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Final Tiffany

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Miriam Niembro
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Business Policy Final Project Miriam Niembro Martha Niembro Lara Ruah Malgorzata Chojecka
About: ²  Leading competitor in the jewelry industry. ²  Brand that shows value, quality, superior design, and exclusivity. ²  Sales: Retail, internet, catalog, business-to-business & wholesale distribution.
Products: ²  Fine & solitaire jewelry, engagement rings, and wedding bands. ²  Non-gemstone, sterling silver, gold, and metal jewelry ²  Timepieces, leather goods, sterling silverware, china, crystal, stationery, fragrances, and accessories.
Target Segment ²  Gift-givers & Gift-receivers ²  Self-buyers ²  Special occasions ²  25-45
PART I COMPANY´S OVERVIEW
Financial Assets ANNUAL INCOME STATEMENT January 31 2014 2013 2012 Total Revenue 4,031,130,000 3,794,249,000 3,642,937,000 Cost of Revenue 1,690,687,000 1,630,965,000 1,491,783,000 Gross Profit 2,340,443,000 2,163,284,000 2,151,154,000 Operating Income 304,329,000 697,217,000 708,426,000 Net Income 181,369,000 416,157,000 439,190,000
Financial Assets BALANCE SHEET January 31 2014 2013 2012 Assets 4,752,351,000 4,630,850,000 4,158,992,000  Liabilities 2,031,914,000 2,032,118,000 1,810,087,000 Stockholders Equity 2,720,437,000  2,598,732,000 2,348,905,000
Financial Assets CASH FLOW January 31 2014 2013 2012 Operating Activities 154,652,000 328,290,000 210,606,000 Investing Activities (246,781,000) (331,146,000) (242,583,000) Financing Activities (65,426,000)  71,446,000 (213,817,000)
Financial Assets MAJOR HOLDERS BREAKDOWN % of Shares Held by All Insider and 5% Owners: 13% % of Shares Held by Institutional & Mutual Fund Owners: 86% % of Float Held by Institutional & Mutual Fund Owners: 99% Number of Institutions Holding Shares: 498
Financial Assets MAJOR DIRECT HOLDERS Quatar Investment Authority Shutzer William A Kowalski Michael Joseph Marquis Charles K Fernandez James N TOP INSTITUTIONAL HOLDERS Vanguard Group, Inc. (The) 6.50% Capital World Investors 6% Oppenheimer Funds, Inc. 3.43% State Street Corporation 3.42% Harris Associates L.P. 3.35% BlackRock Institutional Trust Company, N.A. 2.22% Jennison Associates LLC 2.04% JP Morgan Chase & Company 1.68% Ruane, Cunniff & Goldfarb Inc. 1.67% TCW Group, Inc. (The) 1.66%
Financial Assets News ²  Stocks up ²  From “neutral” to “buy” ²  Target $100 ²  Strengths ²  Higher domestic sales ²  Margin rise ²  Operation improvement http://www.thestreet.com/story/12701109/1/why-tiffany-tif-stock-is-up- on-thursday.html
Physical Assets ²  1st building on 38th street. ²  National Regisrty of Hsitoric Places. ²  290 stores worlwide ²  Headquarters at 5th Avenue. ²  Raw Material include ²  Metal ²  Silver ²  Gold ²  Platinum ²  Diamonds
Physical Assets News ²  “Tiffany Reports First Quarter Results; Higher Sales and Margins Generate Strong Earnings Growth” ²  13% increase in worldwide net sales ²  50% growth in net earnings ²  Worldwide net sales rose 13% to $1.0 billion ²  In the Americas region, total sales increased 8% to $439 million. ²  Strengths ²  Periodic comparison of assets providing a trend in growth ²  Explains the trend in asset growth ²  Provide for comparison and enhanced understanding ²  Weakness ²  Does  not  provide  specific  details     ²  It  misses  aspects  such  as  deprecia5on http://investor.tiffany.com/releasedetail.cfm?ReleaseID=849272
Human Assets ²  CEO ²  Mr. Kowalski ²  10,600 Full Time Employees (Yahoo,2014). ²  5,100 in U.S. (2013) ²  Employee Giving Program ²  Time Off ²  Vacation and personal days ²  Requirements ²  Min of 5-7 years of retail/training experience ²  Strong team management skills ²  Strong proficiency with Microsoft Office software ²  Ability to interact with customers and other employees ²  Full education
Human Assets News ²  “Tiffany  &  Co.  breaks  ground  on  Lexington  manufacturing  plant  ‘’     ²  Will employ 125 people ²  25,000-square-foot manufacturing plant ²  NY stores hire more than 60 new employees ²  Products made in Lexington include engagement jewerly ²  Strengths ²  FormaFed  to  allow  for  grasping  relevant  informa5on   ²  Reuters  is  credible   ²  Provides  precise  informa5on     ²  On  qualifica5ons  and  experiences  of  the  execu5ve  manager   ²  Weakness ²  Only  provides  informa5on  on  the  top  execu5ve http://www.kentucky.com/2010/11/04/1507888/tiffany-co-to-open-lexington- manufacturing.html
Intangible Assets Concept: True love Timelessness Luxury Sophistication Elegance
Intangible Assets Reputation: ² Diamonds are real gems ² Assured to get what they pay ² Beautiful and high quality ² Name speaks for itself ² Provides excellent customer service ² Present a good image ² Integrity when it comes to jewelry sales.  
Intangible Assets ²  Copyright: ²  Tiffany Legacy ²  Tiffany Celebration ²  Pure Tiffany ²  Tiffany Hearts ²  Tiffany Jazz ²  Tiffany Signature ²  American Garden ²  Atlas ²  Lucida ²  Schlumberger ²  Selections ²  Streamerica ²  Tesoro
Intangible Assets ²  Trademarks: ²  Tiffany Blue Box ® ²  Tiffany Blue® ²  Tiffany® ²  Tiffany & Co.®
Intangible Assets ²  Licensee of jewelry desgins ²  Elsa Peretti, Paloma Picasso, Jean Schlumberger & Frank Gehry ²  Peretti & Picasso ownership of copyrights for their designs
                  Registered Designs: ² Sterling silver screwball keyring ² "Please Return to Tiffany & Co. New York” ² Registration number Intangible Assets
Intangible Assets Competitive Advantages: ² The brand itself ² Reputation ² Consumer loyalty ² Excellent service ² Registered designs ² Designers ² Trademarks
Intangible Assets News: ²  Paloma Picasso's Olive Leaf collection for Tiffany & Co ²  Strength ²  Worldwide renown designer ²  Exclusive design ²  Competitive advantage ²  Value = sales ²  Rare = source of inspiration ²  Hard to imitate = no other collection will be the same ²  Exploited = design in different elements hFp://www.vogue.com.au/fashion/accessories/galleries/paloma+picassos+olive+leaf +collec5on+for+5ffany+co,25732?pos=1  
Structural/Cultural Assets History: ²  1837 – New York. ²  Charles Lewis Tiffany & John F. Young ²  Stationery and costume jewelry. ²  1845 - “real” jewelry. ²  1853 - Tiffany and Company. ²  1940 - Silverware, timepieces & perfumes.
