Tiffany & Co.

Establishment

Tiffany & Co. was founded in 1837 by Charles Lewis Tiffany and John B. Young,[11] in New York City, as a "stationery and fancy goods emporium", with the help of Charles Tiffany's father, who financed the store for only $1,000 with profits from a cotton mill.[12] The store initially sold a wide variety of stationery items and, as of 1837, operated as "Tiffany, Young and Ellis" at 259 Broadway in Lower Manhattan.[13] The name was shortened to Tiffany & Company in 1853, when Charles Tiffany took control and established the firm's emphasis on jewelry.[14] The company has since opened stores in major cities worldwide. Unlike other stores at the time in the 1830s, Tiffany marked the prices on its goods to prevent any haggling over prices. In addition, though atypical for the time, Tiffany only accepted cash payments and did not allow purchases on credit.[15] Such practices (fixed prices for ready money) had first been introduced in 1750 by Palmer's of London Bridge.[16]

"Blue Book" and the Civil War

The first Tiffany mail order catalog, known as the "Blue Book", was published in 1845 in the United States (U.S.),[17] and publishing of the catalog continues in the 21st century. In 1862, Tiffany supplied the Union Army with swords (Model 1840 Cavalry Saber), flags and surgical implements. In 1867, Tiffany was the first U.S. firm to win an award for excellence in silverware at the Exposition Universelle in Paris. In 1868, Tiffany was incorporated.[4]

"Gilded Age"

In 1870, the company built a new store building at 15 Union Square West, Manhattan, which was designed by John Kellum and cost US$500,000. It was described by The New York Times as a "palace of jewels."[18] Tiffany stayed at this site until 1906.[18]

In 1877, an insignia that would become the New York Yankees "NY" logo was struck on a police medal of honor by Tiffany; the Yankees adopted the logo in 1909. In 1878, Tiffany won the gold medal for jewelry and a grand prize for silverware at the Paris Exposition. In 1879, Tiffany purchased one of the world's largest yellow diamonds which became known as the Tiffany Diamond. The Tiffany Diamond has only been worn by four people, one of whom was Audrey Hepburn for the promotion of Breakfast at Tiffany's.[19] In 1887, Tiffany bought a number of pieces at the auction of part of the French Crown Jewels, which attracted publicity and further solidified the Tiffany brand's association with high-quality diamonds.[20] In 1885 the company revised the Great Seal of the United States.[21]

20th century

In 1902, after the death of Charles Lewis Tiffany, his son, Louis Comfort Tiffany, became the company's first official design director.[17]

Known for his innovations in stained glass, Louis Comfort Tiffany also made significant contributions to Art Nouveau jewelry. His work with iridescent glass, opals, and enamel introduced new techniques in jewelry design by blending organic forms with vibrant colors.[22] Tiffany’s use of glass, enamel, and opals became a hallmark of his style, and are credited with growing the company's reputation during this period.[23]

In 1905, the Manhattan flagship store was relocated to the corner of 37th Street and Fifth Avenue, where it would remain for 35 years.[24]

In 1919, the company made a revision to the Medal of Honor on behalf of the United States Department of the Navy.[25] This "Tiffany Cross" version was rare because it was awarded only for combat, using the previous design for non-combat awards.[26] In 1942, the Navy established the Tiffany version for non-combat heroism as well but, in August 1942, the Navy subsequently eliminated the Tiffany Cross and the two-medal system.[27]

The company moved its flagship store to its present-day 727 Fifth Avenue building in 1940; the building was designed by Cross & Cross.[28] In 1956, legendary designer Jean Schlumberger joined Tiffany, and Andy Warhol collaborated with the company to create Tiffany holiday cards (circa 1956–1962).[17][29] Schlumberger's designs, such as the Bird on a Rock brooch, became synonymous with the company's post-war jewelry innovations.[30] In 1968, Lady Bird Johnson, First Lady of the U.S. at the time, commissioned Tiffany to design a White House china-service that featured 90 flowers.[31][32]

