In a bid to reverse sharply declining sales with its women customer base, Tiffany & Co. announced on August 15 that it was launching a men’s jewellery line aimed at a younger customer base that is more influenced by the likes of Jay Z and John Mayer. The line will be available to customers in October.
The retailer is banking on the fact that half its present client base consists of men who come into its stores to buy jewellery for women.Tiffany wants these men to stay back and shop for themselves in clearly demarcated men’s sections.
Tiffany is offering a jewellery range that starts as low as $200 and tops out at $15,000. It is also planning to add men’s home furnishings and accessories like cocktail shakers, ice tongs and beer mugs that could range as high as $75,000.
There were mixed reactions to the announcement from analysts. While some applauded Tiffany for being creative and not simply trying to energise its existing customer base, others said fine jewellery might be a hard sell for men — even though it is seen appearing more regularly at fashion shows.
Market research firm Euromonitor International estimated the global market for men’s fine jewellery in 2018 had grown 23 percent from its 2013 level to $5.8 billion. This is extremely small when compared to the women’s fine jewellery segment, which Euromonitor estimated had grown 14 percent from its 2013 level to $33.2 billion in 2018.