Inside Tiffany’s Brand Refresh To A More Upmarket Positioning

Tiffany’s just announced that they plan to push the brand even more up-market and firmly reestablish the brand’s luxury heritage through high jewelry. I’m going to show you the brand strategy behind how they are pushing up the brand’s status and elite clientele to reassert their ultra-luxury heritage. 

This week the brand launched its 2023 Blue Book features a collection of high jewelry pieces valued at $100,000 and up. There is a growing demand for High Jewelry and it is fast becoming a very profitable niche in the luxury market. Pieces can cost anywhere from $50,000 to multiple seven figures. 

In 2017, The Pink Star, a 59.60 carats, flawless diamond ring shattered ever record when it sold at Sotheby’s auction in Hong Kong for a staggering $71.2 million. While brands like Harry Winston and Cartier have been the market leaders, luxury maisons like Dior, Gucci, and Chanel are all looking to tap even more into this market.

So let’s look at Tifffany’s strategy to re-establish itself as a high-luxury brand for the ultra-high-net-worth clientele. 

Since its acquisition by the LVMH for a jaw-dropping $16 billion dollars the largest luxury goods deal ever, they have invested heavily in curating an even more upmarket positioning and elevate Tiffany’s standing in the world of luxury. 

According to the owner of LVMH Bernard Arnault during an employee town hall “We will also prioritize Tiffany’s long-term desirability over short-term constraints.”

The Rebrand through messaging and image: 

LVMH invested highly in shaking up the brand image of Tiffany’s. They started with a renovation of their New York flagship store to elevate the luxury experience. Tiffany’s also added a new colour palette. There is a heavy focus on turning the brand into a lifestyle brand leveraging the “shock-effect” strategy that has become the DNA of LVMH brand-building playbook. The images that Tiffany’s is using now have moved away from their classic, wholesome aesthetic to a more edgy look emphasizing the “little black dress”.

They are re-enforcing their message with a slew of high-profile celebrities like Beyonce and Jay-z in their “About Love” campaign. The ad not only featured two of music’s most iconic stars and power couple, but also an iconic Basquet piece of art in Tiffany blue. Unconsciously projecting the messages of love, timelessness, and iconic status. 

Hiring The A-player:

They hired former Cartier designer Nathalie Verdeille as their Chief Artistic Officer in 2021. Natalie is a young, renowned, and highly accomplished designer in the world of high jewelry. Cartier has a solid grasp on the high jewelry market and Natalie would have a deep experience of the aesthetic and design qualities the growing ultra-networth client is looking for especially as these customers are getting younger. 

Product Development and Pricing:

Products are the lifeblood of brands. So an investment in elevating the range and ensuring that the brand becomes more renowned for its high jewelry collection will also elevate its more entry-level lines as well. The price of Tiffany’s silver jewelry has doubled since its acquisition. Price is important, but you cannot elevate the price without elevating value, be it tangible or intangible value. This is why the investment in renovations, storytelling, and brand image through its high-profile brand ambassadors is crucial. They are not changing the little blue box, logo, etc. It is a rebrand through messaging and visual storytelling.

So the key here is: 

Positioning, People (who you hire), brand ambassadors, and Client experience through the elevated retail space. And finally, high-value products, higher prices to become more exclusive. As a result, Tiffany’s has grown its high jewelry business by 300%.

During our Marrakech retreat, on day one, I will sit with you to develop your own upmarket strategy to take your brand to the next level. Email us at marketing@hannafitz.com to book your personalized strategy while exploring the world of luxury for yourself in Marrakech. You can also book a free consultation call at www.hannafitz.com/book-your-call to learn more about our consulting/coaching programs to up-level your brand.

Hanna Fitz is an International brand strategist, entrepreneur and author, specializing in the luxury brand strategy.

Visit: www.hannafitz.com to learn more.