Structural/Cultural Assets Core Principles: ²  Global Presence ²  High Service Standards ²  Commitment Quality and Innovation ²  Marketing & Branding ²  Recruitment & Training ²  Supply Chain ²  Intellectual Property Rights ²  Counterfeit Protection ²  Corporate Social Responsibility ²  Key Growth Strategies
Structural/Cultural Assets ²  Only 1 company-operated store ²  Strong advertising campaigns ²  Differentiated products/innovative designs ²  Effective competitive pricing ²  Weak attempt to cater to men's product categories ²  Weak efforts to offer later store hours of operation ²  Knowledgeable, well-trained sales staff
Structural/Cultural Assets ²  Strong efforts in collection of customer data ²  Good supplier relationship ²  Secure & easy to use Website ²  Strong presence/locations in major US cities ²  Mechanistic structure
Structural/Cultural Assets Key Growth Strategies: ²  Expand channel of distribution ²  Increase sales by developing new products ²  Increase control over supply ²  Achieve improved profit margins ²  Direct diamond sourcing & internal jewelry manufacturing ²  Enhance customer awareness (marketing & PR) ²  Customer service with superior shopping experience
Structural/Cultural Assets News ²  Patrick Dorsey is retiring after 29 years ²  General Counsel ²  Leigh Harlan ²  Strength ²  Actualized vision with previous experience ²  Strong leadership skills ²  Weakness ²  Antiquity ²  Know how to do things hFp://markets.on.ny5mes.com/research/stocks/news/press_release.asp? docTag=201404110800BIZWIRE_USPRX____BW5076&feedID=600&press_symbol=268527  
Structural/Cultural Assets Competitive Advantages: ² Well-established and performed core principles ² Strategies: ²  Superior shopping ²  Direct diamond sourcing ²  Internal jewellery manufacturing ²  Differentiated products ²  Innovative designs
PART II COMPANY´S SOCIAL RESPONSIBILITY & THE NEW BUSINESS ENVIRONMENT
Vision & Mission ”To be the world’s most respected and successful designer, manufacturer and retailer of the finest jewelry." ²  For over 175 years, Tiffany has offered our customers timeless style and quality. As the world’s premier jeweler and America’s house of design, we maintain a standard of excellence in each beautiful piece we create. These high standards extend to the commitment we make to our customers, the environment and the communities in which we work. They are also evident in the way we treat our employees and the benefits offered to them.
Code of Ethics   ²  The Tiffany & Co. Business Conduct Policy sets forth expectations of Tiffany employees, including compliance with all relevant laws and regulations. ²  This policy also prohibits payment of bribes or the acceptance of payments or other inappropriate gifts and sets expectations in areas such as potential conflicts of interest and political contributions.
Social Responsibility ² The Tiffany & Co. Foundation : has donated, on average, nearly 2% of pre-tax earnings to charitable purposes ² In 2012, Tiffany & Co. provided more than $5 million to nonprofit organizations through our global corporate giving program. ² Responsible Mining ² Supplier Responsibility
The New Business Environment ²  Technology: smartphone app. ²  Globalization : they oparate stores in America, Asia-Pacific, Japan, Europe and the United Arab Emirates. ²  Now they are opening 2 level luxury store in Moscow, Russia.
The New Business Environment News ²  Tiffany Raises Profit Outlook on Strength of Sales in China ²  Sales in China now account for about 22 percent of overall revenue, compared with 11 percent five years ago. ²  Strengths ²  Still growing market ²  Asian people like brands ²  Weakness ²  Soon it might be a lot of competition http://www.nytimes.com/2013/08/28/business/tiffany-raises-profit-outlook-on- strength-of-sales-in-china.html
PART III INTERNAL ANALYSIS
1.Production/Operations ² 290 stores ²  Americas 48% ²  US 91 stores ²  Canada & LA 24 stores ²  Asia-Pacific 23% ²  66 stores ²  Japan 14% ²  55 stores ²  Europe 12% ²  34 stores ²  UAE & Russia 3% ²  5 stores Internal Audit
News ²  The New Tiffany Flagship Store on the Champs-Elysées ²  1686 - 1st store ²  Yellow diamond ²  Strengths ²  Tourism ²  Global image ²  Sales increase ²  Diverse markets ²  Location http://www.tiffany.com/WorldOfTiffany/LatestNews/Article.aspx? ArticleID=1597&PageType=2 Internal Audit
2.Marketing ²  Tiffany & Co. brand ²  Core principle ²  Facebook ²  4million fans ²  Twitter ²  U.S & Brasil ²  600,000 followers ²  Pinterest ²  28,000 followers Internal Audit
News ²  Ogilvy & Mather wins global Tiffany & Co. account ²  4 month period ²  Global market communication partner ²  Brand position & advertising ² Strenghts ²  1 of the largest ²  Experience ²  Creativity http://www.ogilvy.com/News/Press-Releases/February-2014-Tiffany.aspx Internal Audit
3.Research & Development ²  To promote the development of standards for responsible mining at the large- and small-scale level. ²  To remediate areas where both small- and large-scale mining have occurred. ²  To protect places of natural and historic importance from the threat of mining. ²  To promote economic and social development in areas where the mining of precious metals, diamonds and gemstones occurs. Internal Audit
News ²  “Tiffany & Co. Breaks Ground on Lexington Manufacturing Plant” ²  Will employ 125 people ²  25,000-square-foot manufacturing plant ²  NY stores hire more than 60 new employees ²  Products made in Lexington include engagement jewerly ²  Strenghts ²  Emphasizes the company’s insistence on research ²  Broader perceptive of research, ²  Such as the benefits to society ²  Provides an insight ²  On the research and development program of the company ²  Wekanesses ²  Does not provide information on the historical progress http://www.facebook.com/note.php?note_id=493417158697 Internal Audit
4.Financial & Accounting ²  Strengths ²  Revenue growth ²  Expand profit margins ²  Solid financial position Internal Audit ²  Weaknesses ²  Deteriorating net income ²  Disappointing return on equity ²  Weak operating cash flow
