Tiffany & Co. Competitors- Who Are They?

Tiffany & Co. Competitors - Who Are They?

Introduction

Jewelry has for ages been a significant part of the world’s fashion. They have come a long way in the history of humankind and have never ceased from our list of wants. Instead, our desire for them has grown immensely over the centuries. Because of their great worth, you see them mainly on royalties like kings and queens and very wealthy individuals who can afford them. Agreeably, jewelry is essential for adornment. Having a piece of expensive jewelry gives you a royal feel. If wishes were horses, everyone would own chests of jewellery. They are fantastic pieces of beauty. Due to their increased demands and costs, jewellery owners and vendors have ranked among the wealthiest individuals with massive net worths. Savji Dhanji Dholakia is one of the most prominent jewellers today, worth $38 billion.

This article will explore a top jewellery brand, Tiffany & Co. and reveal its competitors and why they are close competitors.

  • Tiffany and Co. 
  • Tiffany and Co. Competitors
  • LVMH
  • Chow Tai Fook
  • Harry Winston
  • Signet Jewelers Ltd

Tiffany and Co. 

Charles Lewis Tiffany founded Tiffany & Co. in 1837. He was a jeweller, and his firm was formerly named Tiffany’s. The establishment came to the limelight when his son, Louis Comfort Tiffany, became its head at the inception of the 20th century.

Tiffany& Co. has its settlement in New York City and is widely famous as a seller of luxury jewellery and specialities. Tiffany & Co. vends wristwatches, perfumes, crystal, sterling silver, and many more luxury products. Its production of diamond and sterling silver jewellery has also become a significant part of its portfolio.

From records, Tiffany & Co. owned 326 stores worldwide, in notable places like Japan, Canada, America, South and North Pacific Asia, Latin America, and the European continent. In 2018, it made a net sales of $4.44 billion (US), and three years later, Tiffany & Co. amassed a net worth of $5.5 billion. At the 2010 Oscars red carpet, Kate Winslet was spotted wearing a yellow diamond necklace made by Tiffany & Co, costing 2.5 million dollars.

No doubt, it has competitors edging close to it in jewellery production and sales, with huge net-worths and influence in the jewellery space. 

Tiffany and Co. Competitors

LVMH

Moët Hennessy Louis Vuitton is a French multinational business that was created in 1987. It is based in the capital city of Paris. Popularly known as Louis Vuitton, it was established by a merger of Louis Vuitton, owned by Henri Recaimer (a fashion house), and Moët Hennesy (a drink brand), owned by Alain Chevalier. As a Tiffany & Co. competitor, it produces and sells jewellery, perfumes, wristwatches, drinks, and several other products. The company in 2020 recorded over 5000 stores globally, with a more significant percentage in Asia. A Louis Vuitton Tambour Wrist Watch(White Color) costs $2,942, including taxes.

LMVH thrived on partnerships and acquisitions of different brands. In 2021, LMVH ranked the most valuable firm in the European continent, with a net worth of $329 billion (US), controlling up to 75 different brands like Givenchy, Fenty, Kenzo, Bulgari, including the 16th-century Château d’Yquem. You can group these subsidiaries into six brands: Fashion brand, Liquors and Wines, Wrist Watches and Jewelry, Fragrances and Cosmetics, Distribution, and other subsidiaries. Being an enormous empire as this makes it stand out as one of the Tiffany & Co. competitors.

LMVH is registered and recognized on the Euronext Paris exchange, and in 2016, they distributed business-owned allocations worth €78,216 million in more than 500 million parts. A publication in 2010 revealed that LMVH owned revenues worth over 20 billion euros, and in 2013, its revenue was 18.9 euros. In Deloitte’s report, LVMH was the No.1 company in terms of luxury products. Due to its massive growth and expansion, it has an employee size of over 83,000 persons and only 30% work in France. LMVH plans to have continuous control over its brands and stay at the top of the luxury industry.

Chow Tai Fook

Chow Tai Fook is a Chinese business empire that was created in China (Hong Kong). It is a large jewellery dealer and has tentacles in various industries like transportation, telecoms, hotels, construction, casino, etc. Chow Tai Fook was founded in 1929 by Chow Chi-yuen in the Republic of China. It began as a jewellery store and expanded to Portugal in the 1930s. Years later, his firm moved to British Hong Kong after the Sino-Japanese War. After the Chinese market reforms in the 80s, he returned to China (Mainland). In 1956, his son-in-law, Cheng Yu-tung, became the head of the business after Chow’s death. Also, in the 1960s, Stephen became a founding member of the real estate sector of the Chow Tai Fook group.

Cheng modified the group and diversified its businesses into real estate, jewellery, public volunteering, and many more. After tremendous growth, the Chow Tai Fook establishment erected a building for residence, put it for sale at Kowloon, and named it in honour of Tai Fook. In 1961, the Tai Fook Jewellery Company Limited was established and based in British Hong Kong.

