its declining performance.

Well, this family.

After launching the perfume and the new CEO, can the old shop turn the tide and turn it into danger?

Tiffany worked hard to solve his performance problems.

Recently, Tiffany&Co. launched perfume for the first time in 15 years to expand consumer scale. This perfume is also the first collaboration between Coty group and Tiffany&Co..

Edgar Huber, President of Coty group's Coty Luxury department, said: "Tifany&Co. is the sole jewelry brand of its company. The group looks at Tiffany&Co.'s emotional brand value.

According to the world clothing and shoe net, the Coty group will cooperate with Tiffany&Co. in the Bloomingdale department store and flagship store on 59 New York street in August 1st. After October 1st, it will start selling around the world, priced between $75 and $132.

It also sells body milk and shower gel at a price between $45 and $100.

Prior to that, Tiffany withdrew his position as CEO Frederic Cumenal due to poor performance.

5 months later, Tiffany finally found the right person to announce that former Bvlgari executive Alessandro Bogliolo was the new CEO.

Alessandro Bogliolo has served in Bvlgari jewelry for 16 years, and has served as North American chief operating officer of LVMH's beauty cosmetics retailer.

The company's share price rose by 1.7% on the day when Alessandro Bogliolo was announced as Tiffany's new CEO.

In the past 12 months, Tiffany has been facing a dilemma of same store sales, especially in the recent quarter, Tiffany's sales volume has dropped dramatically.

Tiffany had to find ways to save consumers and reverse the declining trend of the group.

Although Tiffany has launched perfume across the industry, Caroline Naggier, vice president of Tiffany&Co., said: "the brand will always adhere to the positioning of high-end jewelry, and the main reason for the introduction of perfume is to expand the size of consumers.

It seems that Tiffany has done his best to save his performance.

However, today's Tiffany has gradually lost the original light, and people are talking about Tiffany jewelry less interest in the past.

With the decline of the jewelry industry, it is hard to say whether it is changing the CEO or introducing perfume across the industry and relighting the 180 year old shop.

Tiffany failed in development, unable to return to heaven?

Tiffany is trying hard to save his performance, trying every means to enhance the group's performance.

But it doesn't seem easy to improve Tiffany's performance.

There are two main reasons for the blocked performance.

First, the entire jewelry industry is in a dilemma of stagnation or even recession.

According to research firm Euromonitor, Tiffany's gold market in 2016 valued at $60 billion has shrunk by 6.3%, and the size of the jewellery market has been reduced by 3.6%, and the decline will last until 2022.

According to the world clothing and shoe net, the sales volume of new jewellery was less than 10% in 2016. Tiffany was also struggling in online sales, accounting for only about 6% of its revenue.

Although the product has been evaluated a lot after the rectification of the watch business, the performance has not increased significantly.

Last year, Tiffany launched the first luxury watch series CT60, which accounted for only 1% of sales.

The jewelry trade council also said that last year, the jewelry industry's closing speed accelerated by 53%.

Anthony Capuano, chairman of the committee, also said that people are beginning to lose interest in jewelry because they are worried about the jewelry industry.

Therefore, the decline in performance is not only the Tiffany family, the whole industry is in a constant decline in performance, the threat of closing the store.

Second, consumer attitudes change, and Tiffany is facing a sales crisis.

Today, the consumption force is becoming younger and younger. The consumption concept of the millennials has changed significantly. Their interest in jewellery is decreasing.

Young consumers seem to be more willing to pfer money to other areas, such as luxury bags, beauty products and so on.

Tiffany and other old jewelry products seem to be too conservative in the millennial generation to show their unique personality.

And jewellery gold is not part of high-frequency consumer goods, mostly for weddings and other important occasions.

As a result, jewellers' marketing is almost all about the theme of marriage happiness, which indirectly strangles the interest of single men and women buying jewelry.

More regrettable, more and more people choose not to marry or late marriage.

In the US, for example, fewer than half will choose to marry. This is one of the main reasons why Tiffany and the whole jewelry industry have been hit.

In view of this, the development of Tiffany was frustrated not only by its own reasons, but also influenced by the environment.

Even if Tiffany wants to highlight the tight encirclement, he is powerless.

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Looking for gimmicks for marketing programs, why don't you look at the idol drama for inspiration?

Nowadays, the jewelry industry is facing the phenomenon of declining sales.

If Tiffany only invites the new CEO and launches perfume, it is hard to reverse the decline of its performance.

The immediate solution is to expand consumer goals and marketing reform so that we can go against the trend in a declining environment.

Jimmy Lin once starred in a youth idol drama "the stars of sheep". It must be the memories of many post-90s youth.

The actress, a star, had been plagiarized for Valentine's Day jewellery design and had to redesign a Valentine's Day jewellery.

Occasionally inspired the "single can also spend Valentine's Day" inspiration, and design a single ring.

And Tiffany's marketing is also mainly for the wedding. With the increasing proportion of single men and women, it is possible to expand consumer goals.

Because no one stipulates that single men and women should not wear jewelry.

In addition, Tiffany also needs to make some reforms in marketing.

The most important thing in brand marketing is to attract consumers, and what consumers need is the story of jewelry, not the brand's jewelry certification.

When consumers buy jewelry, some brands will always show consumers are not interested in jewelry certification, and some professional jewelry terms let many consumers embarrassed to leave.

On the contrary, if consumers tell the story of jewellery when they buy jewelry, will it attract consumers more?

Consumers may share their stories of jewelry with friends and family members, but almost never bring jewelry certification to others.

After all, the story can be carried around, but will you carry jewelry certification with you after buying the jewelry?

In short, Tiffany either invites the new CEO or launches perfume to expand the size of the consumer to reverse the declining trend of brand sales, but it is difficult to recover the declining performance.

However, in the era of shared popularity, Tiffany might take advantage of this opportunity to catch up with the trend and share jewellery.

More interesting reports, please pay attention to the world clothing shoes and hats net.