Laura Morrison
Tiffany & Co. is a luxury jewelry and specialty retailer offering engagement and wedding rings, watches, drinkware, tableware, home decor, stationery, fragrances, and leather goods. Founded in 1838 by Charles Lewis Tiffany and his business partner, J. B Young, Tiffany & Co. has a longstanding history. Over the years, the brand has been a hallmark of class, sophistication, and timeless elegance. Its iconic flagship store is located on Fifth Avenue in Manhattan, New York City, as featured in Hollywood’s Breakfast at Tiffany’s.
LVMH Moët Hennessy Louis Vuitton purchased Tiffany & Co. in January
2021 for USD $15.8 billion
LVMH (LVMUY) is publicly traded on OTCMKTS, currently worth a record high of USD $434 billion
Founded in 1987, LVMH has 75 houses spanning from wines and spirits, fashion and leather goods, perfumes, cosmetics, watches, and jewelry
Tiffany & Co. has been retailing tableware and silverware since 1847, featuring superb craftsmanship and ornate motifs. These pieces are made with high-quality materials, including sterling silver, stainless steel, bone china, crystal, glass, and porcelain. Tiffany & Co. is proud of its sustainable practices and 100% traceable sourcing over the past 25 years. Customers choose Tiffany & Co. because of its luxury standard, affiliation with affluence, store ambiance, and premier purchasing experience.
Tiffany & Co. pulls designs and motifs from its extensive archive and showcases collaborations with Andy Warhol Collection and Elsa Peretti, the late Italian jewelry designer. Many of these pieces flaunt a more traditional style with many floral patterns. Fine tableware and silverware have historically symbolized wealth and status — a musthave for every home. They have been particularly popular for gift-giving and wedding registries and can be purchased in-store or online.
Tiffany & Co. could launch a luxury event space in New York City, the home of its flagship store. Given the iconic history of the brand and its unbreakable association with love and marriage, Tiffany & Co. could expand to serve its well-established customer base. The brand can become a full-service engagement and wedding destination for designing and purchasing rings, consulting with event coordinators, hosting weddings, and setting up wedding registries. This venue could also house other events, such as teas, parties, benefits, and galas. The space would epitomize the brand with splashes of Tiffany blue, dazzling lighting, and archived motifs.
Events would be arranged by in-house expert planners, coordinators, and decorators with access to glamorous decor that suggests luxury and elegance. Flowers and other event items could be outsourced as needed. Tiffany & Co. tableware, silverware, drinkware, and accessories could be used for these events according to the event package selected. Given the sentimental value of weddings, couples could purchase the same tableware and silverware used on their special day for a discounted price (such as 15% off). The same discount could be applied to wedding registries of event patrons hoping to be gifted their wedding tableware and silverware.
A survey was conducted to determine current attitudes toward the Tiffany & Co. brand, fine tableware and silverware, and a proposed Tiffany & Co. event venue. The survey was delivered via Google Forms, which is familiar and easy to navigate. Recruitment through social media was successful in gathering a small group of participants.
How do people feel about the Tiffany & Co. brand?
How do people feel about purchasing/ owning fine tableware and silverware?
What are people looking for in a wedding venue/ event planning experience?
Are people interested in a luxury event space by Tiffany & Co?
Will this pivot achieve product-market fit?
Are there any correlations between participant demographics and responses?
The survey reached 37 individuals between the ages of 18 to 64, comprised of 88% female and 12% male, with varying purchasing power. Most participants were married or single, with some engaged or divorced. While only 41% of the participants had shopped at Tiffany & Co, all were familiar with the brand.
Participants provided mixed reviews on the idea of fine wedding tableware and silverware. While some find the idea old-fashioned and unnecessary, many expressed a love for the tradition and consider it a must. 43% of participants reported a desire to own two sets of tableware and silverware for everyday use versus special events, and 35% are still considering it. Also, more than half of participants expressed a desire for quality tableware and silverware but are not particularly concerned about designers and brands. In fact, only 19% reported that they want to purchase tableware and silverware specifically from Tiffany & Co.
How likely are you to list ine china and silverware on your wedding registry?