In November 1978, Tiffany & Co. was sold to Avon Products for about US$104 million in stock.[33] However, in a 1984 Newsweek article, the Fifth Avenue Tiffany store was likened to the Macy's department store during a white sale, due to the high number of inexpensive items on sale;[15] furthermore, customers complained about declining quality and service. In August 1984, Avon sold Tiffany to an investor group led by William R. Chaney for $135.5 million in cash. Tiffany went public again in 1987 and raised about $103.5 million from the sale of 4.5 million shares of common stock.[15]

Due to the 1990–1991 recession in the United States, Tiffany emphasized mass merchandising. A new campaign was launched that advertised how Tiffany could be affordable for all. One such example is that the company advertised the price of diamond engagement rings started at $850, and "How to Buy a Diamond" brochures were sent to 40,000 people, who called a toll-free number specifically set up to target the broader population.[15] However, to maintain its image as a luxury goods company, high-style images remained on display in Tiffany stores.[15]

On September 4, 1994, a jewelry heist occurred at the store in New York City, in which six men stole $1.9 million of jewelry. During the incident, no shots were fired and no vandalism occurred. Two weeks after the robbery, the six men were arrested and the jewelry was recovered.[34]

Tiffany & Co. trademarked their signature Tiffany Blue color in 1998. Three years later they partnered with Pantone to standardize the color as "1837 Blue".[35]

2000s

The Tiffany & Co. Foundation was established in 2000 to provide grants to nonprofit organizations working in the areas of the environment and the arts.[36] In June 2004, Tiffany sued eBay, claiming that the latter was making profits from the sale of counterfeit Tiffany products;[37] however, Tiffany lost both at trial and on appeal.[38]

Tiffany & Co. established their subsidiary Laurelton Diamonds in 2002 to manage Tiffany's worldwide diamond supply chain.[39]

In 2009, a collaboration between the Japanese mobile-phone operator SoftBank and Tiffany & Co. was announced. The two companies designed a cellphone, limited to ten copies, and containing more than 400 diamonds, totaling more than 20 carat. Each cellphone cost more than 100 million yen ($672,687).[40]

Also in 2009, the company launched their Tiffany Keys collection.[41]

2010s and 2020s

In early July 2013, former Tiffany & Co. vice president Ingrid Lederhaas-Okun was arrested and charged with stealing and re-selling more than $1.3 million of diamond bracelets, drop earrings, and other jewelry.[42] Lederhaas-Okun plead guilty to theft[43] and was sentenced to one year in federal prison.[44]

The company's Francesca Amfitheatrof-designed Tiffany T collection debuted in 2014.[45]

In February 2017, the company announced that CEO Frédéric Cuménal was fired, after only 22 months, blaming weak sales results. He was replaced on an interim basis by the company's longtime former CEO, Michael Kowalski.[46] Shortly before his departure, Cuménal had appointed former Coach designer Reed Krakoff as the company's new chief artistic officer. Although Krakoff had no previous experience with jewellery design, his previous success with Coach and "deep understanding of iconic American design" led to his appointment, with the hopes that Krakoff would be able to refresh the image of the brand.[47][48]

In April 2017, the company launched their Tiffany HardWear collection.[49]

In July 2017, it was announced that Bulgari veteran Alessandro Bogliolo would be taking over as CEO. Under his leadership, it was hoped that Tiffany & Co. could turn around slumping sales and capture a younger audience.[50]

Tiffany & Co. opened the Blue Box Cafe in New York City in November 2017.[51] Also in November 2017, the company launched their Home & Accessories line.[52]

In March 2018, the company opened the Jewelry Design and Innovation Workshop, a new 17,000-square-foot atelier.[51]

In May 2018, Tiffany launched their Paper Flowers Collection, designed by Reed Krakoff.[53]

In September 2018, Tiffany launched their Paper Flowers collection in Asia.[54] That same month, the company debuted a new proprietary engagement ring design called the Tiffany True.[55]

In August 2019, Tiffany launched their first men's jewelry collection in October of the same year.[56] The line was developed by Reed Krakoff.[57]

