NEW YORK--(BUSINESS WIRE)--Aug. 14, 2018--
Tiffany & Co. announced today that it plans to begin a complete
renovation of its renowned New York City flagship store in spring 2019.
The 10-story architectural icon at 57th Street and 5th
Avenue, owned by the Company, has served as the cornerstone of
Manhattan’s most fashionable shopping district since its opening in 1940.
“We are extremely excited about the opportunity to transform our iconic
New York flagship store and create a dramatic new experience for
customers,” said Alessandro Bogliolo, chief executive officer, Tiffany &
Co. “Innovation will remain at the forefront of Tiffany’s plans for 727
Fifth Avenue, and the newly reimagined flagship will serve as the modern
crown jewel of our global store network.”
To minimize any disruption during the renovation, Tiffany has arranged
to temporarily expand its retail space to the adjacent 6 East 57th
With an anticipated completion in the fourth quarter of 2021, investment
in this project is expected to increase the Company’s capital
expenditures as a percentage of worldwide net sales by 1-2% each year
for the three fiscal years beginning February 1, 2019.
Historically, the location of Tiffany’s New York City flagship store
followed the path of the city’s growth, beginning with founder Charles
Lewis Tiffany’s first emporium at 259 Broadway, which opened in 1837. He
subsequently moved his store to 271 Broadway (1847), 550 Broadway (1853)
and Union Square and 15th Street (1870). Three years after his death in
1902, the store moved to Fifth Avenue and 37th Street; and in 1940,
Tiffany’s current location opened at 727 Fifth Avenue. At its opening,
Tiffany’s Fifth Avenue flagship was one of the most architecturally
advanced mercantile buildings of its type, boasting first of its kind
central air-conditioning, along with the main floor free of columns, its
24-foot ceiling entirely supported by trusses. The expansive main floor
has also served as a set for such films as Breakfast at Tiffany’s,Sleepless in Seattle and Sweet Home Alabama.
As Tiffany embarks on the renovation of its flagship store and sets out
to redefine the modern luxury retail experience, it expects to remain
open for business throughout, utilizing the temporary space at 6 East 57th
About Tiffany & Co.
In 1837 Charles Lewis Tiffany founded his company in New York City where
his store was soon acclaimed as the palace of jewels for its exceptional
gemstones. Since then TIFFANY & CO. has become synonymous with elegance,
innovative design, fine craftsmanship and creative excellence. During
the 20th century fame thrived worldwide with store network expansion and
continuous cultural relevance, as exemplified by Truman Capote’s Breakfast
Today, with more than 13,000 employees, TIFFANY & CO. and its
subsidiaries design, manufacture and market jewelry, watches and luxury
accessories – including more than 5,000 skilled artisans who cut
diamonds and craft jewelry in the Company’s workshops, realizing its
commitment to superlative quality.
The Company operates more than 300 TIFFANY & CO. retail stores worldwide
as part of its omni-channel approach. To learn more about TIFFANY & CO.
as well as its commitment to sustainability, please visit tiffany.com.
Tiffany, T&CO., and Tiffany & Co. are trademarks of Tiffany and Company
and its affiliates.
@tiffanyandco #Tiffany #TiffanyAndCo
Statements contained in this document that are not statements of
historical fact, including those that refer to plans, assumptions and
expectations for future periods, are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to, statements
that can be identified by the use of words such as ‘expects,’
‘anticipated,’ ‘plans,’ ‘remains,’ ‘may,’ ‘will’ and variations of such
words and similar expressions. Examples of forward-looking statements
include, but are not limited to, statements Tiffany & Co. makes
regarding its plans, expectations, beliefs and objectives with respect
to the renovation of its New York City flagship store, including the
timing and cost thereof; the temporary expansion of its retail
operations to 6 East 57th Street, and any plans related thereto and
Tiffany & Co.’s strategy and initiatives and the pace of execution
These forward-looking statements are based upon the current plans and
expectations of management, speak only as of the date on which they are
made, and are subject to a number of risks and uncertainties, many of
which are outside of Tiffany & Co.’s control. Actual results could
therefore differ materially from the planned or expected results
expressed in, or implied by, these forward-looking statements. While
Tiffany & Co. cannot predict all of the factors that could form the
basis of such differences, key factors include, but are not limited to:
Tiffany & Co.’s receipt of any required approvals to the aforementioned
renovation and expansion as well as the timing of such approvals;
changes in the cost and timing estimates associated with the
aforementioned renovation and expansion; delays caused by third parties
involved in the aforementioned renovation and expansion; any casualty,
damage or destruction to Tiffany & Co.’s flagship store or 6 East 57th
Street; global or local macroeconomic and geopolitical developments;
violence (including terrorist activities); political activities or
events; weather conditions; and disruptions, trends or events generally
impacting Tiffany & Co.’s business, finances, liquidity, financial
Additional information about potential risks and uncertainties that
could affect Tiffany & Co.’s business, finances, liquidity, financial
results and/or operations is included under “Risk Factors” and in
“Management's Discussion and Analysis of Financial Condition and Results
of Operations” in Tiffany & Co.’s Annual Report on Form 10-K for the
fiscal year ended January 31, 2018 and in “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in Tiffany &
Co.’s most recent quarterly report on Form 10-Q. Readers of this
document should consider the risks, uncertainties and factors outlined
above and in the Form 10-K and Form 10-Q in evaluating, and are
cautioned not to place undue reliance on, the forward-looking statements
contained herein. Tiffany & Co. undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events or
circumstances, except as required by applicable law or regulation.
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Source: Tiffany & Co.
Tiffany & Co.
Nathan Strauss, +1 646-428-5941