There is the rich and then there is the filthy rich.. and this is who Tiffany & Co are targeting.
Reuters reports that the famed American jeweller are looking to establish a separate selling unit to cater to wealthy clients around the world who covet its high-end statement jewellery.
This selling unit will feature items with a dollar value of $US50,000 or more.
“We believe there is a big opportunity to grow that higher-end business and that it is important to have a dedicated, proactive selling organization,” Mark Aaron, Tiffany’s vice president of investor relations told Reuters.
The team will be headed by Beth Canavan, who currently leads Tiffany’s Americas business. That business will be rolled into the portfolio of Frederic Cumenal, who has been responsible for Tiffany’s businesses in Asia, Japan, Europe and Emerging Markets, the company said.
At present Tiffany gets about one-quarter of its sales from inexpensive items such as charms, whereas thirty per cent of the company’s sales come from its engagement and bridal selection.
By Cassandra Murnieks
Follow MO Luxury’s Facebook page for more luxury news…