News ²  Stock Upgrades: Stick With Tiffany's Carats ²  More than 6% ²  Street estimate ²  Advances another 1.38% ² Strengths ²  Higher stocks ²  Raise price target ²  More attractive to invest http://www.minyanville.com/trading-and-investing/stocks/articles/Stock- Upgrades253A-Stick-With-Tiffany2527s-Carats/5/30/2014/id/55139? camp=syndication&medium=portals&from=yahoo Internal Audit
5.Information Systems ² Past customer purchases ² Tastes ² Birthday ² Sit-downs sales in its stores ² Superior knowledge ² Product offerings ² Customer history = individual attention ² Countercyclical growth due to loyalty Internal Audit
News ²  “ISO Standards Information: Tiffany & Co.” ²  Customer service very important ²  Special system for customer relationship ²  Management information system ² Strenghts ²  Details on other aspects of the company ²  Effective information system ²  Explains key points ²  Video to promote clarity of information hFps://sites.google.com/site/isostandardsinforma5on/5ffany-­‐com       Internal Audit
6.Management Board of directors Internal Audit Rose Bravo Gary Costley Lawrence Fish Abby Kohnstamm Charles Marquis Peter May William Shutzer Robert Singer
News ²  Tiffany Names Ralph Nicoletti as Chief Financial Officer; Jim Fernandez, Tiffany’s Veteran COO and CFO, to Retire ²  Mr. Nicoletti will be CFO ²  Mr. Fernandez is going to retire ²  Strenghts ²  Experience ²  Helps with worldwide expansion ²  Wekanesses ²  Lost great employee ²  New CFO doesn’t know company http://www.marketwatch.com/story/lieff-cabraser-investigating-possible- securities-fraud-at-great-lakes-dredge-dock-corporation-2013-03-19 Internal Audit
B) Organizational Structure Internal Audit Michael   Kowalski   CEO   Ralph  Nicoleg   CFO     Frederick   Cumenal     President   Beth  Canavan     Exec.  Vice   President     Andrew  Hart   Diamonds  &   Gemstones   Judy  Baldisard   CFO  Diamonds   Caroline   Naggiar     Marke5ng   Patrick  Dorsey   Legal  &   Secretary   Jon  King   Exec.  Vice   President       Victoria  Berger   Ross   HHRR   Pamela  Cloud   Merchandising   John  PeFerson   Opera5ons  
C) Organizational Culture ²  Long-term development ²  Quality, value, durability, and innovation ²  Customer service ²  Promotion from within ²  Highest ethical standards ²  Commitment to excellence ²  Support communities Internal Audit
News ²  Former Tiffany Executive Is Accused of Stealing Jewelry ²  Ingrid Lderhaas ²  165 pieces ²  $1.3 million ² Wekanesses ²  Image &reputation ²  Vs. Culture ²  Fill position ²  Monetary loss ²  Lack of security http://www.nytimes.com/2013/07/03/nyregion/ex-tiffany-executive-accused-of- stealing-jewels.html Internal Audit
PART IV EXTERNAL ANALYSIS: PORTER´S 5 FORCES MODEL
1.Current Rivalry Among Existing Firms
1.Current Rivalry Among Existing Firms 22%   27%   11%   15%   25%   Industry  Market  Share   Tiffany  &  Co.     Signet   Bvlgari   Zales   Blue  Nile  
News ²  Signet-Zale jewelry combo is no threat to Tiffany’s luxury branding ²  Expand jewelry store footprint ²  Focused on midmarket end ² Opportunities ²  Focused on upper markets ²  Luxury positioning ²  Long-term growth initiative ² Threats ²  Partnership = largest jewelry chain ²  Capture middle class market ²  Tiffany´s doesnt offers promotions http://blogs.marketwatch.com/behindthestorefront/2014/02/19/why- tiffany-isnt-seen-impacted-by-signets-deal-to-buy-zale/ 1.Current Rivalry Among Existing Firms
²  High costs of capital ²  Consumer loyalty to brand ²  Customized products offering 2.Threat of Potential Entrants
News ²  Pandora Raises Sales Forecast as Cupid Gives Jeweler a Boost ² Opportunities ²  Increasing sales ²  Brand gets worldwide recognition ² Threats ²  A lot of competition http://www.bloomberg.com/news/2014-05-13/jeweler-pandora-raises- guidance-as-profit-beats-expectations.html 2.Threat of Potential Entrants
²  High Disposable income ²  Connection with the brand ²  High prices ²  Few availability of substitutes & competitors ²  Choose according to experience 3.Bargaining Power of Buyers
²  Great power ²  Few diamond suppliers in the world ²  Power to dictate prices 4.Bargaining Power of Supplier
²  Engagement rings have few substitutes ²  Accessories can be bought at other retailers ²  Zales ²  2,100 stores ²  Lowest prices ²  Blue nile ²  Online retailr ²  Segnet Jewelers ²  Kay & Jared ²  Convenient location (near malls) 5.Threat of Substitute Products
News ²  Hoping to Sell the Emotion of Love (and Rings) ²  Marketing campaign focused on emotions ²  Opportunities ²  They don’t have the brand popularity ²  Threats ²  Offer customized jewelry ²  More accesible prices ²  More locations ²  Also appealing for emotions on campaigns http://www.nytimes.com/2008/11/22/business/22interview.html?_r=0 5.Threat of Substitute Products
PART V EXTERNAL ANALYSIS: THE GENERAL ENVIRONMENT
²  Interest rates 0.25% ²  Budget deficit 492b ²  Currency value ²  Inflation 2% ²  Consumer spending rose .3% ²  Consumer income ²  Unemployment 6.3% Economic
²  Population 316,668,567 (07/13) ²  2.4% increase ²  New York 19.3m ²  Los Angeles 12.6million ²  Chicago 9.1m ²  Miami 5.6m ²  Washington 4.4m ²  Gender ²  Female 49.1% ²  Male 50.9% Demographic
²  Education ²  High school 85.7% ²  Bachelors 28.5% ²  Hosuing ²  Persons per household 2.6 ²  Married couples 51.7% ²  With kids under 18 25.% ²  Age ²  25-54 years: 40.2% ²  Millenials 25% Demographic
²  People are paying attention to brands ²  Spending more money each year on clothes, accessories etc. ²  Like to show off what brand are they wearing Socio-cultural
²  Minimum wage 9$ ²  Code of Professional Practices ²  Anti-money Laundering ²  Conflict Minerals Provition ²  Comprehensive Children’s Jewelry Safety Act ²  U.S. Consumer Product Safety Commission Political-legal
²  Introduced a new website ²  See the product from different angles ²  New app for smartphones ²  Engagement rings ²  Communicate with other stores worldwide ²  Diamond cut laser ²  Social media use ²  Technology to advertise their brand and products       Technological
