About Tiffany & Co
Arguably the world’s most iconic jewelry brand, the history of Tiffany dates back to 1837 when 25-year-old Charles Lewis Tiffany and his friend John B Young opened a small stationery and fancy goods store in New York City with the help of a $1,000 contribution from Charles’ father.
This store was soon acclaimed as the palace of jewels for its exceptional gemstones. Since then, TIFFANY & CO. has become synonymous with elegance, innovative design, fine craftsmanship, and creative excellence.
During the 20th century, its fame thrived worldwide with store network expansion and continuous cultural relevance, as exemplified by Truman Capote’s Breakfast at Tiffany’s and the film starring Audrey Hepburn.
Today, with more than 14,000 employees, TIFFANY & CO. and its subsidiaries design, manufacture and market jewelry, watches and luxury accessories.
Including more than 5,000 skilled artisans who cut diamonds and craft jewelry in the Company’s workshops, so that realizing its commitment to superlative quality.
The Company operates more than 300 TIFFANY & CO. retail stores worldwide as part of its omnichannel approach.
Entry into Indian Market
Tiffany & Co. is now entering India after years of eyeing the market’s rising middle-class shoppers.
India is the world’s second-biggest gold jewelry market, and sales of gold and diamond jewelry are expected to grow annually by as much as 7% in the next three to five years, according to the nation’s Gem & Jewellery Export Promotion Council. Much of the retail business comes from small local shops that sell traditional ornaments.
Tiffany will start with two stores – one in New Delhi and another in Mumbai – that will carry the same assortment of silver and gold bracelets, necklaces and rings available in other markets, along with higher-end items with gemstones.
Tiffany’s goal is to sell jewelry to members of the emerging middle class that are global travelers familiar with the label’s most popular designs and Western-style, Bogliolo said.
Around the world, Tiffany has refocused its efforts on increasing sales in local markets. Rather than relying on tourist flows that have become erratic over the past several quarters.
Weak tourist spending in the U.S. has taken a toll on the company, driven by a strengthening dollar and trade tensions between the U.S. and China. Meanwhile, in Hong Kong, street protests have disrupted stores and hindered sales.
Tiffany’s entry into India will be a joint-venture with Reliance Brands, the conglomerate owned by India’s richest man Mukesh Ambani.
Reliance has forged partnerships with numerous international luxury brands with ambitions in India, including Coach, Michael Kors, Burberry, Bottega Veneta, and Hugo Boss. Also, it’s the most important retail operator in the country
It took so long for Tiffany to come to India because it sells only through its own stores, rather than in local jewelry shops and dealers. It has 325 directly-owned retail locations around the world.
India’s outlook in the Luxury market
It’s interesting to see that despite an economic slowdown in the country, luxury brands are still seeing opportunities to tap Asia’s third-largest economy, as wealth continues to rise and where there’s a strong appetite for high-end names.
India’s market for luxury goods was estimated by the Associated Chambers of Commerce and Industry of India (Assocham) to have reached $30 billion last year, up from $23.8bn the previous year. The industry group forecasts that the market is expected to increase five-fold over the next three years.
It cites the rise of travel, which is giving Indians more exposure to luxury brands and expanding purchasing power as factors behind the trend.
Assocham also adds that relaxations to regulations in the retail industry by the government in recent years are making the Indian market even more attractive for international brands to enter the country.