Came across THIS on CNN. Basically textbook for how you take an old, expensive, stodgy brand and give it new life.
This is the type of thing ALL brands wish they could do. Think Mercedes. Ralph Lauren. Etc. Brands who are expensive, but there are cooler, more hip options now. And they need to carry that brand’s legacy and leverage into new momentum with younger audiences.
Now, it’s likely this wasn’t just done with ads and building a cafe to get people in the door. By the sounds of it, there were also revamps in design and fresh new collections that got the audience they wanted excited – like their new Paper Flowers campaign. Doesn’t hurt they tack on a young celeb too who’s likable and embodies the change in direction.
With a wide range of prices and collections that distance Tiffany’s from the ‘classic’ jewelry store that our parents would go to, it opens the door and gives young people the ‘permission’ to like the brand. Because it’s not what the previous generation did. Because what worked for them doesn’t work for us. And while there are also cheaper options at Tiffany’s now, this quote from an analyst sums up the route that Tiffany’s confidently takes:
“Certainly, products are not cheap, but neither should they be as Tiffany is an unashamedly luxury brand that wants to create an aspirational feel,” Saunders wrote.
Watch as the stock keeps on soaring, like it did back in May with a near 30% spike. Kudos to Tiffany’s CMO too, who appears to be a Tiffany lifer. Incredibly impressive to be able to think differently after being at the company for that long.
Watch them keep soaring using the money and legacy they already have to further distance themselves from the David Yurmans of the world with a cool, aspirational and hip feel, while staying far above the low-brow Jared’s of the world. They’re onto something and have given themselves even more runway.