PART VI STRATEGIC FORMULATION
SWOT ANALYSIS STRENGHTS   WEAKNESSES   In-­‐House  Produc5on     Increased  debt/interest  payments   Strong  brand  in  the  fragmented  market   High  prices     Strong  direct  selling  channels   Deteriora5ng  net  income   Broad  offering   Disspoin5ng  return  in  equity   Revenue  growth   Weak  opera5ng  cash  flow   Strong  financial  posi5on   No  promo5on  model   Technological  up  to  date  apps    
SWOT ANALYSIS                                                            OPPORTUNITIES                                                                                                                                                      THREATS   Economic  recovery   Counterfeit  crime   Bridal  jelwelry   No  rewards  program     Small  store  format   People  spending  on  first  necessi5es   Expansion  on  product  lines  (men  &  millennials)   People  afraid  of  spending  arer  economic  crisis   Online  market   Infla5on  on  raw  materials   Spending  on  luxury  market     Other  jewellers  offering  customiza5on    
PART VII STRATEGIC IMPLEMENTATION
²  All our strategies are focused on the following levels ²  Functional ²  Product ²  Marketing ²  HHRR ²  Competitive ²  Differentiation strategies
²  Capture the male market since it constitutes 50.2% of the U.S. population ²  Strategy: ²  Expand men´s product offering ²  Create less “romantic” advertising to create a link with them ²  Don´t portrait them as givers ²  Make them aware of the existing offering Objective 1
²  Capture the millennial market since it’s 25% of the population and they have a lot of spending power ²  Strategy: ²  Create a special line targeted to millennial segment ²  Give a special name to the line so the “luxurious, expensive” image of the brand doesn't’t get affected ²  More accessible prices ²  Youth, fresh and less classic designs ²  Promoted by young celebrities Objective 2
²  Create an attachment with the different cultures of the countries in which the stores are located in order to develop a stronger global image ²  Strategy: ²  Make special edition collections with special collaborations from local jewellery designers ²  Create an attachment to the culture of the place were the store is located increasing the consumer trust ²  Give a competitive advantage due to the exclusive designs Objective 3
²  Reward the most recurring customers without affecting the image of the store by promotions or sales ²  Strategy: ²  Create a Rewards Program (The Blue Box Club) ²  20 points per $50 spent on merchandise ²  Each 100 points a $10 reward is given for the next purchase Objective 4
²  Create awareness and popularity by promoting at big events. ²  Strategy: ²  Sponsor Miss U.S.A pageants ²  Crowns & jewellery made by Tiffany´s Objective 5
PART VIII STRATEGIC EVALUATION
Evaluation Objective 1 ² Capture the male market since it constitutes 50.2% of the U.S. population ² How to evaluate this goal? ² Measure sales made by men ² Check if adverising is well received ² Did our offer have been changed ?
Evaluation Objective 2 ²  Capture the millennial market since it’s 25% of the population and they have a lot of spending power ² How to evaluate this? ² If the line/name and prices have been changed? ² What celebrities were used to promote the company? ² Collect relevant data about sales (who is buying) ² Are millenials talking about us? (Social-media)
Evaluation Objective 3 ² Create an attachment with the different cultures of the countries in which the stores are located in order to develop a stronger global image ² How to evaluate this? ² Check if the collaboration ended in the creation of collection ² Data about sales of those collections ² Consumer trust increased? (Questionnaires)
Evaluation Objective 4 ² Reward the most recurring customers without affecting the image of the store by promotions or sales ² How customers react to the rewards? ² Growth on sales? ²  A lot of profit lost on those sales?
Evaluation Objective 5 ² Create awareness and popularity by promoting at big events ² Which are the right events? ² Popular among the country ² Customers awareness? ² Rating of the events
REFERENCES: ²  Central Bank. Interest Rates. 2014. Web. 11 June 2014. <http://www.global-rates.com/ interest-rates/central-banks/central-bank-america/fed-interest-rate.aspx> ²  Datamonitor. Tiffany & Co. SWOT Analysis. 2012. Web. 1 June 2014. <http:// iln.cite.hku.hk/com/1401/users/kyleung6/26191858.pdf> ²  Gupta, A. Tiffany & Co. Strategies. SlideShare. 2008. Web. 14 May 2014 <http:// www.slideshare.net/abhinavcambridge/tiffany-co-strategy> ²  Investors. Tiffany & Co. Official Webpage, 2014. Web. 14 May 2014. <http:// investor.tiffany.com/overview.cfm> ²  Ling, S. Tiffany & Co. Brand. Wordpress. 2013. Web. 1 June2014. <http:// brandtiffanyandco.wordpress.com/about-us/>
REFERENCES: ²  Moth, D. How Tiffany & Co. Uses Social Meida?. 20 Aug. 2013. Web. 11 June 2014. <https://econsultancy.com/blog/63262-how-tiffany-co-uses-facebook-twitter-pinterest-and- google#i.1jdk5kly5jczdu> ²  Tartara, C. Business Strategy Analysis. SlideShare. Feb.2012. Web. 1 June2014. <http:// www.slideshare.net/caamch2/tiffany-strategy-presentation> ²  Tiffany & Co. Official Webpage, 2014. Web. 14 May 2014. <http://www.tiffany.com/> ²  Tiffany & Co. About Report. 2010. Web. 14 May 2014. <http://www.tiffany.com/csr/ aboutreport/2010_CSR%20Report_FULL_052912.pdf> ²  United States Inflation Calculator. 2014. Web. 11 June 2014. <http:// www.usinflationcalculator.com/inflation/historical-inflation-rates/>
THANK YOU!

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Final Tiffany

  • 1. Business Policy Final Project Miriam Niembro Martha Niembro Lara Ruah Malgorzata Chojecka
  • 2.
  • 3. About: ²  Leading competitor in the jewelry industry. ²  Brand that shows value, quality, superior design, and exclusivity. ²  Sales: Retail, internet, catalog, business-to-business & wholesale distribution.
