You are cordially invited to join us at GemgenevΓ© Show 2024: Boot: D-30.
M.I.D. Specializes in: All shapes and sizes from 0.30ct to extreme sized diamonds of 10.00+ct; Parcels, single stones, matched pairs, and layouts Certified stock fromΒ GIA, EGL, AGS, HRD, and IGI Extremely Rare Fancy Colored Specialty Stones Premium cuts to value cuts in all shapes Fancy colored diamonds available in one-of-a-kind jewelry.
The Hong Kong Jewellery & Gem Fair is considered is amongst Asiaβs top 3 fine jewellery events and is a must attend trading event. In June 2019 31stΒ Hong Kong Jewellery & Gem Fair will take place at the Hong Kong convention and exhibition center and host 2,300 exhibitors from over 40 countries around the world.
MID House of Diamonds will be present and exhibiting at the September 2023 Hong Kong Jewellery & Gem Fair. Join Us! Booth: D 30
MID House of Diamonds will be among the exhibitors at the June 2020 JCK Vegas Show. Come say Hi!
Lorem ipsum dolor sit amet conse ctetur adipisicing elit.
Ipsum dolor sit amet conse ctetur adipisicing elit, sed do eiusmod tempor incididunt.
Dolor sit amet conse ctetur adipisicing elit, sed do eiusmod tempor.
580 5th Ave #3003, New York, NY 10036
+1-212-391-1121
+1-877-391-1121
Blog
Home Β» Blog – The Diamond Blog Β» ON THE TAIL OF RECORD CHRISTMAS SALES, MAINLY IN ASIA, TIFFANYβS TRANSITION INTO FRENCH HANDS IS COMPLETED
Focus on
Β
Americaβs most storied jewelry brand is nowβ¦wellβ¦French. After a more than a year of twists and turns, Tiffany & Co has become another puzzle piece in the portfolio of the worldβs largest luxury monolith, the Paris-based LVMH conglomerate.
The final price for the buyout was actually established at the end October 2020, at $131.50 per share in cash, resulting in aΒ total acquisition price of $15.8 billion. This was down from the figure of $16.2 billion in stock buyouts, which had been thrown about when the sale was first announced. That was followed by a lengthy process, all taking place in the shadow of the coronavirus pandemic, which included LVMH actually rescinding its original offer completely in June 2020.
βI am pleased to welcome Tiffany and all their talented employees in our group,β LVMH Chairman and CEO Bernard Arnault, as he welcomed the closing of the deal. βTiffany is an iconic brand and a quintessential emblem of the global jewelry sector. We are committed to supporting Tiffany, a brand that is synonymous with love and whose Blue Box is revered around the world, with the same dedication and passion that we have applied to each of our prestigious maisons over the years. We are optimistic about Tiffanyβs ability to accelerate its growth, innovate and remain at the forefront of our discerning customersβ most cherished life achievements and memories.β
Not all of Tiffanyβs executive management is staying on. One who is definitely on his way out is Alessandro Bogliolo, the current CEO, who will be leaving the company after helping to facilitate the transition through January 22, 2021. Reed Krakoff, Tiffanyβs chief artistic director, and Daniella Vitale, executive vice president and chief brand officer, will also be leaving.
Bogliolo will be replaced by Anthony Ledru, executive vice president of global commercial activities at Louis Vuitton. He is returning to Tiffany, where he previously oversaw North American operations. Furthermore, Alexandre Arnault, the son of Bernard Arnault, was appointed executive vice president of product and communications. Michael Burke, the CEO of Louis Vuitton, will become Tiffanyβs chairman.
DRIVE TO BECOME WORLDβS LEADING JEWELRY POWERHOUSE
Market analysts say that LVMHβs acquisition of Tiffany is its most critical move yet to become the most important player in the high-end jewelry market, eclipsing the Richemont conglomerate, owner of Cartier and Van Cleef & Arpels. The analysts expect that after the integration of Tiffany into LVMH, the group will make a strong push expand its product ranges younger clients, especially in Asia.
LVMHβs large-scale commitment to jewelry began in 2011, when the French group French luxury group bought the Italian jewelry brand Bulgari for 3.7 billion euros, which was worth $5.2 billion at the time. Interestingly, Bulgariβs CEO then was none other than Alessandro Bogliolo.
Tiffanyβs outgoing CEO Alessandro Bogliolo (left) and its incoming CEO Anthony Ledru.
Along with Tiffany and Bulgari, the watch and jewelry portfolio now includes TAG Heuer, Zenith, Bulgari, Hublot, Chaumet, and Dior Watches. In this respect, there is confusion about the future of the Tiffany & Co. signed dial, which is coveted among collectors of watches ranging from Rolex to Patek Philippe and more. The American jewelerβs relationship with Patek Philippe dates to 1876.
Despite the pandemic, Tiffany & Co reported record sales for the 2020 holiday period.
ASIA-PACIFIC HELPS ACHIEVE RECORD SALES RESULTS
In the meantime, Tiffany & Co reported record sales for the 2020 holiday period, even though many of its customers were stuck at home because of the pandemic. Overall preliminary net sales increased by about 2 percent for the period November 1 through December 31, compared with a year earlier. Ecommerce sales were up more than 80 percent during the period.
Driving the growth was the Asia-Pacific region, where net sales rose by 20 percent. Mainland China posted growth of more than 50 percent.
In contrast, Tiffany reported an 8 percent year-on-year drop in sales in Europe during the November 1 through December 31 period, and 5 percent net sales decline in North America.
βIn the midst of a worldwide pandemic and its dynamic impacts, these all-time high preliminary holiday period sales results, which follow a strong third quarter, reflect the successful convergence of our multi-year sales strategies with respect to the Chinese mainland, ecommerce, increasing average unit retail prices and accelerating product innovations,β commented the companyβs outgoing CEO Alessandro Bogliolo.
βThis year has certainly stress tested the corporate strategies we set in 2017 to strengthen the brand and win in the highly competitive global luxury jewelry market,β Bogliolo added.