LVMH, the world’s largest luxury group, controlled by the world’s richest family, paid $16 billion to buy Tiffany & Co. in 2021, believing that it could steward the iconic jeweller towards a dramatically more opulent and successful future.
The biggest single investment in that mission was in the refurbishment of Tiffany’s iconic and historic flagship on New York’s Fifth Avenue, immortalised in the Audrey Hepburn movie Breakfast at Tiffany’s.
LVMH has not released a figure for the cost of the upgrade, but the elevation of Tiffany’s is already paying off.
Financial analysts at HSBC estimate that the jeweller’s sales grew from €3 billion in 2020 to €5.1 billion in 2022 and is forecast to generate revenue of €7.4 billion in 2025, Reuters reports.
The newly transformed flagship in Manhattan, renamed by Tiffany’s as The Landmark, is decorated with custom artwork, never-before-seen jewels and and a presentation of rare watches from Patek Philippe on its seventh floor.
It is the first renovation of the entire 10-floor store since it first opened its doors in 1940, and blends the most modern showroom displays with historic details including its façade on Fifth Avenue with Atlas statue and clock above the revolving doors.
“The reopening of the iconic Fifth Avenue Landmark is a major milestone for our House. Symbolic of a new era for Tiffany & Co., the Landmark is much more than a jewellery store — it is a cultural hub with an exquisite showcase of architecture and superior hospitality, as well as cutting-edge art and design. It sets a new bar for luxury retail on a global scale,” says Anthony Ledru, president and CEO of Tiffany & Co.
On the ground floor visitors are immersed in iconic New York City scenery through video walls that project sweeping views of Central Park and the Manhattan skyline when turned on and serve as mirrors when turned off.
There is wood parquet flooring throughout the building, echoing the original pattern from the 1940 store interior.
The heart of the store has a sculptural spiral staircase connecting floors three to eight, but there are also elevators to every floor.
Breakfast, and any other meal through the day, can be taken at The Blue Box Cafe by Daniel Boulud in a space that includes a private dining area and bar with art installations.
There are museum and exhibition spaces on floors eight and nine with permanent and rotating shows.
To mark the reopening of the store, Tiffany & Co. is presenting a number of exclusive creations including extraordinary diamond watches and a new setting for the legendary 128.54-carat Tiffany Diamond.
