Hired by Tiffany & Co. last year as chief artistic director, Reed Krakoff was brought in to not only overhaul the jewelry line but to also attract a younger audience and to increase sales.
With that, on Tuesday, Krakoff released his debut collection, dubbed “Paper Flowers.”
The new collection serves as a key piece of Tiffany’s new strategy to introduce more items, more frequently – which the intention of keeping product lines fresh and exciting.
Last year, chief executive Alessandro Bogliolo, a former executive at Italian luxury jeweler Bulgari, took over as CEO. And in March, he penned a plan to revamp the company by tremendously modifying the marketing strategy and changing up its stores to lure more customers in.
In addition to that, Bogliolo made plans to enhance Tiffany’s ability to sell jewelry online.
With that, BoF notes that the initial signs seem promising as store sales turned positive on a currency-constant basis last quarter.
And in terms of the new “Paper Flowers” collection, customers can expect the platinum bracelets, pendants and earrings to have a floral vibe featuring asymmetrical petals covered in diamonds and pops of blue tanzanite.
Also, the diamond bib necklace, which took five months to make, features 68 carats of round and pear-shaped diamonds.
In a way, Krakoff’s designs are meant to eschew formality despite the use of extravagant materials to create them.
Krakoff says it’s “about stripping away all of the rules associated with fine jewelry.”
Tiffany’s prices for the items range from $2,500 to $790,000.
The “Paper Flowers” collection will act as the true test for Tiffany’s as jewelry represents the bulk of the business.
Last month, Bogliolo has acknowledged the critical nature of this particular product launch and notes that Tiffany’s considers this its most significant high-end jewelry launch since 2009. 2009 was the year when Tiffany’s diamond key pendants hit stores.