Breakfast without Tiffany’s
“The world is fast changing and until you learn to adapt and adjust to stand out from the masses, you will fade into oblivion”
– Bernard Kelvin Clive.
As with many legacy brands, Tiffany & Co face the challenge of remaining relevant in a highly fragmented market. And as has been seen, a brand’s relevancy has very little to do with its age or longevity.
So, what exactly are Tiffany & Co doing in their fight for relevancy?
Well, for better or worse, since LVMH’s $15.8 billion takeover last October, the iconic and timeless Tiffany & Co seems to be swimming with concrete shoes.
While there have been some positive changes, the brand which once conjured images of Audrey Hepburn adorned in iconic Tiffany diamond is now replaced with a tired brand trying too hard.
Although brands should continue to evolve, they must not lose sight of what they are in essence. And while healthy change is always necessary, a brand’s legacy is its very foundation, without which it loses all integrity.
There have been four key campaigns, which have shot Tiffany into the limelight over the past 5 months. Let’s begin with April.
April 2021- Tiffany launches Male Engagement Ring Collection and announces latest global ambassador, Rosé from K-Pop group Blackpink
Along with the announcement of a male engagement ring collection, singing sensation, Rosé from K-pop girl group Blackpink was announced as Tiffany & Co’s latest global ambassador.
These changes marked the first in a series of conspicuous efforts by LVMH to align the heritage brand with a Millennial and Gen Z audience since their take over.
Male engagement rings? I give this a *chefs kiss*.
With same-sex marriages finally recognised in almost 30-countries and a sharp rise in women proposing to men this was a dazzling way to stick it to patriarchal ideologies concealed under the guise of ‘tradition’. One need not look any further than Harry Styles or A$AP Rocky to see the surge in popularity of men’s jewellery. And as far as I’m concerned, Harry can do no wrong.
As K-Pop continues to take the western world by storm, the luxury fashion industry has been quick to capitalise on their remarkable reach across an expansive audience and key target markets.
Tiffany & Co are not alone in this pursuit with Gucci, Louis Vuitton, AMI and Dior also engaging K-Pop stars to be the face of their brands. Most notably, K-Pop boy band, BTS were crowned ambassadors for Louis Vuitton and Korean solo artist, IU was appointed an ambassador for Gucci.
As for Blackpink, Rosé is not the only one reaping the rewards of this newfound trend with her co-stars also attracting notable partnerships – Jennie has partnered with Chanel, Hera Cosmetics and Calvin Klein, Lisa is ambassador for Celine, M.A.C and Bulgari and Jisoo has shot to fame as an ambassador for Dior.
After a notable collaboration with Saint Laurent in 2019, Tiffany & Co were quick to lock down Rosé to join the likes of Tracee Ellis Ross and Anya Taylor-Joy.
While this certainly caught the attention of Millennials and Gen Zers, it didn’t lose sight of the brand’s heritage. With this, Tiffany’s OG ambassador Audrey Hepburn – the embodiment of class and elegance - was not lost. Rather, it was simply adapted and adjusted to keep up with a changing world.
May 2021- Tiffany trades its signature blue for a yellow in select locations following traction that ensued from a viral April Fool’s prank
In an effort to capture the hearts of Gen Zers, LVMH traded its signature blue for a vibrant yellow as an April Fool’s prank across social media, and a month later in a Beverly Hills pop-up store.
Apparently an allusion to Tiffany’s famous yellow diamond necklace, this wasn’t immediately clear and quite frankly, a little confusing. I do question whether these radical departures from the brand’s DNA risk backfiring.
Indeed, the competitive advantage of being a legacy brand is just that - its heritage. There was a time when receiving a blue Tiffany’s box was something of a rite of passage in a young woman’s life. This signature blue is as much a part of Tiffany’s DNA as Audrey Hepburn and Breakfast at Tiffany’s.
So, is yellow the new blue? Yellow is fun and fresh but hardly ground breaking. I give this, 5/10.
But alas! The story does not end here. *Enter July.
July 2021- the “Not your Mother’s Tiffany” campaign
Tiffany’s “Not Your Mother’s Tiffany” campaign was like the third movie in every Hollywood franchise. An absolute deadbeat – look no further than Pirates of the Caribbean or Little Fockers if you need convincing.
