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Tiffany & Co's Middle East Expansion
Transcript of Tiffany & Co's Middle East Expansion
Global competitive pressure
Tiffany & Co's Mission Statement:
''To be the world’s most respected and successful designer, manufacturer and retailer of the finest jewelry"
A Look at Tiffany's Financial Statements
Summer Institute for General Management 2014
Stanford Graduate School of Business
Leo Huang, Jennie Lummis, Davide Nappo, Charlotte Reynders
1. Affordable and Expensive Jewelery
2. Tiffany's Traditional Blue Box
3. Gift Giving Company
Power of market
Projected earnings of $2.55 to $2.60 a share on sales growth of 11% for the current fiscal year
Financial crisis struggle:
$220 million in revenues, or $1.74 per share in 2008
$323.5 million, or $2.34 a share in 2007
Overall sales dropped 3% to $2.86 billion vs 16% in U.S. sales
Its 94 U.S. stores due to double over the next 15 years, 12 Chinese to triple and 27 European also to double
Focus on developing business in emerging markets, chiefly the Middle East and Russia
Tiffany & Co's current and potential marketing strategies in the Middle East.
The Middle East is the tenth largest luxury goods market
Dubai commands 30% of the luxury market in the Middle East
$1900 spending per capita in luxury goods against the global average of $884
Tiffany & Co's strategy is to develop a strong reputation in the Middle East by improving their marketing presence through targeted print advertising and online presence to convince both traditional and young consumers of the luxurious nature of the brand.
Ads featuring their luxury high jewelry
Publication in regional fashion magazine
Add country option for UAE
Center around Middle Eastern holidays
Young Upper Class
Net Worth Individuals
Americanized young people
Smaller luxury purchases
Purchase unique and
expensive luxury jewelry
Less appreciation for
Favorable market for luxury goods
Tiffany & Co's Expansion in the
Founded in 1837
Purchase of French Crown Jewels and Tiffany Diamond
King of Diamonds
Expansion to affordable lines
Tiffany & Co: