With the launch of its first ever men's engagement ring collection, Tiffany & Co. is clearly making a move to target the male demographic with its "The Charles Tiffany Setting". The ring is named after founder Charles Lewis Tiffany, who, in 1886, introduced the women’s solitaire diamond engagement ring, the Tiffany Setting. The brand claims that the ring honors the "jeweler’s legacy in love and inclusivity, paving the way for new traditions to celebrate unique love stories" and honor cherished commitments to one another. According to reports on CNBC, through the move the brand is looking to tap into a new market as same-sex marriages rise and "gender-fluid fashion trends" emerge.
The launch comes after LVMH concluded its US$15.8 billion acquisition of the Tiffany brand. With the acquisition, Alessandro Bogliolo, the previous CEO of Tiffany & Co, departed the company after 22 January. Tiffany's previous executive vice president and chief brand officer Daniella Vitale and its chief artistic director Reed Krakoff also exited the company after a short transition of responsibilities.
In their places, LVMH appointed two executives from Louis Vuitton to lead the new Tiffany brand. Anthony Ledru, previously executive vice president, global commercial activities at Louis Vuitton as CEO of Tiffany, as well as Michael Burke, the chairman and CEO of Louis Vuitton, as the chairman of Tiffany's board of directors. It has also appointed Alexandre Arnault, previously CEO of RIMOWA, as executive vice president, product and communications of Tiffany. LVMK has also made plans to overhaul the design team at the jewellery brand and refresh the brand to resonate with a younger audience.
The merger of the two companies comes after one year of dispute. LVMH first said it has reached an agreement for a merger with Tiffany and Co in November 2019. The initial talks of merger transaction held an equity value of approximately US$16.2 billion. Both brands then raised disagreements over the course of 2020, and after multiple discussions, the merger price was modified in October 2020.
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