Is That The Scent Of Gucci’s Online Success? – 30/6/09

 

Recently we reported that Gucci is the most-talked about brand on social networking sites, and now they’ve announced the launch of two brand-new websites, dedicated solely to their fragrances.

 

Their site, florabygucci.com, which focuses exclusively on Gucci’s female scent, Flora, went live yesterday as promised. But fans will have to wait a bit longer for their main fragrance website, guccifragrances.com, as it failed to meet yesterday’s highly publicised launch date. This website is a collaborative effort between the fashion house and its fragrance license holder, Procter & Gamble Fine Fragrances.

 

Gucci seems to be pulling out all the stops to become closer to their consumer and more innovative in e-marketing. In a WWD Fashion article, Frida Giannini, Gucci’s Creative Director, said, “The Web allows us to involve visitors in a rich multimedia experience. They can then share that experience with their friends online. These new and exciting ways of communicating are fast becoming a way of life.”

 

Bravo Gucci for your e-commerce efforts! Shame you couldn’t deliver on guccifragrances.com, but we’re certain the site will be well worth the wait.

 

It’s The Battle Of The Brands On Social Networking Sites – 29/6/09

Our favourite luxury brands are firmly on the Facebook and Twitter bandwagon. In a recent WWD Fashion article, it was revealed that Gucci joined Facebook in November 2008 after finding out that 50,000 fans were following a bogus Gucci site.Gucci’s official site currently has 404,152 fans. And in March, they launched their Twitter page and have 3,283 followers.

Gucci take their Facebook status seriously and update their site weekly with photos, videos and product announcements.Their Marketing and Communications Director, Robert Triefus, said, “If you’re not updating on a timely basis, individuals are disappointed.” And their efforts are working; research by Vitrue, a social media consulting firm, said that Gucci is the most talked-about brand. Other popular companies were Target, Gap, American Apparel and Urban Outfitters.

Here’s how the other luxury labels shape up on Facebook:

Hermes: 43,982 fans

Louis Vuitton: 145,503 fans

Tiffany: 151,831 fans

Chanel: 381,775 fans (although it’s hard to know whether this is an official site as the campaign postings are not the most recent, however we did think that with close to 400,000 it probably is 'the official' site..).

Burberry: a phenomenal 650,929 fans. Burberry have definitely realised the importance of creating a more personal approach.

Social media is “a little bit of a Pandora’s box,” said Gucci’s Triefus, but luxury brands shouldn’t be scared. These sites can provide many benefits, including giving brands a personality and accessibility, which is often difficult to achieve through traditional mediums, such as print advertising. They also give instant feedback and great consumer insights.

What's A Brand To Do? Define And Remind –26/6/09

We have said it before at the MO Down, but it is crucial to ‘know your customer’. Okay, we admit this can be a trite comment, often heard, repeated and acknowledged, but how can we stop this key factor form going in one ear and out the other? We can’t – it’s up to you to enforce this rule and stop saying one thing and doing another.

As the economic crisis worsens and disposable dollars shrink the pot of available consumer funds, there are many measures that businesses can take to ensure their brand stays on top. Standing out from the crowd, defining and promoting the brand, and exceptional customer service will ensure positive PR and benefits from the power of word of mouth.

It is also essential for brands to consistently convey the sincere message to their customers that ‘they are important’ and then do everything in their power to prove this fact.

When times are tough, you need your loyal support base. If you manage this successfully – and no, it won’t be instant – you will slowly build or reinforce existing foundations. Your business will be steady, focused and ready to maximize future success when the cycle turns. And it will, as it always does.

Less Stock = More Sales, Says Luxury US Department Stores – 25/6/09

The global financial crisis (GFC) had led to aggressive markdowns on many luxury items. But if you believe the latest Bloomberg report, you shouldn’t get used to these heavy discounts, because they’re not here to stay.

The article, Saks Chief Cuts Orders to Avoid Stiletto Discounts, reveals that high-end department stores, such as Saks Fifth Avenue in the US, are planning to purchase around 20 percent less stock so they don’t end up overstocked at the end of the season. And according to retail experts, this type of scarcity will drive their sales through the roof.