  • 4. Products: ²  Fine & solitaire jewelry, engagement rings, and wedding bands. ²  Non-gemstone, sterling silver, gold, and metal jewelry ²  Timepieces, leather goods, sterling silverware, china, crystal, stationery, fragrances, and accessories.
  • 5. Target Segment ²  Gift-givers & Gift-receivers ²  Self-buyers ²  Special occasions ²  25-45
  • 7. Financial Assets ANNUAL INCOME STATEMENT January 31 2014 2013 2012 Total Revenue 4,031,130,000 3,794,249,000 3,642,937,000 Cost of Revenue 1,690,687,000 1,630,965,000 1,491,783,000 Gross Profit 2,340,443,000 2,163,284,000 2,151,154,000 Operating Income 304,329,000 697,217,000 708,426,000 Net Income 181,369,000 416,157,000 439,190,000
  • 8. Financial Assets BALANCE SHEET January 31 2014 2013 2012 Assets 4,752,351,000 4,630,850,000 4,158,992,000  Liabilities 2,031,914,000 2,032,118,000 1,810,087,000 Stockholders Equity 2,720,437,000  2,598,732,000 2,348,905,000
  • 9. Financial Assets CASH FLOW January 31 2014 2013 2012 Operating Activities 154,652,000 328,290,000 210,606,000 Investing Activities (246,781,000) (331,146,000) (242,583,000) Financing Activities (65,426,000)  71,446,000 (213,817,000)
  • 10. Financial Assets MAJOR HOLDERS BREAKDOWN % of Shares Held by All Insider and 5% Owners: 13% % of Shares Held by Institutional & Mutual Fund Owners: 86% % of Float Held by Institutional & Mutual Fund Owners: 99% Number of Institutions Holding Shares: 498
  • 11. Financial Assets MAJOR DIRECT HOLDERS Quatar Investment Authority Shutzer William A Kowalski Michael Joseph Marquis Charles K Fernandez James N TOP INSTITUTIONAL HOLDERS Vanguard Group, Inc. (The) 6.50% Capital World Investors 6% Oppenheimer Funds, Inc. 3.43% State Street Corporation 3.42% Harris Associates L.P. 3.35% BlackRock Institutional Trust Company, N.A. 2.22% Jennison Associates LLC 2.04% JP Morgan Chase & Company 1.68% Ruane, Cunniff & Goldfarb Inc. 1.67% TCW Group, Inc. (The) 1.66%
  • 12. Financial Assets News ²  Stocks up ²  From “neutral” to “buy” ²  Target $100 ²  Strengths ²  Higher domestic sales ²  Margin rise ²  Operation improvement http://www.thestreet.com/story/12701109/1/why-tiffany-tif-stock-is-up- on-thursday.html
  • 13. Physical Assets ²  1st building on 38th street. ²  National Regisrty of Hsitoric Places. ²  290 stores worlwide ²  Headquarters at 5th Avenue. ²  Raw Material include ²  Metal ²  Silver ²  Gold ²  Platinum ²  Diamonds
  • 14. Physical Assets News ²  “Tiffany Reports First Quarter Results; Higher Sales and Margins Generate Strong Earnings Growth” ²  13% increase in worldwide net sales ²  50% growth in net earnings ²  Worldwide net sales rose 13% to $1.0 billion ²  In the Americas region, total sales increased 8% to $439 million. ²  Strengths ²  Periodic comparison of assets providing a trend in growth ²  Explains the trend in asset growth ²  Provide for comparison and enhanced understanding ²  Weakness ²  Does  not  provide  specific  details     ²  It  misses  aspects  such  as  deprecia5on http://investor.tiffany.com/releasedetail.cfm?ReleaseID=849272
  • 15. Human Assets ²  CEO ²  Mr. Kowalski ²  10,600 Full Time Employees (Yahoo,2014). ²  5,100 in U.S. (2013) ²  Employee Giving Program ²  Time Off ²  Vacation and personal days ²  Requirements ²  Min of 5-7 years of retail/training experience ²  Strong team management skills ²  Strong proficiency with Microsoft Office software ²  Ability to interact with customers and other employees ²  Full education
  • 16. Human Assets News ²  “Tiffany  &  Co.  breaks  ground  on  Lexington  manufacturing  plant  ‘’     ²  Will employ 125 people ²  25,000-square-foot manufacturing plant ²  NY stores hire more than 60 new employees ²  Products made in Lexington include engagement jewerly ²  Strengths ²  FormaFed  to  allow  for  grasping  relevant  informa5on   ²  Reuters  is  credible   ²  Provides  precise  informa5on     ²  On  qualifica5ons  and  experiences  of  the  execu5ve  manager   ²  Weakness ²  Only  provides  informa5on  on  the  top  execu5ve http://www.kentucky.com/2010/11/04/1507888/tiffany-co-to-open-lexington- manufacturing.html
  • 18. Intangible Assets Reputation: ² Diamonds are real gems ² Assured to get what they pay ² Beautiful and high quality ² Name speaks for itself ² Provides excellent customer service ² Present a good image ² Integrity when it comes to jewelry sales.  
  • 19. Intangible Assets ²  Copyright: ²  Tiffany Legacy ²  Tiffany Celebration ²  Pure Tiffany ²  Tiffany Hearts ²  Tiffany Jazz ²  Tiffany Signature ²  American Garden ²  Atlas ²  Lucida ²  Schlumberger ²  Selections ²  Streamerica ²  Tesoro
  • 20. Intangible Assets ²  Trademarks: ²  Tiffany Blue Box ® ²  Tiffany Blue® ²  Tiffany® ²  Tiffany & Co.®
  • 21. Intangible Assets ²  Licensee of jewelry desgins ²  Elsa Peretti, Paloma Picasso, Jean Schlumberger & Frank Gehry ²  Peretti & Picasso ownership of copyrights for their designs
  • 22.                   Registered Designs: ² Sterling silver screwball keyring ² "Please Return to Tiffany & Co. New York” ² Registration number Intangible Assets
  • 23. Intangible Assets Competitive Advantages: ² The brand itself ² Reputation ² Consumer loyalty ² Excellent service ² Registered designs ² Designers ² Trademarks
  • 24. Intangible Assets News: ²  Paloma Picasso's Olive Leaf collection for Tiffany & Co ²  Strength ²  Worldwide renown designer ²  Exclusive design ²  Competitive advantage ²  Value = sales ²  Rare = source of inspiration ²  Hard to imitate = no other collection will be the same ²  Exploited = design in different elements hFp://www.vogue.com.au/fashion/accessories/galleries/paloma+picassos+olive+leaf +collec5on+for+5ffany+co,25732?pos=1  
  • 25. Structural/Cultural Assets History: ²  1837 – New York. ²  Charles Lewis Tiffany & John F. Young ²  Stationery and costume jewelry. ²  1845 - “real” jewelry. ²  1853 - Tiffany and Company. ²  1940 - Silverware, timepieces & perfumes.