In October 2019, Tiffany opened a new brand exhibition in Shanghai, China called "Vision & Virtuosity".[58]

Tiffany opened its first store in New Delhi, India on 3 February 2020.[59]

After the start of Russia's full-scale invasion of Ukraine, the brand announced that it was stopping purchasing diamonds from Russia. However, it was later revealed that they continued to purchase through intermediaries, including the UAE.[60]

Acquisition by LVMH

In November 2019, LVMH announced its purchase of Tiffany & Co for $16.2 billion, $135 per share.[61][62] LVMH cancelled the pending purchase in September 2020, with Tiffany filing a lawsuit asking the court to compel the purchase or to assess damages against LVMH.[63] The same month, Forbes reported that LVMH had cancelled the deal because Tiffany was paying millions in dividends to shareholders despite financial losses during the COVID-19 pandemic. Some US$70 million had already been paid by Tiffany, with an additional US$70 million to be paid in November 2020.[64] LVMH filed a counterclaim against Tiffany for its mismanagement during the pandemic.[65]

The case was set aside after LVMH agreed to purchase Tiffany at a reduced price of almost $16 billion in October 2020.[66][67] The $15.8 billion deal was approved by shareholders in December 2020.[68] Tiffany was delisted from the New York Stock Exchange when the deal closed in January 2021.[69][70] After LVMH's acquisition, several of Tiffany's senior leaders were replaced with executives from other sectors of LVMH.[71][72] Alexandre Arnault was given the role of executive vice president.[73]

Diamonds

Tiffany is known for its luxury goods, particularly its diamond and sterling silver jewelry.[97][98][99][100]

George Frederick Kunz (1856–1932), a Tiffany gemologist, became instrumental in the international adoption of the metric carat as a weight standard for gems. The Tiffany Yellow Diamond (128.54 carat) is usually on display in the New York City flagship store.[101]

In 1886, founder Charles Tiffany conceived of the Tiffany Setting ring design, in which six prongs hold the diamond off of the band, in order to better accentuate the diamond.[102]

Like other similar diamond retailers, Tiffany enacts a strict policy against the repurchasing of diamonds sold from its stores. In 1978, a woman in New York City was denied after she attempted to sell back a diamond ring she had bought from Tiffany two years earlier for $100,000.[103]

In 2019, Tiffany CEO Alessandro Bogliolo announced that in 2020 the company would become transparent regarding the country or region of origin of the company's newly sourced and individually registered diamonds.[104]

Colored gemstones

Tiffany offers jewelry incorporating a wide variety of colored gemstones, including gems it played a role in popularizing, such as tsavorite,[105] kunzite, and morganite. In February 2015 a turquoise and aquamarine bib designed by Francesca Amfitheatrof, Tiffany's design director, and worn by Cate Blanchett at the 2015 Academy Awards, contrasted favorably with the white–diamond encrusted jewelry worn by other stars, according to Guy Trebay of the New York Times.[106] In 2025, Tiffany & Co. announced the acquisition of a 7,500-carat rough kunzite gemstone, intended as the centerpiece of a special capsule collection celebrating the 60th anniversary of its iconic Bird on a Rock brooch design. The gemstone, notable for its size—approximately that of a paperback book—clarity, and vivid purplish-pink color, was originally discovered in Mozambique over 25 years ago and purchased earlier that year from a gemstone dealer in Bangkok.[107]

Fragrances

In the late 1980s, Tiffany & Co. ventured into the fragrance business. "Tiffany" for women was launched in 1987, a floral perfume for women by perfumer François Demachy. At $220 per ounce, "Tiffany" was marketed by major department stores across the United States.[108] Two years later, "Tiffany for Men" was launched in 1989 and developed by perfumer Jacques Polge. The bottles for both the men's and women's fragrance were designed by Pierre Dinand.[109] In 1995, Tiffany launched "Trueste" perfume for women, which was later discontinued.

In October 2019, Tiffany launched a new fragrance line, Tiffany & Love.[110]