“Luxury has always been about scarcity, about limited distribution,” stated Saks Chief Executive Officer, Stephen Sadove. And we second that. Even prior to the GFC, there were too many luxury items in stores with annoyingly plentiful sizes and colour ranges. The stock was just too available. So a return to the basic principles of luxury – high quality items made in limited quantities – should be celebrated. Exclusivity is always a wonderful motivator for any luxury buyer. A limited edition item is generally more highly coveted than one that’s available to the masses.

Burberry Shares Have Skyrocketed – 24/6/09

Our friends at Reuters have told us that shares in Burberry have gained 3.6 percent as finance firm Morgan Stanley upgraded the luxury brand to “overweight” from “equal-weight” and lifted its target price.

Jewellery And Watches To Be The New Jewel In The Crown for Jil Sander – 22/6/09

Licensing is in the spotlight once again with Jil Sander partnering with the Damiani Group to create a line of jewellery and watches.

Best known for her minimalist silhouettes and beautiful fabrics, Jil Sander has already dabbled in jewellery with her Spring Capsule collection, which was well received.

In a WWD Fashion article, Raf Simons, Jil Sander’s Creative Director, enthused, “I feel no limitations in this new direction for the brand as long as we can create items in the very specific Jil Sander style: sophisticated, luxurious and ultramodern.”

We hate to rain on Raf’s parade, but this gravitation towards jewellery and watches is questionable – coming at a time where watch brands such as Bulgari have suffered a slump in sales. Also, this licensing deal goes against what we learnt from the Reuters’ Luxury Summit: that brands will succeed if they stick to their core products and not divert too far from their traditional DNA.

On the other hand, we did say licensing was a cost-effective way to grow a brand (see the MO Down for 16/6) so there may be a happy ending after all.

Luxury Retail, It Really Can Be A Career - 23/06/09

One of the frustrating situations luxury retail brands experience when launching their stores or boutiques in Australia is the relatively unenthusiastic response from potential candidates about working in retail. They believe it is an oxymoron, retail and career...

Australians, unlike most key countries and cities within Europe, Asia & North America do not believe that retail offers a long term stimulating and challenging career. Most potential candidates or incumbent staff take up a retail position whilst studying at university or post high school, in essence they use retail as a stepping stone for their own career path.

This does not only exist in general retail positions but also within the luxury goods retail environment, several years ago it was easier to recruit for luxury retail but we are afraid it too is suffering from the same bad press. Maintaining good retail store staff is imperative to client relationship management, building loyalty with clients and knowledge of their purchasing habits. We don't often quote Justin Timberlake, but we do believe it's appropriate, retailers need to put "the sexy back" into retail.. How?

From first meeting with potential staff the company must talk about the career opportunities, show them there is growth within the retail business; sales executive, supervisor, assistant managers, store managers, department managers through to head office. We know there are always many more retail positions on offer than a head office position, however this needs to be discussed at the outset. Maybe there are transfer opportunities to other stores, states, even retail transfers in other countries with the luxury brand group. The cost of this transient trend of retail staff is enormous to companies and to reduce that to an acceptable level it means the internal public relations and the respect given to retail staff must be positively enhanced..

When headcounts are reduced it often comes from the retail teams, front line staff? The key to a company's success is most often the first thing removed. This in turn has an impact on morale and reinforces in the minds of the staff that 'their position is not that important to the company' and compounds the 'retail = transience' in the minds of many. You know what to do...

Louis Vuitton Goes The Extra Mile In The Middle East – 21/6/09

Louis Vuitton is still not letting the recession stop their progress. Recently the brand opened their 9^th store in the Middle East. Their European President, Jean-Marc Gallot, who was present for the store's soft opening, was quoted in a Business 24-7 article as saying, "This is the third store we've opened in the past four weeks, after London and Padova [Italy]. We want to keep the ball rolling. We want to move ahead."

Louis Vuitton has an affinity with the Middle East, where they have had a 25-year presence. Three years ago, you might remember that they even designed a scarf exclusively for theirMiddle East fans. Louis Vuitton should be admired for this crafty move. Knowing your market is crucial, but going the next step and creating a limited-edition product for the market specifically, is both extremely clever and tactical, and engenders loyalty.

Gallot also confirmed in the above article that licensing is not on their agenda. He stated, “To maintain the respect and the quality, we have to have total control." (For more on licensing, see the MO Down for 16/6).

If licensing is out, what can we expect from Louis Vuitton? Well Gallot suggests, “We want to keep surprising our clients, be on the edge of innovation and still be a lot of fun. Louis Vuitton is much more than a lifestyle, it's all about sophistication, beauty, good taste, quality, emotion and passion."