  • 26. Structural/Cultural Assets Core Principles: ²  Global Presence ²  High Service Standards ²  Commitment Quality and Innovation ²  Marketing & Branding ²  Recruitment & Training ²  Supply Chain ²  Intellectual Property Rights ²  Counterfeit Protection ²  Corporate Social Responsibility ²  Key Growth Strategies
  • 27. Structural/Cultural Assets ²  Only 1 company-operated store ²  Strong advertising campaigns ²  Differentiated products/innovative designs ²  Effective competitive pricing ²  Weak attempt to cater to men's product categories ²  Weak efforts to offer later store hours of operation ²  Knowledgeable, well-trained sales staff
  • 28. Structural/Cultural Assets ²  Strong efforts in collection of customer data ²  Good supplier relationship ²  Secure & easy to use Website ²  Strong presence/locations in major US cities ²  Mechanistic structure
  • 29. Structural/Cultural Assets Key Growth Strategies: ²  Expand channel of distribution ²  Increase sales by developing new products ²  Increase control over supply ²  Achieve improved profit margins ²  Direct diamond sourcing & internal jewelry manufacturing ²  Enhance customer awareness (marketing & PR) ²  Customer service with superior shopping experience
  • 30. Structural/Cultural Assets News ²  Patrick Dorsey is retiring after 29 years ²  General Counsel ²  Leigh Harlan ²  Strength ²  Actualized vision with previous experience ²  Strong leadership skills ²  Weakness ²  Antiquity ²  Know how to do things hFp://markets.on.ny5mes.com/research/stocks/news/press_release.asp? docTag=201404110800BIZWIRE_USPRX____BW5076&feedID=600&press_symbol=268527  
  • 31. Structural/Cultural Assets Competitive Advantages: ² Well-established and performed core principles ² Strategies: ²  Superior shopping ²  Direct diamond sourcing ²  Internal jewellery manufacturing ²  Differentiated products ²  Innovative designs
  • 32. PART II COMPANY´S SOCIAL RESPONSIBILITY & THE NEW BUSINESS ENVIRONMENT
  • 33. Vision & Mission ”To be the world’s most respected and successful designer, manufacturer and retailer of the finest jewelry." ²  For over 175 years, Tiffany has offered our customers timeless style and quality. As the world’s premier jeweler and America’s house of design, we maintain a standard of excellence in each beautiful piece we create. These high standards extend to the commitment we make to our customers, the environment and the communities in which we work. They are also evident in the way we treat our employees and the benefits offered to them.
  • 34. Code of Ethics   ²  The Tiffany & Co. Business Conduct Policy sets forth expectations of Tiffany employees, including compliance with all relevant laws and regulations. ²  This policy also prohibits payment of bribes or the acceptance of payments or other inappropriate gifts and sets expectations in areas such as potential conflicts of interest and political contributions.
  • 35. Social Responsibility ² The Tiffany & Co. Foundation : has donated, on average, nearly 2% of pre-tax earnings to charitable purposes ² In 2012, Tiffany & Co. provided more than $5 million to nonprofit organizations through our global corporate giving program. ² Responsible Mining ² Supplier Responsibility
  • 36. The New Business Environment ²  Technology: smartphone app. ²  Globalization : they oparate stores in America, Asia-Pacific, Japan, Europe and the United Arab Emirates. ²  Now they are opening 2 level luxury store in Moscow, Russia.
  • 37. The New Business Environment News ²  Tiffany Raises Profit Outlook on Strength of Sales in China ²  Sales in China now account for about 22 percent of overall revenue, compared with 11 percent five years ago. ²  Strengths ²  Still growing market ²  Asian people like brands ²  Weakness ²  Soon it might be a lot of competition http://www.nytimes.com/2013/08/28/business/tiffany-raises-profit-outlook-on- strength-of-sales-in-china.html
  • 39. 1.Production/Operations ² 290 stores ²  Americas 48% ²  US 91 stores ²  Canada & LA 24 stores ²  Asia-Pacific 23% ²  66 stores ²  Japan 14% ²  55 stores ²  Europe 12% ²  34 stores ²  UAE & Russia 3% ²  5 stores Internal Audit
  • 40. News ²  The New Tiffany Flagship Store on the Champs-Elysées ²  1686 - 1st store ²  Yellow diamond ²  Strengths ²  Tourism ²  Global image ²  Sales increase ²  Diverse markets ²  Location http://www.tiffany.com/WorldOfTiffany/LatestNews/Article.aspx? ArticleID=1597&PageType=2 Internal Audit
  • 41. 2.Marketing ²  Tiffany & Co. brand ²  Core principle ²  Facebook ²  4million fans ²  Twitter ²  U.S & Brasil ²  600,000 followers ²  Pinterest ²  28,000 followers Internal Audit
  • 42. News ²  Ogilvy & Mather wins global Tiffany & Co. account ²  4 month period ²  Global market communication partner ²  Brand position & advertising ² Strenghts ²  1 of the largest ²  Experience ²  Creativity http://www.ogilvy.com/News/Press-Releases/February-2014-Tiffany.aspx Internal Audit
  • 43. 3.Research & Development ²  To promote the development of standards for responsible mining at the large- and small-scale level. ²  To remediate areas where both small- and large-scale mining have occurred. ²  To protect places of natural and historic importance from the threat of mining. ²  To promote economic and social development in areas where the mining of precious metals, diamonds and gemstones occurs. Internal Audit
  • 44. News ²  “Tiffany & Co. Breaks Ground on Lexington Manufacturing Plant” ²  Will employ 125 people ²  25,000-square-foot manufacturing plant ²  NY stores hire more than 60 new employees ²  Products made in Lexington include engagement jewerly ²  Strenghts ²  Emphasizes the company’s insistence on research ²  Broader perceptive of research, ²  Such as the benefits to society ²  Provides an insight ²  On the research and development program of the company ²  Wekanesses ²  Does not provide information on the historical progress http://www.facebook.com/note.php?note_id=493417158697 Internal Audit
