Tiffany & Co. Delays Retail Release of New Jewelry Collection
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Tiffany & Co. has postponed the retail rollout of a collection the company hoped would drive its business forward into the second half of the year.
The T1 collection, a modernized version of Tiffany’s original T designs from the Eighties, was meant to hit the jeweler’s stores and e-commerce on April 1. Now with most of Tiffany’s North American and European stores closed under coronavirus lockdown, the collection’s target in-store release date has been adjusted to later this spring.
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A Tiffany representative said T1 is still on track for online release sometime in early April. The collection’s in-store launch date may be further delayed if the coronavirus crisis and associated shutdowns continue.
Tiffany had been planning a considerable press and digital media blowout for T1, the latest collection designed by Reed Krakoff. The collection’s classic-leaning designs are fabricated of rose gold. It is part of a larger push by Tiffany to focus on gold jewelry — a strategy that increases the average purchase price while also elevating the brand’s assortment and perceived cachet.
It will be the first major new collection to be released since the jeweler agreed to a $16.2 billion takeover deal with LVMH Moët Hennessy Louis Vuitton in November. Earlier this week, LVMH denied reports that it would purchase Tiffany shares on the open stock market, where the price of Tiffany shares has dipped below LVMH’s agreed $135-a-share takeover price. The deal is still in progress and is expected to wrap by the middle of this year.
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