Hear! Hear! we say.

Chanel and Louis Vuitton Move In To Shopping Malls – 21/6/09

This weekend, there was history in the making as Chanel opened its first boutique in a shopping mall in Australia. Their chosen location was Sydney’s upmarket Westfield Bondi Junction (WBJ). And Louis Vuitton is set to follow suit, opening a store in WBJ next month. Then in November, both these brands will set up shop in Melbourne’s Chadstone Shopping Centre.

This is definitely a significant development in Australian luxury shopping. An article in The Australian suggested, “The move into malls is not an anti-recession strategy - it was planned by both brands well before the economic downturn hit - but it should certainly help the luxury labels win new customers in uncertain times.”

Chanel’s Communications Manager, Susie Stenmark, was also quoted as saying, "There is significant traffic in WBJ. It is a very popular retail space and we expect to enjoy great success there."

We will watch with great interest as to how these brands will adapt to this new retail environment. To go from high street freestanding flagships, where these luxury brands can control the environment, to inside a mega mall, it is an interesting strategic shift; a combination of brand aspiration and accessibility at its finest. And a definite indication that you can’t keep a good brand down!

Lagerfeld’s Designs Take Centre Stage At The English National Ballet – 18/6/09

Culture and couture are once again hand-in-hand, as Karl Lagerfeld’s costumes adorned the stars of the English National Ballet's centenary celebration of the Ballet Russes.

Continuing Coco Chanel’s tradition, Lagerfeld, Chanel’s creative director, designed show-stopping costumes for the principal performers in two dances, The Dying Swan and Apollo.

For the principal dancer of The Dying Swan, Elena Glurdjidze, Lagerfeld created an impressive tutu using ostrich and other bird feathers. All eyes were on Elena’s tutu during her four-minute solo performance, which was originally created for the legendary Anna Pavlova. While in Apollo, the legendary outfits were inspired by the fashions of Ancient Greece.

As always, Lagerfeld’s designs were well received and deserved a standing ovation. To read more about this performance, click here.

Burberry Is Back On Track / Bailey Receives The Queen’s Blessing – 17/6/09

All hail Burberry! Queen Elizabeth II herself has her sights set on the luxury brand, awarding their creative director, Christopher Bailey, with a Member of the Order of the British Empire (MBE) award during her 2009 Birthday Honours List on the weekend.

And the good news doesn’t end there. Their CEO Angela Ahrendts said recently in a Bloomberg article that luxury demand is “stabilizing.” She continued on to state that things are, “not getting any worse, they’re not getting significantly better.”

This promising announcement comes after Burberry reported a full-year loss last month due to product discounting and writing off the value of its business in Spain.

Long live Burberry’s new-found stability. And congrats to Bailey, who already ruled in our kingdom.

Jimmy Choo and H&M: Partners In Design – 17/6/09

Get set for shopping pandemonium when Swedish fashion retailer H&M teams up with accessory brand Jimmy Choo. According to WWD Fashion, Choo will design bags, shoes and accessories for women and men. This collection hits 200 stores on November 14. Prepare your credit card for a workout!

H&M have previously collaborated with designers like Karl Lagerfeld and Stella McCartney and the impact has only been positive, there has seemingly been no negative repercussions with high end brands launching limited edition capsule collections within a mass market department store. It makes the 'brand' attainable to many more people for a small window in time. Read more about the coveted Choo line here.

Prada Begs The Banks To Back Off – 17/6/09

Earlier this week, we reported that Prada is not for sale (see The MO Down for 12/6). Well, the latest news from the Financial Times is that the luxury group is in talks with the banks about debt renegotiation. The rumour is that they urgently want to free up some cash to finance store expansion plans.

The article, Prada Asks Banks To Ease Terms On Debt, claimed that Prada’s CEO Patrizio Bertelli “said earlier this year that he would seek to position the group to emerge as a winner from the recession through continued expansion.”

We promise to keep an eye on Prada’s finances, and in the meantime, fingers crossed that the banks are feeling generous!

Licensing Still Has Its Place In The Luxury Industry – 16/6/09

In these testing times, should we expect to see more licensing deals on the table? “Yes,” predicts industry information service Luxury Briefing. In a Financial Times article, they claimed, “The $192bn licensing business is set to grow by 4.7 per cent over the next few years, with a significant proportion of this from the luxury industry.”

