As far as consumption scenarios are concerned, with the brand concept centered on engagement rings and wedding culture seemingly outdated, millennial women are more respectful of self-reward and “spoil themselves”, and the opportunity to buy luxury jewelry products will not only be related to weddings, but may be any reason and occasion.
At the same time, the connotation of diamond jewelry has gradually evolved from love to fashion and self-reward. It is no longer limited to commemorating the important moments of family or lover relationship, but also can bear in mind the joy and sense of achievement at any time, such as finding a new job or getting a promotion. Greater economic participation and higher incomes encourage women to buy jewelry and other luxuries for themselves.
Aware of the change in market trends, Tiffany decided in 2017 to make a thorough reform of the group’s business, appointing Alessandro Bogliolo, who had served in Bulgary and Diesel, as CEO, hoping that he could bring more discernible designs to the brand, move more millennials, and bring value returns to shareholders.