Tiffany & Co. Brand Extension

TIFFANY & CO.

Brand Extension

TIFFANY & Co x Carolina Hererra

Ta b l e o f C o n t e n t s Company Overview Extension Description Consumer Profile SWOT Analysis Marketing Strategy P r o m o t i o n a l To o l s

Company Overview The Tiffany & Co. brand is known as an American luxury jewelry and specialty retailer founded in New York City in 1837. The luxury jewelry company sells jewelry, sterling silver, china, crystals, stationery, fragrances, water bottles, watches, personal accessories and leather goods.

Overview

The Carolina Herrera brand was founded in 1980 in New York City, New York as a Private Label Luxury Brand. The Carolina Herrera brand has fashion looks for men and women as well as for children, and the band also included accessories from bags to jewelry to eyewear and also has a luxury bridal brand.

TIFFANY & Co. and Carolina Herrera present

An Exclusive Bridal Gown Collection

Here Comes the Bride...

The brand extension our g roup chose was to give Tiffany & Co. a bridal l i n e. T i f f a n y i s r e n o w n e d f o r i t s l u x u r y g o o d s a n d i s p a r t i c u l a r l y k n o w n f o r i t s l u x u r y j e w e l r y, w e w a n t t o a d d t o t h i s l u x u r y b r a n d by e x p a n d i n g t h e i r r e a c h i n t h e b r i d a l m a r k e t by a d d i n g l u x u r y, c o u t u r e b r i d a l d r e s s e s . We w a n t to make each bridal season dress release a collaboration with luxury bridal d e s i g n e r s . Fo r t h e f i r s t r e l e a s e t h e b r a n d e x t e n s i o n w e f e l t t h a t C a r o l i n a H e r r e r a e n c o m p a s s e d t h e T i f f a n y & C o . s o p h i s t i c a t i o n a n d g r a c e.

Consumer Profile

No Budget Elite Socialite Wants a one of a kind Wedding Dress Bride Who Knows What She Wants Woman Who Loves that Tiffany Sparkle

Demographic Age Range: 23-36 Local or Foreign High Income/High Class Engaged

PPhsycographic sychographic Likes the Fine Things in Life Enjoys Wine or Champagne at Dinner Likes to Travel on Weekends Drives a Rolls Royce Will get What she Wants

SWOT Analysis Strengths

Opportunities

Strong Brand Identity

Online Market

Excellent Customer Service Solid Retail Execution Highly Proffitable Strong Position in Marketplace

Weaknesses

Threats

Product Line Expansion Expensive Products Lack of Presence in Emerging Economies

International Expansion

High Discretionary Product Mature Market

High Rate of Counterfit Products

Blood Diamond Concerns

Lacks Modern Appeal

Overly Aggressive Expansion Could Discourage Affluent Customers

Kleinfeld Bridal Based in New York City Known for the show “Say Yes to the Dress”

Competition

Tiffany & CO.

Product Wedding Dress Line with Tiffany & Co. with a collaboration with luxury wedding dress Designers

TIFFANY & CO. AND

Carolina Herrera

Placement Luxury custom bridal gowns will be displayed in the New York showroom in the flagship Tiffany store.

People The face of the extension will be the designer that Tiffany’s is collaborating with for that current collection. So for the initial one, the endorser would be Carolina Herrera

Price The price is catered towards a customer with no budget. Prices of the gowns range between 200,000 and 700,000 US dollars. This pricing caters to the primary customer who can afford the top of the line and the aspiring customer (who wins the IG contest.)

Promotion Instagram Contest For “#FindYourInvite” and “#TiffanyEngagementRing” Requires a person to post a picture of their Tiffany ring on instagram with the hashtags. This promotion allows one person who wouldn't normally be in the Socialite and/or High Society that would have access to the event, but would still have the financial means to get the dress, or even to be apart of the event.

The

Invites

Email Blast

#FindYourInvite

.... And They Lived Happily Ever After

Hadley Schmueser Hschmu20@student.scad.edu

Rebecca Robinette rrobin24@student.scad.edu

The End Angelica Santiago asanti21@student.scad.edu Kenzie James Mjames31@student.scad.edu