But as the Financial Times article, Licensing: Horrors Of Past Are Now Just A Memory, suggests, licensing doesn’t always have to be a bad thing. In the past, brands like Pierre Cardin may have gone over the top, turned mass market, and lost their prestige. But as Gucci and Yves Saint Laurent have proven you can recover from overexposure by employing strong and clear strategic change.

This article goes on to say, “For smaller brands with limited resources, licensing product categories (if handled well) also remains a good way to expand and build presence in the market.”

But luxury brands definitely have to draw the line at certain licensing agreements. Perhaps a prime example of this is Marc Jacobs’ range of condoms. In response to this unusual promotion, another fashion blogger exclaimed, “talk about brand whoring.” Harsh but true?

Bulgari Shares Have Become A Hot Ticket – 13/6/09

On Friday, Bulgari shares were upgraded from sell to buy by international brokerage firm Goldman Sachs. In a Fox Business article, Goldman Sachs stated, “Bulgari remains a unique strategic luxury asset.” And of course, we agree!

From Chloé to Celine: Phoebe Philo Works Her Magic – 12/6/09

Phoebe Philo – Chloé’s former It girl – is basking in the glory as her first collection at Celine receives impressive reviews. Launched in New York last week, it is completely different from her Chloé creations. In aWWD Fashion article, Philo says, “For this first collection I wanted to create a wardrobe, and not get too much into the trends.” A wise move in these uncertain times!

Some Luxury Brands Are Striking Out In China – 12/6/09

China is once again the word on the luxury markets’ lips. It seems there is a consensus that China must be wooed. A Reuters article claimed, “Luxury groups agree that China, where consumers are very brand-conscious, will soon become the industry's No. 1 market and this year will be one of the few emerging markets to enjoy growth.”

But unfortunately many luxury brands are making little headway into their Chinese expansion. Champagne house Taittinger and car marker Lamborghini are two brands that are battling. Taittinger’s Executive General Manager, Pierre-Emmanuel Taittinger, said that the market was not ready for them as "there is not a strong (high-end) wine culture there yet." While a Lamborghini representative said that the country's tradition of luxury chauffeurs was a factor in lower than expected sales, but the market is growing more receptive.

Reuters also quoted Van Cleef & Arpels CEO, Stanislas de Quercize, as suggesting, “The challenge in China is being able to explain to 1.3 billion people what your brand is about.” Hmmm, sounds like the luxury brands have their work cut out for them.

Prada Promotes Sebastian Suhl To Chief Operating Officer – 12/6/09

Despite the buyout rumours, there are celebrations at Prada this week as Sebastian Suhl replaces Brian Blake as their new chief operating officer. Suhl joined the Prada Group in 2001 as the general manager of Prada France, and has been rising through the ranks ever since. Mark our words, he is definitely a man to watch.

Ferraris To Take/Share The Reins Of Versace – 10/6/09

It’s official – Gian Giacomo Ferraris is the new CEO of Versace. Although you are probably not too surprised since the MO Down gave you the scoop a couple of days ago (Is Ferraris The Frontrunner For Versace’s Top Job- 8/06/09).

Ferraris – Jil Sander’s chief since 2004 – will take over Versace’s reins in mid July. Meanwhile, tongues are wagging in Milan and around the world as to how Ferraris will deal with the power plays and egos of this family-run business. If you believe the gossip, Giancarlo di Risio’s resignation as Versace’s CEO last week resulted from a clash with creative director Donatella Versace. So let’s hope Ferraris knows what he’s getting himself into. He was rumoured to be unhappy at Jil Sander, but with this new role, he may have jumped out of the frying pan and into the fire…

Read more about this new development at The Financial Times’ article: Versace Appoints A New Chief.

Another Message Of Hope From Burberry – 9/6/09

Despite everything, Burberry CEO’s Angela Ahrendts remains focused on the bright side of the global financial crisis. Speaking at the Reuters’ Luxury Summit in London, she said shoppers are still buying luxury goods like Burberry that “are less likely to go out of fashion.”

Reuters also quoted Ahrendts as saying, “There's two parts to consumer sentiment (at the moment). One is price, but the other is a return to things that are timeless and lasting and where there's a return - a long return - on the investment you're making."

