Today, Tiffany & Co. is a public company worth about $5.4 billion. The company is engaged in product design, manufacturing, and retailing activities. Tiffany & Co. is a jeweler and specialty retailer, whose merchandise offerings include an extensive selection of jewelry, as well as timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories. Today, more than 200 Tiffany & Co. stores are operating across North America, Asia and Europe.
Tiffany & Co. success today is the result of a strong business. As we know, to achieve this success company has to have a strong strategic plan. The key growth strategies of the company are:
- to increase sales in existing stores by developing new products;
- to increase its control over product supply and achieve improved profit margins through direct diamond sourcing and internal jewelry manufacturing;
- to selectively expand its channels of distribution in important markets around the world without compromising the long-term value of the Tiffany & Co. trademark;
- to enhance customer awareness through marketing and public relations programs;
- to provide customer service that ensures a superior shopping experience.
Tiffany & Co. have a sustainable competitive advantage. SWOT analysis:
- strengths - famous artists as designers who also make their jewelry lines; Paloma Picasso - Loving Heart collection
- weaknesses - they have very few partnerships
- threats - new competitor Blue Nile.
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