- Tiffany & Co., a New York-based American luxury jewelry company, has launched its first country store in India at The Chanakya, New Delhi in partnership with RIL.
Tiffany & Co., a New York-based American luxury jewelry company, has launched its first country store in India at The Chanakya, New Delhi, the firm said in a statement.
“The launch of Tiffany & Co. in India marks an important milestone for our iconic brand,” said Alessandro Bogliolo, chief executive of Tiffany & Co.
The shop that stretches over 2600 sq.ft. The retail space also provides a private lounge for scheduled appointments, to improve the shopping experience of customers.
“As a global luxury jeweler with stores in many of the world’s most important cities, the arrival of Tiffany in New Delhi presents a unique opportunity, especially given India’s luxury consumer base and jewelry passion,” he added.
With more than 300 stores around the globe, e-commerce websites in 14 markets, and 14,000 tiffany employees manufacture and market jewelry, watches, and luxury accessories.
This partnership is between Reliance Industries and iconic American jeweler Tiffany & Co.
Tiffany is one of the latest brands that the Mumbai-based firm has added to its growing portfolio of luxury and premium fashion labels. Earlier this year, the company bought out British toy retailer Hamleys for GBP 67.96 million (about ₹620 crores) in an all-cash deal.
At present, the company manages over 60 brands including Kate Spade, Muji, Steve Madden, Superdry, Diesel, Hunkemoller, Iconix, Juicy Couture, among others. It also has 420 single-brand stores and retails via 350 shop-in-shops in India.
Mehta said despite the slowdown in consumption and overall economy, the company’s expansion plans and new store openings are on track. “We do not measure our business on a quarter to quarter basis. We see long term trends. We are scheduled to open 100 stores in the current year across our portfolio,” he said.
This will be the third effort to create a presence on the Indian market by New York City headquartered Tiffany & Co. His first franchise agreement with a local jeweler was ineffective, opening a shop in Mumbai’s Oberoi hotel years earlier. The company’s shops are available in China, Australia, Canada, France, United Kingdom, Hong Kong, Japan, and the UAE in addition to the United States.
Tiffany & Co.’s global net revenues decreased 3% year-on-year to $1 billion in the first half of 2019, and its net profits of $125 million were 12% lesser than a year ago. At the moment of announcing income numbers, CEO Alessandro Bogliolo said the company’s first-quarter findings represented important headwinds in foreign exchange and dramatically reduced global expenditure ascribed to international visitors. The total net revenues of the company decreased 1 percent to $324 million in the Asia Pacific.
Recently, Louis Vuitton brought Tiffany & Co. for $16.7 billion.
