Last we looked, LVMH and Tiffany were locked in court, suit and counter-suit underway, but what does that mean for Tiffany and Co. sales? How can a company set on merging with the mega-corporation luxury brand of Europe find its footing again when the deal goes sour?
Release a new line!
So that is exactly what they did with the Tiffany T1 line. It’s a gold collection that celebrates the letter “T.” Abstractly, some could say Tiffany and Co. made and marketed Cross-shaped rings and things in a Hail Mary attempt to re-brand. The results of the T1 campaign will be forthcoming with their quarterly report. However the T1 collection performs, the September press release with timely promises to change company culture and practices may be their saving grace.
As the world quakes under the pressure of current events Tiffany quietly released a thorough and thoughtful plan to change the company for the better over the next five years. Many problems related to outdated social structures, the pandemic, financial upheaval, and global climate change plague our societies. Those important topics are all part of Tiffany’s future-picture. From their website:
Highlights of Select 2025 Sustainability Goals
PRODUCT – Tiffany strives to ensure that every step in the journey of its products contributes to the well-being of people and the planet. By 2025, achieve 100% traceability of individually registered diamonds to mine of origin, or supplier’s approved mines. By 2021, achieve 100% traceability of all gold, silver and platinum that we use for our jewelry to mine or recycler. By 2025, all key materials for products, product packaging and store interiors are sourced responsibly according to our next generation Sustainable Material Guidance.
PEOPLE – We prioritize diversity, cultivate inclusive environments and foster growth to positively impact our employees, consumers and communities. By 2025, be the most inclusive luxury brand and be recognized for it by consumers in key markets. By 2025, the ethnic diversity of our overall management in the U.S. will more closely reflect our US workforce. By 2023, all managers and above will have participated in leadership development opportunities.
PLANET – Tiffany is committed to protecting the natural world by taking bold action on climate change and conservation. By 2025, achieve Net-Zero greenhouse gas (GHG) emissions and increase climate resilience. Starting in 2021, all key new construction, expansion, renovation and interior fit-outs achieve LEED Silver certification or above. By 2025, eliminate single-use plastic packaging and collateral containing plastics.
The full suite of 2025 Sustainability Goals can be found on the updated Tiffany.com/Sustainability website.
These goals and their impact on the jewelry market are a step in the right direction. Encouraging traceability and recycling will help reduce waste in the jewelry industry. It’s a great move for a titan like Tiffany, and achievable for small businesses like us.
Intentionally expanding with diversity in mind is an over-due move in every industry. Equally, over-due is the practice of educating senior employees with respect to appropriate leadership decisions. This move is an unfortunate necessity in the extant framework of white exclusivity that has shaped western culture. It’s about time the jewelry industry got to work dismantling the unequal system they helped create.
Reducing Carbon emissions to zero and quitting plastics will be a great contribution. We look forward to their new and more nature-friendly stores and packaging! With these goals in mind, perhaps Tiffany and Co will emerge as leaders in that new and equitable world.
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