We hope her positive attitude is contagious and spreads quickly to other deflated fashion houses.

Customers Are Still Snapping Up Hermes Croc Skin Bags – 8/6/09

"We cannot face demand. We have massive over-demand.” This is what Hermes’ CEO Patrick Thomas told the Reuters Global Luxury Summit in Paris. Thomas was referring, of course, to the manufacture of their most exclusive crocodile-skin bags, which are still being snapped up by customers. In the Reuters’ article, Hermes Breeds Own Crocs To Meet Bag Demand, he also bemoaned the lack of crocodiles, comically stating, "the world is not full of crocodiles, except the stock exchange!"

Leather goods continue to be a money-spinner for Hermes, who have employed 50-100 extra leather workers this year.

Red Is The New Black For The Ailing Luxury Industry – 8/6/09

The latest word on the luxury market by leading American analysts Bain & Co is ‘what goes down must come up.’ Bain representative Claudia D’Arpizio has been quoted in a Reuters article as saying Bain “expects the sale of luxury goods to drop 10 percent this year and not fully recover until 2012.”

The good news is that the luxury market may be back in the black as soon as next year with sales predicted “to rise 1 percent in 2010, 4 percent in 2011 and 7.5 percent in 2012.”

D’Arpizio also goes on to say the rich and fabulous are still in the market for luxury items, but times have changed and “austerity is fashionable, even for the wealthiest customers.”

So long term, growth is forecast for the luxury market. While in the short term, the chief executives of many luxury purveyors – including Burberry, Hermes and Tiffany & Co – will attend Reuters’ first-ever Global Luxury Summit. The summit is being held in Paris, London, Tokyo, Dubai and New York from the 8-10 of June. It is a platform to ask these leading CEOs the big questions; such as their preferred ways of coping with the financial crisis and how their futures are shaping up.

Is Ferraris The Frontrunner For Versace’s Top Job? – 8/6/09

Now Giancarlo di Risio has stepped down from Versace, the hunt is on for their new CEO. According to WWD, Gian Giacomo Ferraris, the current CEO of Jil Sander AG, is rumoured to be the frontrunner. Ferraris knows luxury labels like the back of his hand, due to his past work with Gucci, but is he really unhappy at Jil Sander, like the rumours suggest? Right now we can’t be certain, but keep your eye on the MO Down for the latest updates.

Gucci Casts A Wider Net In China – 7/6/09

Gucci continues its expansion into China with plans to open several new stores before the end of this year. After celebrating the recent grand opening of their 28th store in China, Gucci’s CEO Patrizio di Marco told Reuters, "we're not planning to scale back, especially considering the future importance of this market. He also said, "look at a country like China. To have 28 stores, or to think of having 40 stores, is not excessive at all."

Di Marco seems confident of China’s role in Gucci’s future. And with good reason – last year, sales of Gucci in China, Hong Kong and Macao jumped 41.5 percent and helped to drive 8.1 percent revenue growth. At the moment at least, Gucci can do no wrong in China.

Versace’s CEO Has Resigned – 6/6/09

Yesterday it was only a rumour. But today, the MO Down can confirm that Versace officially announced that their CEO, Giancarlo di Risio, is indeed leaving. According to a Financial Times article, Versace Chief To Quit, Versace claimed the decision was mutual, but gave no explanations for Di Risio’s departure. Kim Winser, the former head of Aquascutum, has been cited as a possible replacement, but we’ll bring you more news as it breaks.

Versace’s ‘Saviour’ Expected To Jump Ship – 5/6/09

The rumour mill is in meltdown with the news that Giancarlo di Risio, chief executive of Versace since 2004, is expected to resign.

Di Risio, who was once the CEO of Fendi, is strongly credited with bolstering Versace’s finances and turning the company around. But it seems that not everyone loves him – the Italian media has told of his repeated clashes with one of the company’s head honchos, creative director Donatella Versace. Last week, Versace refused to comment on the recent resignation rumours. But on 25 May, they stated there was no friction between Di Risio and Donatella on the “necessary policy of cutting costs.”Read more about the Di Risio rumours here.

Lagerfeld To Leave Chanel? – 5/6/09

A little birdie told us that Karl Lagerfeld will not be renewing his contract at Chanel. We’ve always believed there is truth in every rumour, so we’ll wait with bated breath for Karl’s next move. Maybe his voiceover role in the Totally Spies movie (see the MO Down’s earlier report for the goss) has given him a taste for Hollywood…?

