While Tiffany has always played a significant role in pop culture, thanks in no small part to the universally loved 1961 film Breakfast at Tiffany’s starring Audrey Hepburn, LVMH provided the company with the resources to compete with industry leaders such as Cartier, Bulgari and Van Cleef & Arpels.It took four years to complete the refurbishment of the iconic space, which first opened in 1940 and was at one point driving 10 per cent of sales (the brand banked more than US$5.5 billion last year, according to Bloomberg).
On the eve of the reopening, Ledru couldn’t contain his excitement, pointing out that The Landmark is more than just a boutique. He calls the project “the renovation of the century”, adding that “it’s really one of a kind. It’s a landmark – words matter – and I insist it’s not a flagship; it’s the Tiffany Landmark and there’s only one in the world.”
Ensconced in a private salon on the 10th floor of building – the only floor not open to the public and devoted to the brand’s top clients – Ledru explains to Style that in this day and age, when everything is available at the click of a button, you need to go the extra mile to bring customers to bricks-and-mortar boutiques. A large shop with a great assortment and talented sales advisers just doesn’t cut it any more.
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“It’s essential to have a store like this. The more you go digital – the more you go intangible and unreal – the more clients want something tangible and authentic,” he says. “It’s that authenticity and relationship, which you can’t build online. Digital is a tease and communication – it’s the first taste, like the menu at a restaurant, but you then want to try the meal.”
The meal that Tiffany is offering at the Landmark is filled with courses meant to appeal to different palates, befitting the label’s democratic approach, which Ledru refers to as its “generosity”. While in Asia the brand’s positioning is quite elevated, Tiffany has always stood out among other jewellers for its broad appeal. Its offerings range from accessible entry-level pieces in silver such as the Return to Tiffany pendants, to diamond engagement rings and one-of-a-kind creations made in its high jewellery workshops.
“There is a generosity in terms of price point and aesthetics,” says Ledru. “You go from silver to [the collections of] Elsa Peretti, Paloma Picasso and Jean Schlumberger, and from silver trophies to diamonds. We raised the price point a little bit in the last two years and made a focus on high jewellery […] but we believe that you should [all] have the opportunity to leave with the blue box.”
Ledru is referring to the iconic gift boxes in the signature Tiffany blue that have become a rite of passage for countless American women, and men, celebrating meaningful milestones such as graduations, weddings and 21st birthdays.
LVMH’s plan to move the brand upmarket and court high spenders is paying off, says Ledru, explaining that the signature gold collections, such as HardWear, T and the recently launched Lock, have become modern-day icons alongside historic creations such as the Bird on a Rock pendant, designed by Schlumberger in 1956, which attract a wealthier clientele.
The renovation of the iconic Fifth Avenue address and recent marketing initiatives such as buzzy – and controversial – collaborations with streetwear brand Supreme and sportswear giant Nike are meant to surprise while also paying homage to the legacy and DNA of the American brand.
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“We were the first jewellery brand to collaborate with designers like Elsa Peretti, Paloma Picasso,” he says. “We worked with Andy Warhol in the 60s and had artists like Jasper Johns working on the window displays in the 70s. It’s part of Tiffany’s DNA.
“Nike, Supreme – it’s two American brands so it makes sense. We reject a lot more collaborations than we accept. The business of luxury is to say no more than to say yes: no to too many stores, too many products and collaborations. When you get criticised it’s because you’re doing something right.”
Tiffany is not just a brand but “a cultural phenomenon”, at least in the US, says Ledru and, returning to brand after six years at Louis Vuitton, his goal now is to make it just as desirable in the rest of the world. “I returned to Tiffany and had the fortune of being offered this position,” he says. “I was dreaming about this job and also for the group to invest because I knew about Schlumberger and the diamonds and the opportunity.”
Tourists are obviously a key target for The Landmark. Ledru says that with borders open and life now back to normal, foreign visitors are only going to become more important. While China is still a work in progress due to the lack of flights and delays in issuing visas, he expects the Tiffany Landmark to become again one of the top five most visited non-cultural destinations. While the city suffered significantly during the pandemic, the Big Apple is now more than ready to bounce back – not unlike Hong Kong – which Ledru visited recently on a whirlwind tour of Asia.
“Hong Kong is a bit like New York, that same energy,” says Ledru. “When I went back I felt the excitement. It’s all about verticality and about ‘tomorrow is a better day’. That feeling is contagious.”
Just as contagious has been the buzz surrounding the opening of The Landmark, helped in no small part by the marketing might of LVMH. The morning the store opened officially to the public, hundreds of customers lined up on Fifth Avenue and 57th street to see what the fuss was all about. Inside, they were busy trying on jewellery; admiring the artworks on display, which range from a painting by Jean-Michel Basquiat to a sculpture by Daniel Arsham; enjoying a bite at the Blue Box Cafe, courtesy of Michelin-starred chef Daniel Boulud; looking at the stunning homeware floor curated by New York fashion maven Lauren Santo Domingo; and taking photos at the unsurprisingly popular Audrey Hepburn Experience.10 of the most expensive celebrity red carpet jewels ever, ranked
“We want a cultural dimension. The Landmark is what Tiffany really is,” says Ledru. “A good third of the store is not about jewellery but about art and exhibits and fine dining and a high jewellery workshop. The goal is for clients to spend a day rather than one hour.”
More of an all-day breakfast at Tiffany’s perhaps?
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