Tiffany & CO., once stimulated the romantic feelings of global women, but now is experiencing the biggest decline in quarterly sales since the 2008 economic crisis. Tiffany& Co. recently released 2016 first quarter earnings reports, it shows that Tiffany’s global net sales fell 7.4% to $891 million, net profit of $87.5 million, down by 16.6% year-on-year. Tiffany official attributed the performance problem directly to the dollar appreciation led to the large-scale reduction of consumption of foreign tourists in the American market. The U.S. market accounted for 50% of total revenue in Tiffany, and the exchange rate fluctuations seriously affect its profit settlement. But the fact is that in November and December 2015 in this important holiday season, the sales of Tiffany and co replica jewelry also fell 6% year-on-year, the sales also fell by 3% even if settled at a fixed exchange rate.
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Does the brand recognition of Tiffany has decreased in people’s heart. The answer is no.
Salina was proposed to her boyfriend, she received a Tiffany six claw heart-shaped diamond ring, she very like, this is an engagement ring that she always dreams to get. She first recognized the brand is through the film “Tiffany’s breakfast”, but there is a little contradictory, Salina didn’t want their engagement rings tiffany replica is the same as the others. After all, there have been three female colleagues of proposing diamond ring are from Tiffany.
This contradictory mood just reflects the Tiffany may have been some problems, although these diamonds rings can contribute $4 billion in sales each year, but the younger generation will be more concerned about the uniqueness that consumption brings. Young people don’t want to be labeled, they don’t want to their engagement ring can be seen everywhere even if they agree with the brand image of fake Tiffany & co ring in the market.
But on the other hand, Tiffany does not have other similar product lines to support or hedge the company’s overall performance. Tiffany as a single brand, in addition to selling wedding rings and jewelry products, only has the Home Furnishing this one business. The benefits of a focused business is that a single brand growth trend is not easily diluted, the downside is that attenuation trend will be magnified.
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The relatively low price of silver tiffany and co replica jewelry once saved the brand, and these series have been constantly launched new products. The value of jewelry brand is from its product concept, series and design. Chinese consumer groups more focus on the basis value of jewelry, the people who willing to pay for the design is rare. The problem has also been magnified with the economic downturn. Consumers are getting smarter and their choices are growing. If the premium of jewelry is too high, they may give up.
Even the holiday gift this market has been brought sales growth to Tiffany, also faced with the crisis in recent years. You may have noticed that the big category of jewelry has not been included in the “best Christmas Gift Top 5” list for a long time. A younger generation with relatively strong consumer intentions is more willing to spend money on UAVs, balance cars, travel tickets, wearable devices and other look cooler and more interesting products. Even the innovative products that once saved Tiffany from 1970s to 1980s – relatively inexpensive silver jewelry also cannot improve the situation.
In a Reuters report, Tiffany was called as “The old world luxury”. Famous Luxury department stores group president also a similar view. He believes that the consumer world has entered a new luxury era. In the first quarter of the past, the overall performance of the U.S. retail downturn. One of the important reasons is that people spend more on tourism, entertainment and other experiential consumer industries, rather than the single functional apparel accessories market.
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Fake Tiffany T series launched in 2015, the sales good, it is also an attempt that get rid of the label of gift. In addition to bringing fresh and personalized products and services to consumers, the core of new luxury consumption must also establish an emotional connection with them. Social media has been so developed, consumers will no longer be willing to passively accept or cater to the brand through the offline and the traditional media to receive information. In other words, a lot of luxury stores have long relied on the VIP membership and maximum security to create a high-end market, these practices have been unable to impress the current consumer groups.
But complaining about the bad economic environment cannot give Tiffany any benefits, she must be accelerated to find new profit point. But want to change the status quo, the first thing is to get rid of the gift label of 180 years of brand image. That is to say, you have to allow consumers to buy their own products, rather than always pick gifts for others.
In 2015, Tiffany’s new design director Francesca Amfitheatrof released her first design series- Tiffany T. This series does not set with a lot of gemstone elements, but combine the design of replica Tiffany T bracelet with the T logo. This series of target customers is the urban women who pursuit of freedom and independence, but there is also many men are attracted by it. This series is as popular as Tiffany expected, but the official did not disclose specific sales figures.
Tiffany T ring replica maintained strong growth momentum, but did not as expect that boosting Tiffany’s other jewelry sales growth. Like all companies in the doldrums, Tiffany started downsizing at the end of last year to cut costs, and increased the price of existing high-end products to adjust its product structure, as well as increased quarterly marketing budget and intensity.
Actively take same-sex couples into popular consumer group could be the right thing Tiffany did last year. Tiffany has launched a highly acclaimed engagement ad for same-sex couples, they find the real same-sex partners in real life to play “Love Without Limits” this advertising, then launched a simple without diamonds replica Tiffany Atlas ring as new product to facing this group, the market reaction is also good.
To win time for these new market means, Tiffany has begun to transfer the investment to the places where there is still have the demand for Tiffany from the North America this core market, such as the mainland China market that sustained steady growth over the past 5 years. Tiffany senior vice President has recently said to the media that they are going to continue and accelerate set up shop in China. This transfer process can provide buffering for the drop of Tiffany, allowing it enough time to find a more correct solution.