NEW YORK CITY, New York: Tiffany & Co. has opened its newly renovated New York city flagship, as part of the restructuring planned by its owner, LVMH, the world’s largest luxury group and Europe’s most valuable company.
Alongside Tiffany CEO Anthony Ledru, “Wonder Woman” actress Gal Gadot oversaw the early morning ribbon cutting ceremony.
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The nearly four-year restoration of the historic building, which is located at the corner of East 57th Street and 5th Avenue on a prominent stretch of midtown Manhattan real estate and built in the early 1940s, began before Tiffany’s was taken over by LVMH.
Before closing for renovations in 2019, the store accounted for 10 percent of Tiffany’s global sales and will likely remain its leading retail outlet, both in terms of sales and marketing, Ledru said.
After the ceremony, Ledru told journalists, “It is not a flagship, it is a landmark that has been here for 83 years. It’s the renovation of the century.”
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“Tiffany’s Fifth Avenue store is key to the brand revival, and is key to its strategy to go upmarket and beyond its traditional focus of engagement rings. Now the priority will be on renovating the label’s retail network, essential for Tiffany to bridge the gap with Cartier, the world’s largest jewelry label, which belongs to Richemont,” Ledru said, as quoted by the Associated Press.
The move comes as European labels, including LVMH’s other fashion labels Louis Vuitton and Dior, have registered strong sales in the US after the COVID-19 pandemic, but is now beginning to slow down.
In 2022, Tiffany’s sales totaled $5.63 billion, and this figure is predicted to reach 7.4 billion in 2025, HSBC said.