Tiffany Plans New Engagement-Ring Concept

RAPAPORT Tiffany & Co is preparing to launch a new engagement-ring concept as it heads into the holiday season on the back of solid second-quarter results Among these, Tiffany plans to introduce a new engagement-ring design, Tiffany True, in the coming weeks, and into 2019 "With the launch of Tiffany True, I think we will benefit also from a newness in this important category, even if we know [it] takes time to establish a new setting, a new design as a classic and as a bestseller," said CEO Alessandro Bogliolo.

The retailer is also looking to expand its personalization program by increasing its marketing effort for the Make it My Tiffany program, which allows customers to create one-of-a-kind designs that can be engraved on jewelry and charms The jeweler also has plans to expand its engagement-ring customization program to various markets outside the US In addition, Tiffany will raise its marketing expenditure for its Paper Flowers collection - the first by creative head Reed Krakoff, which it launched in North America in May - as it extends the collection to Europe, Asia and other global markets.

Tiffany plans to expand its digital presence in the country, through an online pop-up store in conjunction with Luxury Pavilion, the luxury retail platform of Tmall, which it will roll out in September Tiffany plans spending for the third and fourth quarters to be "Well above" that of prior years, as it moves forward with this new strategy, which includes a new "Whimsical holiday campaign" the company has planned for later in the year. . Source