MidTerm:Tiffany & Co

“In 2012, Tiffany & Co celebrates 175 years of legendary style” –Tiffany.com

Tiffany & Co started out as Tiffany & Young in 1837 on Broadway in New York City when Charles Lewis Tiffany and John B. Young opened a stationary and fancy goods emporium. “The year was 1837. Charles Lewis Tiffany and his schoolmate John Young traveled from New England to New York City with an idea and a dream that were to become Tiffany & Co. While the first day of business brought a mere four dollars and 98 cents, the world of jewelry and luxury goods would never again be the same.” - Tiffany.com Every item was marked with a non negotiable selling price and at the end of the first day in business the store had sold a total of $4.98. The same year that the store opened it began using a distinct color blue as a symbol of quality and craftsmanship. It is said that the Tiffany’s blue box is one item that can not be bought, the only way Charles Lewis Tiffany would allow someone to have a blue box was to be given it along with a purchase from the store. Tiffany’s was the first American company to use the 925/1000 sterling standard “In 1851, Tiffany was the first company to use the 925/1000 silver standard which was later adopted by the United States.”- Tiffany.com In 1861 Tiffany’s was commissioned to design a presentational pitch for the inauguration of Abraham Lincoln. In 1862 and throughout the Civil War, Tiffany’s supplied the Union Army with swords, flags and surgical implements. In 1878 Charles Lewis Tiffany purchased the Tiffany’s yellow diamond. In 1885 Tiffany’s redesigned the Great Seal of the USA.

Tiffany & Co is most well known for their diamonds however they carry all types of jewelry from engagement rings to pendants. They sell watches and clutches as well as eye wear and fragrances. Tiffany’s carries jewelry for men as well as cuff links, wallets and brief cases. “Over the past two centuries, Tiffany & Co. has built an international reputation as a premier jeweler and is renowned for its fine china and crystal. Today, its signature blue gift box topped by the white silky bow is an icon for luxury” – Carrie Coollidge (Tiffany & Co: An Iconic Brand) Though men and women a like shop Tiffany & Co their target market segment is women between the ages of 30 and 60 who shop for themselves. These women have middle to high income levels as Tiffany’s prices range from $120 to over $30,000. Some leading jewelers that are Tiffany & Co’s leading competition would be Cartier and Bulgari. They are both well known high end jewelers however I don’t believe they have as broad a market segment as Tiffany & Co.