Tiffany & Co. has reopened its flagship store on New York’s Fifth Avenue after nearly four years of renovation work. The revamp, which began before the jeweler was bought by LVMH, is part of a wider brand reset orchestrated by the French luxury goods giant. Actress Gal Gadot presided over the ribbon-cutting ceremony with Tiffany CEO Anthony Ledru and Alexandre Arnault, executive vice president of product and communications.
The store, which accounts for 10% of Tiffany’s global sales, will remain the label’s most important retail outlet, Ledru said. LVMH did not disclose the cost of the renovation, but executives said it was the group’s largest retail investment, surpassing Dior’s Avenue Montaigne flagship in Paris. Tiffany’s Fifth Avenue store is central to the brand’s revival, aimed at moving upmarket and beyond its traditional focus on engagement rings.
The store features several collections, including the T-shaped jewelry, the chunky HardWear line, and the more recently introduced oval-shaped Lock bracelets. The priority for Tiffany will now be to renovate its retail network, which is essential for the brand to compete with Cartier. Tiffany sales came to €5.1bn ($5.63bn) in 2022 and are forecast to reach €7.4bn in 2025, according to HSBC.