The past two years of Tiffany and Co. have not been good. Their sales had been experiencing a dip and now the company is making new efforts to overcome their sale crisis. In order to revitalize the company’s top line, a new Chief Executive Officer was deployed in early October. The new CEO is Alessandro Bogliolo.
The Cast of the Industry Focus
Consumer goods are still involved in discussions pertaining to the hurdles, challenges and opportunities of the company. Every specific initiative taken by Tiffany and Co. is being properly examined so that it can attract a new business in the luxury market, which is targeted at high end customers.
Many experts believe that the reason why Tiffany and Co. is not able to increase its former heights is because the customers are not that interested in diamonds any more. Sustainability, sourcing and environmental concerns are the thoughts that are flooding the minds of people and their liking for diamonds and other precious stones seems to be decreasing.
According to various researchers, if Tiffany and Co. wants to get back on track, then it is supposed to regain the trust and loyalty of its customers. It is supposed to make the customers believe that whatever diamonds they sell have the best aesthetic beauty and they are responsibly sourced. This way, they can build their brand image again and attract more customers.
Since Tiffany and Co. is a trademark and juggernaut when it comes to diamonds and precious stones in the luxury market, it looks like the company will achieve its targets and objectives in the longer run. The younger generation, as of now, is not appreciating luxury jewellery, but they are going to do so in the time to come.
Moreover, Tiffany and Co. has decided to expand its product variety of watches and other accessories so that it can attract some part of youth population also.