Tiffany & Co. has made a comeback in New York after four years of construction and relocation, and will open to the public tomorrow, with a number of changes. The Fifth Ave location is now called “The Landmark,” setting it apart from other locations, including the iconic ones in cities like Tokyo and Paris.
“Wonder Woman” star Gal Gadot, the face of Tiffany’s High Jewelry collection, conducted a ribbon cutting ceremony this morning, flanked by Tiffany & Co. CEO Anthony Ledru and Executive Vice President Alexandre Arnault.
The redesign of the entire 10-story building was led by architect Peter Marino, who has been associated with some of the most famous stores in the luxury industry.
“It’s many things”
Executive V.P. Alexandre Arnault spearheaded the label’s initial reset when LVMH acquired Tiffany & Co. 2021, making a splash with flashy celebrity campaigns and a yellow makeover of their Rodeo Drive store in California. He spoke to members of the press invited to today’s ribbon cutting ceremony, which precedes the store’s opening tomorrow.
We take great pride in welcoming you this morning to the Landmark, our biggest retail project. As you see, we keep it true to what it was on the outside in 1940, but we changed everything on the inside.
I encourage you to discover all ten floors; hopefully, we can surprise you. It’s more than a store. It’s a landmark. It’s an art gallery, an exhibition space, several restaurants, and a private club.
It’s many things under the same roof. Even though it’s not officially open until tomorrow, if you want to buy something, please, we can find a salesperson to help you with that.
Largest LVMH investment
The store closed in 2019 to begin renovations. Following LVMH’s acquisition of Tiffany in 2021, the luxury group took charge of the project. It’s rumored that the makeover of Tiffany’s Landmark location represents the largest retail investment the group has ever made in a single store.
Tourism on the rise
As New York’s tourism industry booms again, LVMH has put enormous effort into pushing Tiffany upmarket around the globe. According to analysts, Tiffany’s sales surged from 3 billion euros in 2020 to 5.1 billion in 2022 and are forecast to reach 7.4 billion in 2025.
“The renovation of the century”
Prior to closing the location on Fifth Avenue accounted for 10% of Tiffany’s global sales. According to Ledru it’s anticipated to continue being the brand’s most important outlet, in terms of image as well as sales:
It’s not a flagship, it’s a landmark. A landmark that has been here for 83 years. It’s the renovation of the century.
Since 1940 Tiffany’s flagship store has been situated at the intersection of 57th and Fifth Avenue. Famous for the captivating window displays that it features, the store has served as a backdrop for many movies, including the classic Breakfast at Tiffany’s starring Audrey Hepburn and Sweet Home Alabama featuring Reese Witherspoon. The former Tiffany & Co. building located on 37th Street is listed on the U.S. National Register of Historic Places.