Two Thirds of Tiffany Staff Leave after LVMH Buyout
March 24, 22
(IDEX Online) - Two thirds of Tiffany & Co employees have left the company since the LVMH buyout last January.
The current workforce is "one-third original Tiffany staff, one-third LVMH veterans, and another equal share coming from outside both companies," says the fashion Bible WWD, after an interview with the jeweler's president and CEO Anthony Ledru.
He said: "We are living in a fast-moving world and that's an important skill set for a lot of people coming from the fashion world, where there are a lot of drops and you have to react quickly — that's what you need in hard luxury now a bit to manage."
Tiffany has over 300 outlets worldwide and an estimated staff of 13,000.
Ledru's comments are reported part way through a wide-ranging interview. "We inherited a giant sleeping beauty and I think it's awakening quickly," he said, as he explained there was still much work left to revitalize an American cultural icon.
LVMH, the French luxury conglomerate, finally acquired New York-based Tiffany for $15.8bn after acrimonious negotiations and threats of legal action by both sides.