Cheng distinguished the firm by creating gold with almost 100% purity, giving it an edge over its peers. The Chinese jewellery store obtained authorization to buy diamonds in 1964. Ten years later, Tai Fook was importing almost 40% of diamonds coming into Hong Kong.

Today, it has a net worth of $21.91 billion. As of 2021, Chow Tai Fook jewellery company has over 4000 stores worldwide and well over 27,900 employees. As a well-renowned company in China and Tiffany and Co. competitor, it has more than 2000 stores in the Chinese nation and plans to make further expansions.

Harry Winston Inc.

Harry Winston Inc. ranks as one of the Tiffany & Co. competitors. It is a big magnificent jewel producer with its headquarters in New York City and popularly produces Swiss clocks and watches. It was established in the early 1930s by Harry Winston but initially named Harry H. Winston Jewels, Inc. However, in 1936, it changed its name to what it is today. Winston had a famous name, the “King of Diamonds,” and ranked among the most prominent jewellery makers globally. The jewellery king company is a brand under the Swiss Swatch Group. It became a part of this group after its acquisition from its original parent company in 2013 for $1billion.

In 1943, Harry Winston lent diamonds to an actress for the Academy Awards. He was the first jeweller to lend diamonds for such events. He rose to fame with famous Hollywood celebrities when he dressed Jennifer Jones, the Best Actress nominee, in his diamonds. After Harry Winston’s demise, his two sons, Bruce and Ronald, took over the company. They both fought for power over the company for years. Eventually, in 2000, Roland leased with a partner and obtained the company for over 54.2 million dollars from Bruce. Between 2010 and 2011, the company made 36 million euros from wristwatches and total sales of 246 million euros from all their products. Two years later, Harry Winston Inc. declared that it had agreed to sell its brand to the Swiss Swatch Group. Harry Winston Inc. owns everything, including its staff and production unit in Switzerland.

Major Achievements

The Harry Winston delicate jewellery chain is one of the pioneers of today’s jewellery trends. The most expensive piece of jewellery made by Harry Winston Inc. is the stunning 15-carat blue diamond necklace worn. The Gloria Stuart of titanic wore it at the Oscars Red Carpet in 1998. It is a replica of the “Heart of the Ocean.” As one of the Tiffany & Co. competitors, its customers are high-quality jewellery customers because of its unique settings and classy stones. Harry Winston owns 45 stores worldwide, citing central locations like Japan, United States, and China, and controls 150 dispatch locations globally. A study shows that most users of expensive pieces of jewellery respect Harry Winston as a second-to-none brand.

The company in 2007 made record-breaking sales of 679.3 million dollars with profits of about 217.7 million dollars. Its mining unit made a profit of 413.8 million dollars, and its retail unit made 265 million dollars.

Signet Jewelers Ltd

Signet Jewelers Ltd, with an old name, Ratner group, is the biggest seller of diamond jewellery globally. It was established by Gerald Ratner in 1949 and slowed growth before it expanded quickly by several acquisitions between 1980 and 1990. It has its base in Bermuda and set up its headquarters in Ohio.

Ratner facilitated the growth of the jewellery company from owning 130 stores to a whopping 2500 stores. As one of the Tiffany & Co. competitors, it comprises subsidiaries like Kay Jewelers, JamesAllen.com, etc. It functions in the mid-market jewellery section in the US and has leading positions in the US, UK, and Canada.

In 2008, it shifted its primary stock market records from London to the Stock Exchange in New York City. During moving, it changed its name to Signet Jewelers Ltd, and on the same day, it changed its base from the UK to Bermuda. In March 2016, it was excluded from the Stock Exchange in London because it was reported not executing 1% of its yearly trading volume.

Currently, Signet Jewelers Ltd operates about 2800 stores worldwide. Having a vast number of stores serves as a market advantage for the organization and helps it reach out to its customers and receive complaints and reviews. Many of its stores are located in places like the Republic of Ireland, Canada, the Channel Islands, and the UK. As the biggest diamond seller, in 2021, Signet Jewelers Ltd has a net worth of 5 billion dollars. Its extensive market coverage and income have made it become one of the Tiffany & Co. competitors.

Conclusion

Tiffany & Co., alongside its competitors, has leveraged the production and sales of jewellery to amass wealth and render global services. Some of these Tiffany & Co. competitors were more successful because of mergers and acquisitions. Aside from merging, they expanded their services to other markets, which served as a means of publicity for them. Also, some of them have sub-brands producing various kinds of the same commodity, jewellery. As earlier stated, the want for jewellery has reigned from humanity’s inception, and without doubt, it will stay as long as humanity exists.

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