Tiffany & Co. Has Built a Secret Lab to Crush Its Rivals – by Kim Bhasin (Bloomberg News – July 18, 2018)

At Tiffany & Co.’s new workshop in Manhattan, jewelers sit at wooden desks peering through magnifying glasses as they polish silver rings and twist bits of gold. They’re making prototypes of future products, one-of-a-kind experimental items that may never end up in a glass case.

Their marching orders come straight from Tiffany Chief Executive Officer Alessandro Bogliolo: Rev up the pace of new ideas. Under Bogliolo, the 181-year-old company has been trying to attract a younger clientele with revamped jewelry lines and punchier marketing.

Early results are positive. A rebound, which began just before he took over last year, is gaining momentum. Last quarter, Tiffany’s revenue growth was its highest since 2012.

Still, executives repeated the word “newness” a half-dozen times on a recent call with analysts. “We should have newness throughout the year and in the different parts of our assortment,” said Bogliolo. “Newness is not only entirely new designs. Newness is also introducing versions, colors, stones that are new to existing collections.”

Tiffany was, until recently, stuck in a sparkly rut. Megahit styles have been key to its success over the decades, yet the company struggled to come up with new franchises to replace old standbys created by such designers as Elsa Peretti and Paloma Picasso.

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