Tiffany to Remodel More Than 300 Stores
July 31, 23
(IDEX Online) - Tiffany & Co is planning to remodel all its 300-plus stores, following the $500m revamp of its flagship, The Landmark, on Fifth Avenue, New York.
"At the end of the day, what we want is within three, four years max to have redone most of the network of stores at Tiffany," said Jean-Jacques Guiony, chief financial officer of parent company LVMH.
"That's a significant capital cost that we have to bear. But frankly, I mean, what we want to do with the brand cannot be done in the existing network."
Just under a third of Tiffany's store are located in the US. The rest are largely in Asia-Pacific, Japan and Europe.
"We have to redo basically the whole fleet," said Guiony in a conference call last Tuesday, according to a SeekingAlpha transcript, after LVMH reported a 15 per cent hike in H1 earnings to $47bn.
"Not one single store apart from the few ones that we have already renovated are up to our standards. And it will take time and a lot of money to redo them."
LVMH finally bought Tiffany for $16bn in 2021 after prolonged negotiations.
Pic shows The Landmark, courtesy Tiffany