Tiffany & Co.TIF

Morningstar Rating

Stock Research and Analysis

by Kimberly Picciola

Much of 2009 has been a challenge for Tiffany as global demand for premium discretionary goods fell off a cliff amid the economic downturn. However, recent stock market gains and a stabilizing economy should help spur future sales of luxury items, which Read more

Bulls Say

The little blue box commands a price premium in this competitive industry, signifying the strength of the Tiffany brand.

The company has discontinued its Iridesse pearl jewelry concept to focus on its namesake stores.

Tiffany continues to differentiate its merchandise by teaming up with well-known designers.

Tiffany has sold high-quality, innovative merchandise to the American consumer for more than 170 years.

Tiffany has partnered with Swatch to expand its watch offering through new designs and increased distribution. Read more

Bears Say

Weak demand for luxury goods could stunt future growth.

De Beers' retail store in New York City (a venture with luxury conglomerate LVMH) could hurt Tiffany's flagship, which contributes roughly 10% of the company's total revenue.

If Tiffany jewelry is too accessible, the brand's cachet could be diminished. This could limit purchases of its higher-end pieces.

Fluctuations in commodity costs could pressure margins.

Global expansion is key to this jeweler's growth strategy. This increases Tiffany's exposure to the volatilities of foreign markets. Read more

Strategy

The company anticipates opening 13 stores in 2009. Five stores will be added in the Americas (three in the U.S.), with eight new stores opening in international markets. In addition to expanding its Read more

Management

CEO and chairman Michael Kowalski has been with the company for 20-plus years. Since replacing veteran William Chaney in 1999 as CEO, Kowalski has led Tiffany to average annual revenue growth of around 9% and has expanded into new markets. He owns a Read more

Profile

Tiffany is an international jeweler and specialty retailer. It designs and sells fine jewelry in addition to fine china, fashion accessories, timepieces, fragrances, and Read more

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