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Inside LVMH-owned Tiffany & Co.’s reopening on Fifth Avenue: from Rolex and Hermès to Bulgari and Saks, the jeweller’s flagship store is not the only luxury brand getting a makeover in New York City

STORYReuters
Tiffany & Co.’s newly-renovated store on Fifth Avenue is reopening in April 2023, in New York City. Photo: Reuters
Tiffany & Co.’s newly-renovated store on Fifth Avenue is reopening in April 2023, in New York City. Photo: Reuters
Fashion

  • Since the world’s biggest luxury group LVMH bought Tiffany & Co. in 2021, it has pushed the jewellery company upmarket and its sales are forecast to reach US$8 billion in 2025
  • The reopening of Tiffany & Co. on Fifth Avenue is among a slew of high-profile investments in the New York neighbourhood, including renovations at Rolex, Hermès, Bulgari and Saks

The splashy reopening of Tiffany & Co.’s flagship store on the corner of Fifth Avenue and East 57th Street is a renovation representing the billions of capital investment in one of New York City’s most iconic shopping districts.

Real estate experts say the flow of cash is part of a bid to reimagine an area of Midtown that extends from 49th Street to the Plaza Hotel and includes Fifth and Madison Avenues. The district has long been anchored by luxury stores including Tiffany, Saks Fifth Avenue and Bergdorf Goodman.

A sign for a Tiffany & Co. retail store is pictured inside The Shops & Restaurants at Hudson Yards in Manhattan in New York City, US, on April 17. Photo: Reuters
A sign for a Tiffany & Co. retail store is pictured inside The Shops & Restaurants at Hudson Yards in Manhattan in New York City, US, on April 17. Photo: Reuters
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With the return of tourism to New York after pandemic-related declines, luxury retailers are again betting on refreshed flagships to drive consumer interest and traffic.

Saks is undergoing a US$250 million to US$270 million renovation of its Fifth Avenue flagship, including a remodelled seventh-floor men’s department. Hermès opened a new four-story flagship on nearby Madison Avenue in 2022.

LVMH-owned Tiffany & Co.’s new flagship store

American luxury jewellery and speciality retailer Tiffany & Co. logo and gift boxes seen at its store in Shenzhen, China. Photo: Getty Images
American luxury jewellery and speciality retailer Tiffany & Co. logo and gift boxes seen at its store in Shenzhen, China. Photo: Getty Images
LVMH, the world’s biggest luxury group and Europe’s most valuable company, bought Tiffany in 2021 for US$16 billion after an acrimonious legal battle. The new flagship is expected to open to shoppers on Friday – a key debut for a store that accounted for 10 per cent of Tiffany’s global sales before it closed for renovation in 2019.
The company has pushed Tiffany upmarket, beyond it being a byword for engagement rings. According to HSBC analysts, the jeweller grew sales to €5.1 billion (US$5.6 billion) in 2022 from €3 billion in 2020 and is forecast to reach €7.4 billion in 2025.
An interior view of the new Tiffany & Co. store, located in New York, US. Photo: Reuters
An interior view of the new Tiffany & Co. store, located in New York, US. Photo: Reuters

It involved a redesign of the entire 10-story building led by architect Peter Marino, known for his work on some of the biggest flagship stores in the luxury industry. LVMH officials have not made the cost of the revamp public. The group has invested heavily in flagships for other labels including Bulgari, across the street from Tiffany, as well as Louis Vuitton’s Place Vendôme outpost in Paris.

A slew of high-profile investments in the neighbourhood