Tiffany & Co. is changing its marketing strategy, introducing new products and expanding its online presence to appeal to millennial and Gen Z shoppers. We take a look at what Tiffany's Q1'18 results mean for the company's strategy.
- The 180-year-old luxury jeweler wants to be the “expert of modern love” for millennials. CEO Alessandro Bogliolo laid out a 6-point strategy for growth. It included shifting Tiffany’s “historic perceived branding message” to be millennial friendly. The company says its Believe in Love campaign (aimed at attracting a younger demographic) contributed to 11% growth in engagement jewelry sales during the quarter.
- Tiffany’s is piggybacking on luxury e-commerce startups to target wealthy millennials in 40 countries. Tiffany’s recently started offering a curated assortment of its luxury jewelry on unicorn e-commerce site Farfetch. The Guardian called the UK-based startup a “magnet for wealthy millennials happy to splurge £500 in an online shopping spree.” Tiffany’s is following in the footsteps of other luxury brands like Chanel and Harvey Nichols that want to expand their e-commerce presence and target a younger online audience.
- Omni-channel commerce is Tiffany’s new mantra. Apart from its partnership with Farfetch, Tiffany’s is revamping its own website and in-store experiences to offer a seamless online-offline integration for shoppers. Here again, Tiffany’s addressing the disappearing boundaries between digital adverts, e-commerce, and physical stores, especially for millennial buyers.