Tiffany and Co SWOT analysis – SWOT analysis of Tiffany and Co: Luxury Jewellery is always synonymous with the name Tiffany and Co which is one of the most expensive chains of jewelry. Based in New York the luxury jewelry chain prefers to be a specialist retailer. Alongside jewelry made of gold and silver, Tiffany also deals in watches, crystalware stationery, water bottles, stationery perfumes, and leather products.
The diamond jewelry manufactured by Tiffany’s Tiffany label is extremely sought-after and is thought to be the most fashionable in the business. Tiffany is known for its rich tradition of luxury it was founded in 1883, by the jeweler duo of Charles Tiffany and John Young.
The chain is currently operating operations across The US, UK, Europe, Canada, South America, Australia, and Malaysia. Since 2004, the chain has also launched an exclusive pearl chain called Address which is mostly from the US. Although the jeweler produces nearly 60% of their products, the less expensive models like Sterling silver, Rose Gold, and other non-jewelry items are sold to contractors. The company had an annual turnover of 4 billion dollars in 2017.
Tiffany and Co fun facts: President John F. Kennedy commissioned Tiffany’s designer, Jean Schlumberger, to create this brooch for the first lady after she gave birth to their first son, John Jr.
About Tiffany and Co – SWOT analysis of Tiffany and Co
CEO: Anthony Ledru
Founder: Charles Lewis Tiffany
Year founded: 1837, New York, New York, United States
Headquarters: New York, New York, United States
Annual Revenue: USD4.4 billion
Profit | Net income: USD$586 million
Number of employees: 13,000
Products & Services: Jewelry, Sterling silver, China, Crystal, Stationery, Fragrances, Water bottles, Watches, Personal Accessories, and Leather goods.
Tiffany and Co Competitors
SWOT analysis of Tiffany and Co – Tiffany and Co SWOT analysis
SWOT Analysis Of Tiffany and Co is brand-based. SWOT Analysis of Tiffany and Co evaluates the brand’s strengths, weaknesses, opportunities, and threats. Advantages and disadvantages can be attributed to internal factors while opportunities and threats can be attributed to external factors. We will be discussing Tiffany and Co’s SWOT Analysis. Below is the detailed SWOT Analysis of Tiffany and Co.
Let’s talk about Tiffany and Co’s SWOT assessment.
Strengths of Tiffany and Co – Tiffany and Co SWOT analysis
- Rich history: Tiffany & Co was first founded in 1883, and has a long background of more than one century and a half to back it. The jeweler that began as a stationery store and a good store grew to become one of the largest high-end jewelry brands ever. The rich history of the brand has created the jeweler as the basis in reference for the majority of brands that are sold in today’s market in the present day.
- Policy on payment: Tiffany and Co in the very beginning of its operation set the precedent for set pricing that was unchangeable. The company also ensured the credit system was set up that was designed to attract the most prestigious customers who can afford to pay in advance to purchase their goods. The company is still able to keep the price policy, even to this day.
- Elegant designs: Tiffany & Co makes designs that are distinctive to their company’s brand and are recognized worldwide. Its color is Tiffany Blue which is the color of the Robin Egg and is the brand color used throughout the world. The most well-known designs offered by Tiffany include diamond bezels, Montana sapphires, Kunzite, and many sterling silver designs.
- Connection with the wealthy as well as the famous: Tiffany offers a variety of relationships with the famous and rich. Some of their most famous customers include: Kings & Queens of Europe and their patrons include the Ottoman Emperor, The Czar as well as the Czarina from Russia, Jacqueline Kennedy, Onassis, Elizabeth Taylor, Audrey Hepburn, and Lady Gaga.
- High-Quality Product High Quality: Tiffany & Co is always associated with a level of trust from customers, which is due to its high-quality products. Tiffanys is also an expert in gauging the needs of customers and has earned its place as the ultimate symbol of style and luxury.
- Advertising: Tiffany has a solid brand argument that is working to its advantage. Customers might prefer to spend more on the Tiffany product, but they might be unable to afford the same amount or less for an item that is not branded that is of better quality.
Weaknesses of Tiffany and Co – SWOT Analysis Of Tiffany and Co
- Pricey: Tiffanys is a brand that is expensive likely more than what it’s worth. But, due to the powerful image of the brand, people are willing to spend for it. However, it’s losing its shine over time and consumers are gradually losing faith in the name.
- Inability to break away from its old-fashioned mentality: The designs of Tiffany & Co are classic American and the company has stuck to its old-fashioned designs. The brand has been stagnant while newer high-end brands are taking an edge.
- Insufficiency of appeal for the millennial generation: Though an old name in the world of luxury, Tiffany hasn’t been able to draw the attention of the younger generation and young people prefer modern luxury brands that offer modern design and are trending.
Opportunities of Tiffany and Co – Tiffany and Co SWOT analysis
- Potential for growth in Asia: There has been an increase in the luxurious budgets of Asians mostly due to the increasing mobility of the populace. Tiffany is a well-known company and people who are tourists also purchase Tiffany products just as a way to commemorate their visit to a location. This also presents an opportunity that Tiffany might profit from.
Threats of Tiffany and Co – SWOT analysis of Tiffany and Co
- Competition: The biggest competitors of Tiffany & Co are Bvlgari, Blue Nile, and a number of local players.
- Online stores: Currently there are numerous online retailers that specialize in selling jewelry. Some, like Blue Stone or Carat Lane, are very popular and are gaining traction in the market.
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Overview Template of Tiffany and Co SWOT analysis
Tiffany and Co. are one of the oldest and most prestigious brands, which has a market franchise with experience of more than 180 years. Also, it has been using different kinds of marketing strategies to gain brand awareness and to get global reach to the customer.
They have been having many showrooms for centuries and now launching digital stores and pop-up stores to make its brand more accessible, it has also been focusing on its digital marketing strategy for better brand visibility and brand awareness.
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