Tiffany, Which Has Fallen Into A Low Performance, Began To Play A Role In The Men's Jewelry Market.

In recent years, Tiffany, whose performance has been in a low ebb, is trying to find new growth points to start the men's jewelry market.

In August 26th, the Beijing Commercial Daily reporter learned that Tiffany plans to launch the first men's jewelry series in October this year. Industry analysts believe that the introduction of men's jewelry is an important step for Tiffany to expand customer groups.

With the rise of the jewellery market, luxury brands such as LV, Gucci, Hermes and so on have already targeted this market and launched brand name jewelry for men. Tiffany is involved in jewelry for men. In addition to facing the existing market competition, consumers are not buying it.

It is understood that Tiffany10 months will launch the men's jewelry department, including hundreds of products, priced at between 200 US dollars -1.5 million, in addition to jewelry accessories, including wine cocktail, Ice Tongs, beer mugs and hand-made pure silver and 18K gold-plated chess sets.

In a promotional photo of a series of men's jewelry series, jewelry and baseball gloves and compass symbols are placed together to highlight this series of tough masculinity.

Reed Krakoff, chief creative director of Tiffany, said that the men's series will be sold in 300 stores of Tiffany and will be displayed separately, showing the importance of brand.

It is understood that Tiffany has also launched male jewelry accessories such as Cufflinks and rings for male customers. But this is the first time that the whole men's jewellery series has been launched.

In fact, in the past one or two years, Tiffany has deliberately blurred the gender boundaries in terms of brand attributes. In the Chinese market only, Tiffany hired Xu Weizhou, a small customer in 2018, to become an ambassador of China's brand style.

In March of this year, Liu Haoran jointly launched the T ture series. Before the seventh day of the seventh lunar month, the modern keys lovers key pendant, which was endorsed by Liu Haoran, also kept feeling in the circle of friends. By strengthening the correlation between men and brands, Tiffany seems to want to remove the label of pure female jewelry.

According to the analysis, Tiffany launches men's jewelry, which is an important step in brand expanding customer groups. But from the history of Tiffany brand, men's accessories have never been the focus of Tiffany.

However, in the view of Reed Krakoff, the chief creative director of the brand, half of Tiffany consumers in the world are male. Although most of them come to buy Women's jewelry, they also indicate that this is a good time to attract the attention of potential consumers.

The opportunity for Tiffany to see is the rapidly growing male jewellery market. According to data from market research firm Ou Rui, in 2018, global sales of men's high-end jewellery reached $5 billion 800 million, compared with 2013, which increased 23% in five years.

The sales of women's high-end jewellery market last year were as high as 33 billion 200 million dollars, nearly 6 times that of the male market, but compared with sales figures in 2013, the growth rate of women's jewelry market was only 14%, which was much lower than that of the male market.

"You can see from social media that men around the world are starting to wear more jewelry and accessories," Reed Krakoff points out that the male market is becoming the next incremental market for jewelry.

In recent years, the overall performance of Tiffany in China has been declining due to the low consumption of Chinese luxury goods and the low wedding jewelry market. In recent years, Tiffany revenue growth has slowed down and net profit has declined. Data show that in fiscal year 2017 (up to January 31, 2017) and fiscal year 2018 (up to January 31, 2018), Tiffany revenues were $4 billion and $4 billion 120 million respectively, representing an increase of only 3% over the same period. Net profit was 440 million US dollars and US $370 million respectively, down 18.9% compared with the same period last year.

In fiscal year 2019 (as of January 31, 2019), Tiffany's revenue and net profit increased considerably, mainly due to a series of younger innovations in Tiffany implemented in 2017, including the launch of small blue box coffee shops around the world, the launch of the first Tiffany perfume and cross-border products in 15 years, and the launch of the topic list in Tmall by using the cheap price wool clips and paper clips.

Through this series of intensive measures, Tiffany performance was rebounded in 2018. But this trend did not last long. In the first quarter of fiscal year 2020 (up to April 30, 2019), Tiffany performance fell again, sales fell by 5%, and net profit fell by 12% over the same period. Men's high jewellery may provide new growth points for Tiffany, a performance bottleneck.

However, the competition in this market is not difficult. Optimistic about the growth potential of men's jewelry category, many luxury brands are planning to share this cheese. Louis Weedon has launched men's jewelry accessories, including necklace and earring bracelet, ranging from 1000 yuan to 10000 yuan.

Gucci also launched jewelry accessories for men, such as necklaces, leather bracelets, necklaces, rings, brooches and so on. The price is between 1000 yuan and 10000 yuan. Hermes also has separate jewelry for men.

From the price point of view, these big jewellery and Tiffany men jewelry are almost at the same price range. Consumers' choice largely depends on brand loyalty and recognition of design. Whether or not Tiffany's jewelry can be bought by consumers is still unknown.

Zhang Peiying, Honorary Advisor of the China luxury Confederation, told the Beijing Commercial Daily reporter that the effect of Tiffany on the development of men's jewellery series is very specific. Whether it can promote the performance of the whole brand well depends on a comprehensive work of Tiffany in marketing, operation and promotion.

But for brands, the attempt to get involved in male jewelry is still worth encouraging. At present, all luxury brands, including fashion brands, are paying more and more attention to the male market. This is a trend of brand development and diversification.

Zhang Peiying believes that in the men's jewellery market, although Tiffany may compete with Gucci, LV and other luxury brand jewelry, luxury brands still have the priority to accept and transform their original customers or loyal fans when developing new markets. From this point of view, although there is competition with similar luxury brands, Tiffany's jewelry for men still has market.