Tiffany & Co. Will Open Temple St. Clair Stores


July 24, 2003

Tiffany & Co. Will Open Temple St. Clair Stores

Tiffany & Co., branching out from its traditional name and style, will open two Temple St. Clair boutiques this fall, says The Wall Street Journal. Tiffany invested in the upscale line, currently sold in high end stores such as Berdorf Goodman, last year. The line is considered more trendy than typical Tiffany jewelry, emphasizing on colored gems and gold. "It doesn't have the same timeless and classic definition," one analyst told the WSJ. One boutique will open in September in the South Coast Plaza in Costa Mesa, CA; the other will open in November in a shopping mall in Short Hills, NJ.

The diversification is the second by Tiffany, following a 2001 acquisition of the duty-free retail chain Little Switzerland, which sells luxury products in Alaska and the Caribbean. Tiffany's online and silver sales are credited with its first-quarter sales increase of 14%, indicating the strategy of widening its base to include more and different types of consumers is proving successful. Some analysts express concern that the various diversifications may harm Tiffany's image as the place to buy pricey engagement rings, says WSJ. However, the company is taking steps to exert more control over its exclusive inventory, with a stake in a Canadian diamond mine, and plans to increase the amount of jewelry it makes in-house from 52% to 75%.






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