Participants indicated many positive associations with wedding mementos, using words such as cherish, love, memory, tradition, special, sentimental, and forever. A few participants suggested negative associations, mentioning clutter and hoarding. Not
How interested would you be in purchasing the same tableware and silverware sets used at your wedding?
While participants shared an array of varying dream wedding venues, over 60% of them confirmed they want to impress guests with their chosen venue. Also, over 60% of participants place importance on the tableware, silverware, and decor at their weddings.
Are you willing to spend more for a luxury wedding venue?
Does the aesthetic of Tiffany & Co. match your ideal wedding venue aesthetic?
Yes No Maybe
Yes No Maybe
Bright, clean, fancy, spacious, high ceilings, dance floor, big windows, good view, nice for pictures.
Over 50% of participants expressed an interest in throwing an event at a luxury venue by Tiffany & Co. Even more convincing, over 70% of participants expressed an interest in attending a wedding, tea, party, benefit, or gala at a luxury venue by Tiffany & Co. The survey results did not show a correlation between a higher income and a desire to host or attend an event at this venue. Overall, these results suggest a genuine interest in an event space by Tiffany & Co. and reveal the potential for a successful business pivot.
How interested would you be in throwing an event at a luxury venue by Tiffany & Co. for hosting weddings, teas, parties, benefits, and galas?
Not interested
Very interested
How interested would you be in attending a wedding, tea, party, benefit, or gala at a luxury venue by Tiffany & Co?
Not interested
Very interested
Total Addressable Market:
Approx. 38.8 million people belong to households earning over $200,000 USD in America
Population of USA 334.35 million (US Census) x household income 11.6% (Statista)
Segmented Addressable Market:
Approx. 2.6 million people belong to households earning over $200,000 USD in NY state
Population of NY 19.84 million (US Census) x household income 13% (Statistical Atlas)
Serviceable Obtainable Market:
Approx. 11,700 people belonging to households earning over $200,000 USD get married each year in NY state
Wedding rate in NY 4.5 / 1000 (Statista) x SAM 2.6 million people
11,700 people in NY state
... belonging to households earning over $200,000 USD get married each year
2.6 million people in NY state
... belong to households earning over $200,000 USD
38.8 million people in the USA
belong to households earning over $200,000 USD
S O M S A M T A M
Name: Olivia Taylor
Age: 29
Gender: Female
Income: $120,000 USD
Occupation: Interior Designer
Marital Status: Engaged
Children: None
Olivia recently got engaged with a Tiffany & Co. ring and is looking to find the perfect wedding venue to meet her classic, elegant aesthetic. She is eager to meet with Tiffany & Co. to check out their brand new venue in New York City.
Easy-to-navigate customer interface
Appointment booking
Enthusiastic attitude and reassurance from professionals
Convenient shopping in-store or online with supreme customer service
Assistance in decision-making & expert advice
Initial consultation & venue touring
Setting up wedding & gift registry
Planning & making selections
Perfect execution of the event (scheduling, decor, flowers, food & drink, service)
Celebrating the wedding day
Hopeful & excited
Apprehensive, excited & happy
Cheerful, focused & intentional
Overwhelmed, indecisive, eager
Joyous, delighted & thrilled
Many popular luxury event spaces are hotels, such as the Pierre, the Grand Plaza Hotel, and the Bowery Hotel
Most wedding and event planners in the area are operating on a moderately small scale, such as Matthew Robbins Design and Loli Events
There are no full-service engagement and wedding destinations on the market offering rings, an event space, event planning services, and wedding registries
Tiffany & Co. should launch a luxury event space in New York City, given the great interest shown by survey participants and the sizable serviceable obtainable market. The brand already has an impressive reputation for delivering world-class goods and services affiliated with engagements and marriage, confirmed by survey responses. Since Tiffany & Co. has already branched out into the hospitality sector with the Blue Box Cafe, an event venue seems the natural next step.
According to the survey, only 19% of participants want to purchase tableware and silverware from Tiffany & Co. However, 43% of participants indicated they would be interested in buying the same tableware and silverware used at their weddings. These statistics confirm that this business model pivot will likely boost sales of tableware and silverware. Since the survey was conducted on a small scale, further research is required to learn more about the target customer base and their planning and event needs.
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