Tiffany & Co. Essay
Tiffany & Co. is a leading US luxury jewelry company. For more than 150 years, Tiffany & Co. have been designing exquisite jewelry that highlights the incomparable beauty of diamonds. The designations TIFFANY ® and TIFFANY & CO. ® are the principal trademarks of Tiffany, as well as serving as trade names. Through its subsidiaries, the Company has obtained and is the proprietor of trademark registrations for TIFFANY ® and TIFFANY & CO. ®, as well as the TIFFANY BLUE BOX® and the color TIFFANY BLUE® for a variety of product categories in the United States and in other countries.
Tiffany & Company is a jewelry company founded by Charles Lewis Tiffany and John B. Young in New York City in 1837 …show more content…
Customer Demand The primary product category of Tiffany & Co. is the diamond jewelry especially the engagement rings. The jewelry as luxury goods relying on discretionary spending and impulse buying is highly dependant on “special events” to drive consumer demand. Besides “key events” driving jewelry and diamond demand, self-purchase, gift-giving, and limited precious metals are other drivers of demand.
Major Events Driving Jewelry Demand There are three categories of special events that typically drive Tiffany & Company’s sales: 1) annual calendar events such as Valentine’s Day; 2) life cycle events such as weddings, anniversaries; and, 3) special events such as midnight madness.
Annual Calendar Events Holiday season — Christmas, Chanukah, Thanksgiving Day, New Year, etc.
Other calendar events — Memorial Day, Labor Day, etc.
Life Cycle Events Wedding / Bridal
Other life cycle event — A child’s first communion, College graduation, etc.
Invented Events Midnight madness
The manager’s gone so we can give it away sale
Seasonality As a jeweler and specialty retailer, Tiffany & Company’s business is seasonal in nature, with the fourth quarter, the holiday season, typically representing at least one-third of annual net sales and approximately one-half of annual net earnings. Management expects such seasonality to