Founded in 1837, iconic jewelry house Tiffany & Co. has gone from making swords for the U.S. military to enchanting Audrey Hepburn in “Breakfast at Tiffany’s.” The brand is known to have a high-brow, prestigious (if not regal) air about it.
After the recent economic recessions, as the company looked for ways to pull itself out of decline after firing both the head of design and CEO, it strategically decided to change the way its goods were viewed by customers — moving from an aspirant gift to receive to the self-purchasing woman’s everyday wear.
Chavie Lieber writes in Racked, “For years the industry considered women secondary influencers.’ They are now the target customer…De Beers found that millennials spent $26 billion on diamond jewelry in 2015, and 31 percent of those purchases were pieces women bought for themselves. According to De Beers, female self-purchasing is on the rise, especially among those in the 25- to 39-year-old age bracket.”
As more women become breadwinners, Tiffany has moved its position from catering to the socialite to the working woman, aka the self-purchasing woman.
Tiffany’s latest campaign, “There’s Only One”, highlights the brand’s attempt to capitalize on this demographic by featuring women such as Zoe Kravitz and Janelle Monae. The diversity of this campaign was a rarity prior to 2017.
Additionally, the company created a collection that’s more durable —perfect for the modern woman with an on-the-go lifestyle. The collection’s website states, “Fiercely feminine, the Tiffany HardWear collection embodies the power and edge of New York City and the energy of its streets.”
And the shift is working. In 2017, the company’s stock was up by 30 percent. Hardly the white-gloved Tiffany that most of us think of.