Essay Tiffany & Co Analysis
What are the company's vision/mission and objectives?
Vision statement: “Tiffany & Co. collaborates with other forward-looking leaders in the jewelry industry and with nongovernmental organizations in order to positively influence the entire jewelry supply chain”.
Mission Statement: “ to be the world’s most respected jeweler”.
Objectives: To was to remain one of the top higher quality players along with companies like Bulgari and Cartier.
Targets the more affluent population and still maintains their no haggling policy, something which dates back to the original store.
Strict hiring standards, every employee must …show more content…
• Slowdown in the US economy
An estimated slowdown for 2007 in US, has depressed the purchasing power of the retail consumers, which has in turn depressed the revenue growth and margins of Tiffany & Co. Despite a large global market, a slowdown in the US market will put increased pressure on the revenues of the company
90% of overall sales from jewelry selections, a third from silver and gold, and another third from quintessential engagements rings and wedding bands.
2008-2009 due to recession, sales have dropped.
2008 overall revenue decreased by 2.7%.
2009 sales were down 4.9%.
2010 the company rebounded with a growth of 10.9%.
2011 U.S company sales grew 15% to $1.8 billion and overall net sales rose 18% to $3.6 billion. The company’s net earnings also increased 19% to $439 million.
Industry Competitors & Industry analysis
The U.S jewelry industry is 30- billion-dollar industry made up of 56,000 difference businesses, with an annual growth rate of 3.1 percent.
The jewelry industry began to slow down due to the 2008 recession. The sale of luxury goods began to decline. So did the number of retail firms.
Now, the industry to estimated to increase to 3.1 percent through 2016. The number of retail stores is expected to increase
Competitive Force 1: