Tiffany & Co.

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Tiffany & Co. Logo
Iconic Tiffany & Co. Blue Box. Source: tiffany.com

Tiffany & Co. is an American luxury jewelry and specialty retailer headquartered in New York City.[1] It sells jewelry, sterling silver, china, crystal, stationery, fragrances, water bottles, watches, personal accessories, and leather goods.[2] Tiffany is known for its luxury goods, particularly its diamond and sterling silver jewelry.

History

Tiffany & Co. was founded in 1837 by the jeweler Charles Lewis Tiffany and became famous in the early 20th century under the artistic direction of his son Louis Comfort Tiffany. The company operates retail outlets in the Americas, Asia, Japan, and Europe. In 2019, Tiffany had 94 stores in the US in total 326 stores worldwide; net sales totaled US$4.44 billion.[3]

In November 2019, LVMH (Louis Vuitton Moet Hennessy) announced its purchase of Tiffany & Co for $16.2 billion, $135 per share.[4] The deal was expected to close by June 2020.[5] But, in early September 2020, LVMH stated that the purchase would not be concluded; Tiffany filed a lawsuit in response. In late October 2020, LVMH announced that it had agreed to buy Tiffany & Co. at a reduced price of almost $16 billion, and lowered price from $135 per share to $131.5 per share.[6] In December 2020, Tiffany & Co’s shareholders approved a $15.8 billion deal with LVMH.[7]

Racial Discrimination

In 2014 Tiffany & Co. received a law suit from it's black employee because of racial discrimination. Michael McClure, a group director for two Tiffany stores in Texas, filed a suit in federal court accusing the fine jewelry company of a “systemic, nationwide pattern and practice of racial discrimination.” The lawsuit alleges that McClure is the only black representative among more than 200 management-level staffers nationwide who deal directly with customers — and he’s in danger of losing his job. Despite having received consistently glowing reviews since joining the company in 1993 and increasing sales 15 percent at one of his store locations this past year, McClure says he was given a “warning for termination” this spring. He claims the trouble began last fall, after Anthony Ledru was appointed Tiffany’s new senior vice president for North America.[8] The threat comes from new boss expressing surprise that “a black man was representing the Tiffany brand” and Tiffany’s history of bias, the suit says.[9]

Mr. McClure’s attorney, Robert D. Kraus, said that Tiffany’s racist employment practices stems from a backward belief “that African-Americans are not appropriate ambassadors for the iconic, luxurious and sophisticated Tiffany brand.”[10]

Racial Bias Training

Bias mitigation strategies have been adopted by Tiffany & Co., who recently teamed up with The NeuroLeadership Institute, to leverage and apply customer survey data to measure it's progress and improve it's retail training programmes. The goal is to include systematically integrating inclusive practices to ensure a welcoming environment for a diverse consumer base, Chiara Cortesano, a spokesperson said. “Our aim is to be the most inclusive luxury brand.”[11]

"In 2019, we achieved a number of successes in advancing our diversity and inclusion goals, including the global launch of our unconscious bias training for all employees, the creation of Employee Resource Groups to build space for inclusion and belonging across our global workforce, and our ongoing efforts to speak out publicly in support of diversity and equality around the world.", written in Tiffany & Co. website as a commitment to sustain diversity and inclusion in the company and deliver same service regarding the race.[12]

Tiffany & Co. Sustainability Diversity and Inclusion Source: tiffany.com

Diversity and Inclusion

Tiffany & Co. mission for Diversity & Inclusion is to fully leverage the power of it's people to make Tiffany & Co. the most inclusive luxury brand. Now Tiffany & Co. has four Employee Resource Groups—Multicultural, Women, LGBTQIA+ and Life Stages. These groups advance it's goals around creating positive community impact and building an inclusive culture. [13]

In 2018, Tiffany & Co. CEO Alessandro Bogliolo signed the CEO Action for Diversity & Inclusion™ pledge, a personal commitment to uphold four important principles: cultivate workplaces that support open dialogue on complex and sometimes difficult conversations about diversity and inclusion, implement and expand unconscious bias education, share progress with other organizations undertaking this journey, and create strategic inclusion and diversity plans with Board of Directors.[13]

In it's Sustainability Performance and Metrics Fiscal Year 2019 reported that the company has total up to 48% people of color employee in all level. As for managerial level and up total 23% of managers are people of color.[14]

References

  1. Tiffany & Company. The New York Times. Retrieved January 20,2021.
  2. Agrawal, A. J. How Tiffany & Co. Built A Marketing Empire. Forbes. 4 January 2016. Retrieved January 30, 2021.
  3. Tiffany & Co.. Bloomberg. July 11, 2019. Retrieved January 30, 2021.
  4. Kent, Sarah; Guilbault, Laure. LVMH Buys Tiffany in $16 Billion Deal. businessoffashion.com. 25 November 2019. Retrieved January 30, 2021.
  5. Naas, Roberta. LVMH Acquires Tiffany & Co. For $16.2 Billion. Forbes. 26 November 2019. Retrieved January 30, 2021.
  6. Roumeliotis, Greg ; White, Sarah. LVMH, Tiffany agree on lower price in $16 billion takeover deal, sources say. Reuters. 28 October 2020. Retrieved January 30, 2021.
  7. Reuters Staff. Tiffany shareholders back LVMH takeover, ending long-drawn dispute. Reuters. 30 December 2020. Retrieved January 30,2021.
  8. Wilson, Julee. Black Employee Accuses Tiffany & Company Of Racial Discrimination Huff Post. 30 May 2014. Retrieved January 30, 2021.
  9. Tiffany & Co. is racist: lawsuit. NY Post. 30 May 2014. Retrieved January 30, 2021.
  10. Sternlicht, Alexandra. More Than a Tiff: Employee Sues Tiffany & Co. for Racism. observer.com. 30 May 2014. Retrieved January 30, 2021.
  11. Chitrakorn, Kati. How to combat racism in stores. Vogue Business. 15 July 2020. Retrieved January 30, 2021.
  12. Tiffany & Co Community Sustainability. tiffany.com. Retrieved January 30, 2021.
  13. 13.0 13.1 Diversity & Inclusion. tiffany.com. Retrieved January 30, 2021.
  14. Sustainability Performance and Metrics Fiscal Year 2019. media.tiffany.com. Retrieved January 30, 2021.