  • 45. 4.Financial & Accounting ²  Strengths ²  Revenue growth ²  Expand profit margins ²  Solid financial position Internal Audit ²  Weaknesses ²  Deteriorating net income ²  Disappointing return on equity ²  Weak operating cash flow
  • 46. News ²  Stock Upgrades: Stick With Tiffany's Carats ²  More than 6% ²  Street estimate ²  Advances another 1.38% ² Strengths ²  Higher stocks ²  Raise price target ²  More attractive to invest http://www.minyanville.com/trading-and-investing/stocks/articles/Stock- Upgrades253A-Stick-With-Tiffany2527s-Carats/5/30/2014/id/55139? camp=syndication&medium=portals&from=yahoo Internal Audit
  • 47. 5.Information Systems ² Past customer purchases ² Tastes ² Birthday ² Sit-downs sales in its stores ² Superior knowledge ² Product offerings ² Customer history = individual attention ² Countercyclical growth due to loyalty Internal Audit
  • 48. News ²  “ISO Standards Information: Tiffany & Co.” ²  Customer service very important ²  Special system for customer relationship ²  Management information system ² Strenghts ²  Details on other aspects of the company ²  Effective information system ²  Explains key points ²  Video to promote clarity of information hFps://sites.google.com/site/isostandardsinforma5on/5ffany-­‐com       Internal Audit
  • 49. 6.Management Board of directors Internal Audit Rose Bravo Gary Costley Lawrence Fish Abby Kohnstamm Charles Marquis Peter May William Shutzer Robert Singer
  • 50. News ²  Tiffany Names Ralph Nicoletti as Chief Financial Officer; Jim Fernandez, Tiffany’s Veteran COO and CFO, to Retire ²  Mr. Nicoletti will be CFO ²  Mr. Fernandez is going to retire ²  Strenghts ²  Experience ²  Helps with worldwide expansion ²  Wekanesses ²  Lost great employee ²  New CFO doesn’t know company http://www.marketwatch.com/story/lieff-cabraser-investigating-possible- securities-fraud-at-great-lakes-dredge-dock-corporation-2013-03-19 Internal Audit
  • 51. B) Organizational Structure Internal Audit Michael   Kowalski   CEO   Ralph  Nicoleg   CFO     Frederick   Cumenal     President   Beth  Canavan     Exec.  Vice   President     Andrew  Hart   Diamonds  &   Gemstones   Judy  Baldisard   CFO  Diamonds   Caroline   Naggiar     Marke5ng   Patrick  Dorsey   Legal  &   Secretary   Jon  King   Exec.  Vice   President       Victoria  Berger   Ross   HHRR   Pamela  Cloud   Merchandising   John  PeFerson   Opera5ons  
  • 52. C) Organizational Culture ²  Long-term development ²  Quality, value, durability, and innovation ²  Customer service ²  Promotion from within ²  Highest ethical standards ²  Commitment to excellence ²  Support communities Internal Audit
  • 53. News ²  Former Tiffany Executive Is Accused of Stealing Jewelry ²  Ingrid Lderhaas ²  165 pieces ²  $1.3 million ² Wekanesses ²  Image &reputation ²  Vs. Culture ²  Fill position ²  Monetary loss ²  Lack of security http://www.nytimes.com/2013/07/03/nyregion/ex-tiffany-executive-accused-of- stealing-jewels.html Internal Audit
  • 55. 1.Current Rivalry Among Existing Firms
  • 56. 1.Current Rivalry Among Existing Firms 22%   27%   11%   15%   25%   Industry  Market  Share   Tiffany  &  Co.     Signet   Bvlgari   Zales   Blue  Nile  
  • 57. News ²  Signet-Zale jewelry combo is no threat to Tiffany’s luxury branding ²  Expand jewelry store footprint ²  Focused on midmarket end ² Opportunities ²  Focused on upper markets ²  Luxury positioning ²  Long-term growth initiative ² Threats ²  Partnership = largest jewelry chain ²  Capture middle class market ²  Tiffany´s doesnt offers promotions http://blogs.marketwatch.com/behindthestorefront/2014/02/19/why- tiffany-isnt-seen-impacted-by-signets-deal-to-buy-zale/ 1.Current Rivalry Among Existing Firms
  • 58. ²  High costs of capital ²  Consumer loyalty to brand ²  Customized products offering 2.Threat of Potential Entrants
  • 59. News ²  Pandora Raises Sales Forecast as Cupid Gives Jeweler a Boost ² Opportunities ²  Increasing sales ²  Brand gets worldwide recognition ² Threats ²  A lot of competition http://www.bloomberg.com/news/2014-05-13/jeweler-pandora-raises- guidance-as-profit-beats-expectations.html 2.Threat of Potential Entrants
  • 60. ²  High Disposable income ²  Connection with the brand ²  High prices ²  Few availability of substitutes & competitors ²  Choose according to experience 3.Bargaining Power of Buyers
  • 61. ²  Great power ²  Few diamond suppliers in the world ²  Power to dictate prices 4.Bargaining Power of Supplier
  • 62. ²  Engagement rings have few substitutes ²  Accessories can be bought at other retailers ²  Zales ²  2,100 stores ²  Lowest prices ²  Blue nile ²  Online retailr ²  Segnet Jewelers ²  Kay & Jared ²  Convenient location (near malls) 5.Threat of Substitute Products
  • 63. News ²  Hoping to Sell the Emotion of Love (and Rings) ²  Marketing campaign focused on emotions ²  Opportunities ²  They don’t have the brand popularity ²  Threats ²  Offer customized jewelry ²  More accesible prices ²  More locations ²  Also appealing for emotions on campaigns http://www.nytimes.com/2008/11/22/business/22interview.html?_r=0 5.Threat of Substitute Products
  • 64. PART V EXTERNAL ANALYSIS: THE GENERAL ENVIRONMENT
  • 65. ²  Interest rates 0.25% ²  Budget deficit 492b ²  Currency value ²  Inflation 2% ²  Consumer spending rose .3% ²  Consumer income ²  Unemployment 6.3% Economic
  • 66. ²  Population 316,668,567 (07/13) ²  2.4% increase ²  New York 19.3m ²  Los Angeles 12.6million ²  Chicago 9.1m ²  Miami 5.6m ²  Washington 4.4m ²  Gender ²  Female 49.1% ²  Male 50.9% Demographic
  • 67. ²  Education ²  High school 85.7% ²  Bachelors 28.5% ²  Hosuing ²  Persons per household 2.6 ²  Married couples 51.7% ²  With kids under 18 25.% ²  Age ²  25-54 years: 40.2% ²  Millenials 25% Demographic
  • 68. ²  People are paying attention to brands ²  Spending more money each year on clothes, accessories etc. ²  Like to show off what brand are they wearing Socio-cultural
