Tiffany to Revamp New York Flagship Store

RAPAPORT... Tiffany & Co. will embark on a three-year renovation projectat its famous Fifth Avenue store to make the customer experience moreinnovative and interactive. Refurbishment of the 10-story New York flagship will beginin February 2019, and will be complete by the end of 2021, the retailer saidTuesday. The branch will remain open throughout, with the jeweler temporarilyexpanding its retail space into an adjacent building during the transition. The store is responsible for a large proportion ofthe jeweler's sales, and serves the multitude of tourists visiting the city. "We are extremely excited about the opportunity to transformour iconic New York flagship store and create a dramatic new experience forcustomers," Tiffany CEO Alessandro Bogliolo said. "Innovation will remain atthe forefront of Tiffany's plans for 727 Fifth Avenue, and the newly reimaginedflagship will serve as the modern crown jewel of our global store network." Bogliolo, who joined Tiffany last year, has been working torevive the company in an effort to attract millennials. The jeweler launched several marketing campaigns throughout New York, including one in which manyof the city's iconic features - including its taxi cabs - took on thesignature Tiffany blue color. It has hired celebrities includingElle Fanning and Maddie Ziegler to star in its campaigns. Reed Krakoff, the former creative designer of fashion brand Coach, also launched his first jewelry collection as head of Tiffany's design team. Tiffany's global sales grew 15% to $1.03 billion in thefirst fiscal quarter ending April 30 amid higher spending in the US and greaterChina. The company plans to report results for the fiscal second quarter on August28. The investment in the refurbishment will increase Tiffany'scapital expenditures as a percentage of worldwide net sales by 1% to 2% foreach of the three fiscal years that the project will span. Global revenue stoodat $4.17 billion in the latest fiscal year ending January 31. Image: Shutterstock