What is most bewildering about this campaign is not that it looks like a General Pants ad circa 2010 (it does), but that it has been ripped off an ad launched by none other than ‘Oldsmobile’. If you’ve not heard of Oldsmobile, you wouldn’t be alone. But let me tell you, this is not a welcomed comparison.
Oldsmobile was a US carmaker in the 80’s whose sales plummeted by 50 percent after they launched a campaign with the tagline, ‘Not your father’s Oldsmobile’.
Not only is this campaign completely at odds with what made Tiffany’s aspirational (timeless, chic and elegant), it even had the effect of alienating a large portion of their core customer.
While this may have been the ultimate end, this desperate attempt to appeal to millennials and Gen Zers comes across cheap, ageist and reminiscent of a marketing ploy better suited to the youths of a different time.
Very often, what makes something ‘cool’ has very little to do with what a brand says, and more to do with what they do and this campaign is screaming, “Tiffany’s is cool again!” My advice? Show don’t tell.
More than that, this campaign seems to have total disregard for what makes a Tiffany’s piece, or any significant piece of jewellery for that matter timeless and valuable.
Passed down as heirlooms or gifted from mothers to daughters or fathers to sons, jewellery has a unique capacity to transcend trends and fulfill our fundamental need for meaning, purpose and connection.
Comments like, “The Tiffany name is becoming cheaper by the minute with this campaign”, “leave my mother out of this!!” and “Dissing your current customers won’t make new ones love you,” suggest I am not alone as many customers have taken to social media to express their disdain.
In taking a swipe at the mothers, a large part of their current customer, have they, as my mother would so eloquently say, thrown the baby out with the bath water?
I give this campaign a hard no.
August 2021 - Beyonce and Jay Z star in latest Tiffany & Co Campaign; Beyonce becomes first Black woman to wear Iconic “Tiffany Diamond”
Earlier this week Tiffany’s launched its newest, ‘About Love’ campaign featuring Beyonce and Jay Z. Adorned in the 128 carat Tiffany diamond, Beyonce became the first Black woman, and fourth woman to ever wear the iconic Tiffany piece.
Previously worn by Audrey Hepburn and most recently, Lady Gaga, this is the first time the diamond has been included in an advertising campaign. The late artist Jean-Michel Basquiat’s never-before seen painting from his private collection, “Equals Pi” also makes an appearance, showcasing Tiffany’s signature blue.
A homage to “Breakfast at Tiffany’s”, the campaign includes a new rendition of “Moon River” with vocals captured by Beyonce. Also part of the campaign is Tiffany’s pledge of $2 million towards scholarship and internship programs for historically Black colleges and universities. With a modern tribute to “Breakfast at Tiffany’s” and a pledge to support underrepresented communities, there’s a lot to like about this campaign. However, something is still a little off.
First is the irony of featuring Basquiat’s work in an advertising campaign given his outspoken and critical attitude towards capitalism. Second is the confusing messaging. What does Tiffany’s stand for? Are they emphasising their luxury status by acquiring a one-off piece from a popular artist’s private collection? Are they demonstrating their wokeness in aligning themselves with an anti-capitalist agenda? Hardly. They are selling jewellery at the end of the day.
With too many conflicting messages, Tiffany’s runs the risk of appearing insincere.
I’ll say it again, show don’t tell.
All is not lost, but if Tiffany’s want to capture the hearts of Gen Zers and Millennials, perhaps they need to reflect on their true brand values and project consistent messaging.
Image courtesy of Mason Poole/Tiffany & Co
MEET DOMINIQUE CARRUTHERS, JUNIOR STRATEGIST AT RETAILOASIS
Dom is passionate about data and understanding consumer behaviour. Having recently completed a double degree in Law and Media and Communications at Sydney University, Dom brings a spirit of curiosity and enquiry to everything she does and is keen to put her analytical and problem-solving skills to use. Outside of work Dom enjoys all things sport and is a keen AFL player. Dom currently plays in the Women’s Premier Division for the North Shore Bombers.