  • 69. ²  Minimum wage 9$ ²  Code of Professional Practices ²  Anti-money Laundering ²  Conflict Minerals Provition ²  Comprehensive Children’s Jewelry Safety Act ²  U.S. Consumer Product Safety Commission Political-legal
  • 70. ²  Introduced a new website ²  See the product from different angles ²  New app for smartphones ²  Engagement rings ²  Communicate with other stores worldwide ²  Diamond cut laser ²  Social media use ²  Technology to advertise their brand and products       Technological
  • 72. SWOT ANALYSIS STRENGHTS   WEAKNESSES   In-­‐House  Produc5on     Increased  debt/interest  payments   Strong  brand  in  the  fragmented  market   High  prices     Strong  direct  selling  channels   Deteriora5ng  net  income   Broad  offering   Disspoin5ng  return  in  equity   Revenue  growth   Weak  opera5ng  cash  flow   Strong  financial  posi5on   No  promo5on  model   Technological  up  to  date  apps    
  • 73. SWOT ANALYSIS                                                            OPPORTUNITIES                                                                                                                                                      THREATS   Economic  recovery   Counterfeit  crime   Bridal  jelwelry   No  rewards  program     Small  store  format   People  spending  on  first  necessi5es   Expansion  on  product  lines  (men  &  millennials)   People  afraid  of  spending  arer  economic  crisis   Online  market   Infla5on  on  raw  materials   Spending  on  luxury  market     Other  jewellers  offering  customiza5on    
  • 75. ²  All our strategies are focused on the following levels ²  Functional ²  Product ²  Marketing ²  HHRR ²  Competitive ²  Differentiation strategies
  • 76. ²  Capture the male market since it constitutes 50.2% of the U.S. population ²  Strategy: ²  Expand men´s product offering ²  Create less “romantic” advertising to create a link with them ²  Don´t portrait them as givers ²  Make them aware of the existing offering Objective 1
  • 77. ²  Capture the millennial market since it’s 25% of the population and they have a lot of spending power ²  Strategy: ²  Create a special line targeted to millennial segment ²  Give a special name to the line so the “luxurious, expensive” image of the brand doesn't’t get affected ²  More accessible prices ²  Youth, fresh and less classic designs ²  Promoted by young celebrities Objective 2
  • 78. ²  Create an attachment with the different cultures of the countries in which the stores are located in order to develop a stronger global image ²  Strategy: ²  Make special edition collections with special collaborations from local jewellery designers ²  Create an attachment to the culture of the place were the store is located increasing the consumer trust ²  Give a competitive advantage due to the exclusive designs Objective 3
  • 79. ²  Reward the most recurring customers without affecting the image of the store by promotions or sales ²  Strategy: ²  Create a Rewards Program (The Blue Box Club) ²  20 points per $50 spent on merchandise ²  Each 100 points a $10 reward is given for the next purchase Objective 4
  • 80. ²  Create awareness and popularity by promoting at big events. ²  Strategy: ²  Sponsor Miss U.S.A pageants ²  Crowns & jewellery made by Tiffany´s Objective 5
  • 82. Evaluation Objective 1 ² Capture the male market since it constitutes 50.2% of the U.S. population ² How to evaluate this goal? ² Measure sales made by men ² Check if adverising is well received ² Did our offer have been changed ?
  • 83. Evaluation Objective 2 ²  Capture the millennial market since it’s 25% of the population and they have a lot of spending power ² How to evaluate this? ² If the line/name and prices have been changed? ² What celebrities were used to promote the company? ² Collect relevant data about sales (who is buying) ² Are millenials talking about us? (Social-media)
  • 84. Evaluation Objective 3 ² Create an attachment with the different cultures of the countries in which the stores are located in order to develop a stronger global image ² How to evaluate this? ² Check if the collaboration ended in the creation of collection ² Data about sales of those collections ² Consumer trust increased? (Questionnaires)
  • 85. Evaluation Objective 4 ² Reward the most recurring customers without affecting the image of the store by promotions or sales ² How customers react to the rewards? ² Growth on sales? ²  A lot of profit lost on those sales?
  • 86. Evaluation Objective 5 ² Create awareness and popularity by promoting at big events ² Which are the right events? ² Popular among the country ² Customers awareness? ² Rating of the events
  • 87. REFERENCES: ²  Central Bank. Interest Rates. 2014. Web. 11 June 2014. <http://www.global-rates.com/ interest-rates/central-banks/central-bank-america/fed-interest-rate.aspx> ²  Datamonitor. Tiffany & Co. SWOT Analysis. 2012. Web. 1 June 2014. <http:// iln.cite.hku.hk/com/1401/users/kyleung6/26191858.pdf> ²  Gupta, A. Tiffany & Co. Strategies. SlideShare. 2008. Web. 14 May 2014 <http:// www.slideshare.net/abhinavcambridge/tiffany-co-strategy> ²  Investors. Tiffany & Co. Official Webpage, 2014. Web. 14 May 2014. <http:// investor.tiffany.com/overview.cfm> ²  Ling, S. Tiffany & Co. Brand. Wordpress. 2013. Web. 1 June2014. <http:// brandtiffanyandco.wordpress.com/about-us/>
  • 88. REFERENCES: ²  Moth, D. How Tiffany & Co. Uses Social Meida?. 20 Aug. 2013. Web. 11 June 2014. <https://econsultancy.com/blog/63262-how-tiffany-co-uses-facebook-twitter-pinterest-and- google#i.1jdk5kly5jczdu> ²  Tartara, C. Business Strategy Analysis. SlideShare. Feb.2012. Web. 1 June2014. <http:// www.slideshare.net/caamch2/tiffany-strategy-presentation> ²  Tiffany & Co. Official Webpage, 2014. Web. 14 May 2014. <http://www.tiffany.com/> ²  Tiffany & Co. About Report. 2010. Web. 14 May 2014. <http://www.tiffany.com/csr/ aboutreport/2010_CSR%20Report_FULL_052912.pdf> ²  United States Inflation Calculator. 2014. Web. 11 June 2014. <http:// www.usinflationcalculator.com/inflation/historical-inflation-rates/>