Since Tiffany & Co. has seen a decline in their sales over the past few years, they’re finally getting smart about who their customers really are.
Up till now, they’ve mainly created jewelry for women, but it’s typically the men that are shopping and buying from them. So, why not create a line just for them?
“We have a captive audience,” says the company’s chief artistic director and the designer of their new collection, Reed Krakoff.
Tiffany is not the first
High-end jewelry for men began popping up over the last few years on men’s fashion runways at Gucci and other similar brands, according to the independent fashion consultant, Robert Burke.
Burke also noted that Dover Street market in London, Tokyo, and New York have been featuring men’s jewelry, and now Saks Fifth Avenue in New York has also announced the fall opening of “The Vault” – a jewelry area just for men.
Last Thursday, Tiffany announce the launch of its first comprehensive jewelry collection just for men coming this October in order to attract younger customers.
The company has already been selling things like money clips, cuff links, rings, and other conventional jewelry pieces for men, but this new collection will be much more splendid with nearly 100 designs ranging in price from about $200 to $15,000.
They will also sell home furnishings and accessories like beer mugs, ice tongs, and cocktail shakers in the hopes of tempting today’s young men.
According to Euromonitor International, global sales of men’s fine jewelry are up 23% from 2013 at $5.8 billion last year. It’s still a far cry from overreaching women’s jewelry, however, which was up just 14% from 2013 but at $33.2 million dollars.
Tiffany plans to dedicate an entire floor in each one of their 300 stores to this new men’s line, according to Krakoff.
“Men all over the world are wearing jewelry and more accessories as part of a wardrobe,” said Krakoff in an interview with the Associated Press. “You started to see it on the runways, in social media.”