Karl Lagerfeld Makes His Mark In Movies – 5/6/09

For years, Kaiser Karl has had his fingerless gloves in many pies… or sacha tortes, so there were no real surprises when he moved from fashion to film.Our contacts tell us Chanel’s lead designer has lent his distinctive voice to a bad guy in the animated French film, Totally Spies. If you can’t wait for Totally Spies to hit Australia, click here for the official website.

Luxury Lives On At The Venice Biennale – 5/6/09

Art exhibition Venice Biennale opens this week and the luxury world is gearing up for glitz and glamour, yacht parties… and of course, art appreciation.

This majestic event attracts the cream of the luxury CEOs. Francois Pinault (PPR Group) and Bernard Arnault (LVMH Group) usually make their grand entrances, and indulge in discreet art investments. And this year, Pinault, the owner of Christie’s, will allow patrons to admire his vast art collection at the Palazzo Grassi and the Dogana.

Miuccia Prada, the creative head of Prada, will also be there with bells on. It will be party central at the Prada Foundation, where the champagne will be flowing and the cash registers ringing – all in the name of art.

Fashion and Art meet again. The Venice Biennale is open from June 7 to November 22. Susan Hayden’s article, Too Haute For Commerce: The Venice Biennale, is a fine place to read up on it.

The Recession Is Not Raining On Hermes’ Parade – 5/6/09

Despite the economic doom and gloom, it’s business as usual at Hermes. The French luxury goods group recently reported relatively stable 2009 sales.

But Hermes doesn’t have their head in the sand – according to a Reuters article, their Chief Executive Patrick Thomas warned shareholders during their annual general meeting that “it would be an illusion to think the group would be shielded from the crisis.”

Long live Hermes’ stability we say! Something is right in the world.

Louis Vuitton Reaches for the Stars & Moon.... 03/06/09

'The journey', the new Louis Vuitton advertising campaign, shot by Annie Leibovitz, with Buzz Aldrin, Sally Ride and Jim Lovell, that we reported on yesterday in The MO Down, marks the 40th anniversary of the Apollo 11 mission to the moon. What about Neil Armstrong we hear you say? According to Luxist.com he was invited but declined the offer... Read more:

Lacroix Will Not Leave Us Without A Fight - 01/06/09

The fashion world is at risk of losing one of its kings as French couturier Christian Lacroix fell victim to the global financial crisis.

But all is not lost. Despite filing for court protection from his creditors on May 28, 2009, Lacroix has vowed to give “200 percent” to stop his couture house from going under. And this even means forgoing his salary. According to a WWD Fashion article (‘Lacroix Vows Fight To Keep House Alive’), he has been working “free of charge for several months.”

We cannot picture a future without Lacroix. An innovator like Yves Saint Laurent and Karl Lagerfeld, he sits in a league of his own. It is indeed a sad and telling sign of the times when fashion royalty of his calibre are facing extinction. We hope his followers are ‘200 percent’ behind him and put their money where their mouth is!
Read more about Lacroix’s current life and legacy in The New York Times.

Coco at the Cinema, Growth for Burberry & Profits slide at Tiffany. The Weekend Report: 29-31/05/09

The Cinema Brings Coco Chanel Back To Life

We are bracing for Chanel mania as the Chanel bio-pic, Coco Avant Chanel, hits Australian arthouse cinemas on June 25. It is a French-filmed spectacular with bilingual actress Audrey Tautou – best known for Amélie and The Da Vinci Code – starring as the trendsetting Chanel. It’s sure to be the most stylish film of the year!

It’s Bigger The Better For Burberry

In what might be seen to be a brave move, luxury brand Burberry is planning a global expansion – opening 10 to 15 more stores this fiscal year. Their CEO Angela Ahrendts hints that China and Brazil are key emerging markets while real estate deals in the US are hugely profitable. Read more at Burberry Eyes Expansion In U.S.

Big Spenders Turn Their Backs On Tiffany

Profits have taken a 62% tumble at Tiffany & Co as customers shy away with hefty price tags. But Tiffany’s are not going down without a fight. They’ve eliminated 10% of their workforce – 900 jobs – and introduced more affordable silver and gold jewellery like the Keys Collection – pushing Tiffany back to the top of a thrifty woman’s wishlist!