It is time for Tiffany to have new stories

 

In 1916, Audrey Hepburn had attended the film “Breakfast at Tiffany’s” which as America’s best comedy by critics as the 1960 s, this film didn’t lose its charm for decades and still can attract many viewers. Through this film, Tiffany jewelry products were becoming famous by Audrey Hepburn’s performance and perfect interpretation of dressing. So, wear Tiffany jewelry has become the most basic measure of romance and happiness for females, however, after its peak, the once inspired female romantic feelings of the world’s brand is now facing the economic crisis since 2008 the biggest drop in quarterly sales. “Tiffany global net sales fell 7.4% to $891 million, compared to the net profit of $87.5 million, it has down by 16.6% year-on-year.” according to the financial report of Tiffany in 2016 which showed result of the first quarter. Tiffany jewelry has to face various problems and challenges.

 

The millennial generation no longer choose to buy Tiffany product. Receiving a tiffany diamond ring when being proposed could be the dream of many women, however, today’s young ladies don’t want their diamond rings are similar as the others. This contradiction which perfectly reflect the tiffany’s long-standing problem that the young generation are more care about the uniqueness of consumption and they are not willing to back labeled, which means even they admitted the identification of Tiffany in diamond market’s brand image, they are not willing to propose their own diamond ring can be seen everywhere. On the other hand, Tiffany doesn’t have other product lines which have similar position that can support and remedy company’s overall performance. From the point of industry practice, luxury brands into a group company’s biggest advantage is that other brands and category can be used as a kind of performance for comedy when the main brand fell. “Tiffany as a single brand, in addition to selling the ring and jewelry and other jewelry products, they don’t have other prominent business on global market. More focus is that the benefits of a single brand upwards growth trend is not easy to be diluted, the downside is that falling trend will be magnified.” As CBN weekly showed.

 

In my opinion, I think the improve floating service concept and price control of product for middle class will be effective solutions. In other words, more and more people are pay attention to the basis of jewelry’s value, not much people are really willing to pay for the design styles. Also, modern young consumers are knowing some basic skills that how to distinguish the method of the color or gloss. If the premium is too high, consumers would choose to purchase the product like Pandora or others similar brands to meet their own needs. From the service concept, social media are become a developed power and consumers no longer willing to be passive to accept or to cater to the brand through media outlets and convey information. In other words, many luxury goods stores have long relied on VIP membership, heavy security and differ attentive technique to create a sense of high-end market which has not impress the consumers. Therefore, strengthening the network publicity has been a very important and the measure complied with the trend of the development of the modern information.

 

What is more, I think the idea of the design style of product and is the most important points. Two years ago, Tiffany’s new design director Francesca Amfitheatr released her first design series “Tiffany T”. “This series of target customers is the pursuit of free and independent urban women, rather than the men who uses it to buy gifts for their wives or girlfriends. This series is very popular as Tiffany expected.” according to the official story of Tiffany. In this case, I think this is a successful transformation for Tiffany that drop from the

“gifts” label. Therefore, tiffany will need to create and improve more design concept to face different people.