No Expense Spared: LVMH Unveils Tiffany’s Renovated Fifth Avenue Flagship
NEW YORK — Construction workers are shuffling in and out of scaffolding on 57th Street in Tiffany Blue-colored crewneck Ts. A 12-foot Daniel Arsham bronze, nihilistic Venus de Milo-type sculpture looms in a cloak of bubble wrap and contractors cantilevered inside a forklift use toothbrushes to scrape away at residue caught behind sculpted balustrades.
Amid the chaos — on the 10th floor of what Tiffany is now calling its “Landmark” store — chief executive officer Anthony Ledru and executive vice president Alexandre Arnault are seated in a VIP library room, with a cake stand of pastel macarons and fresh fruit cups in front of them while a butler pops in from behind a hidden hatch door. It’s this type of customer service experience they hope to once again offer after two years of intense renovations to transform one of Manhattan’s top tourist destinations. There are only a few weeks of round-the-clock construction left to go before the store opens to the public on April 28.
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The Landmark, while not a registered landmark with the city’s Landmarks Preservation Commission, is — as Arnault confirmed — the most expensive single-brand real estate investment ever made by Tiffany’s holding company LVMH Mo?t Hennessy Louis Vuitton.
It is significant in many ways: At 110,000 square feet, Landmark is one of the largest single-brand luxury stores in the world across accessories, apparel and jewelry. It’s the same store that one of America’s most famous films took its name from, and it’s emblematic of the most storied jewelry brand in U.S. history.
Prior to its renovation — which broke ground in 2019 — Tiffany’s Fifth Avenue store was New York City’s fifth-largest tourist attraction, Ledru claimed. He also said that at one point it was the world’s top-grossing single-brand luxury store — and it had not been significantly renovated since 1980.
“It’s not just the largest jewelry store. It’s a cultural destination, and that’s what Tiffany is all about. It’s more than a jewelry brand, at least in the American psyche,” Ledru said.
In reopening the doors to Tiffany’s most famous location, Ledru and Arnault, along with interior architect Peter Marino, not only reveal a major facelift for an American tradition but they also lift the curtain on what many expect to be the first full view of LVMH’s vision for the brand since it acquired Tiffany for $15.8 billion in 2021. It was the largest deal ever made in the luxury industry’s history and represented a major bet by LVMH to turn Tiffany into a global brand on par with Cartier and its LVMH sister Bulgari.
The result is “a bright new world,” as Marino described it. Where the store’s previous iteration had dark wood paneling and polished chrome that spoke to an Old New York, it’s since been replaced by gold and glitz more representative perhaps of today’s world.
But for Ledru and Arnault, it was the only way to go. “We have a duty to surprise… that’s the mission of a living luxury house,” Ledru said of the transformation.
A representative for Tiffany declined to reveal how much money LVMH spent on the store, but it’s thought to be well into the nine-figure range. Spread that across how many visitors will pass through Landmark’s doors each year — anticipated at more than 2 million annually — the amortized reality doesn’t seem as extravagant.
“These are our movie theaters,” Ledru said of the new Tiffany store experience and the importance of LVMH’s investment.
Inside the Design
When LVMH arrived at Tiffany in 2021, Landmark had already been empty for nearly two years, although the jeweler had already begun plotting a makeover of the flagship under former chief artistic officer Reed Krakoff.
Marino took it as a “tabula rasa,” he said. “When [Bernard Arnault] bought it, the store demolition had already taken place by the old management — we inherited a shell, it was a very clean slate and there was nothing left to preserve, not one inch. Mr. Arnault was like, ‘Do what you do best, Peter, make it feel like Tiffany.’”
To him, that was a matrix of 10 floors that had unifying elements but could surprise at every turn.
“It’s a bright new world. It’s not a question of what I wanted to change the most — I got to change everything,” Marino said.
The architect was inspired by the frivolity of the jewelry world and how it was portrayed in “Breakfast at Tiffany’s.”
“I wanted to remove the intimidating factor and make the experience of buying jewelry more cheerful and fun — most jewelry stores are still so somber,” Marino said.
Ledru and Alexandre Arnault wanted to bring a certain “warmth” and “friendliness” to the space. “We believe in generosity, we believe in an inclusive approach. We don’t want to jump on the client when they need to feel at ease. That’s very Tiffany and very American,” Ledru said of their vision.
In entering the first floor, which has been labeled “The World of Tiffany,” visitors will experience floor-to-ceiling archways filled with CGI footage of Manhattan in lieu of windows; mega diamonds on display, and an assortment of jewelry from the brand’s most popular collections. This floor, which Marino called, “a hoot,” sets the tone for the opulence seen at every level thereafter.
In a stealth move akin to a casino, the CGI footage doesn’t change to reflect the time of day outside, basking the store in a permanent afternoon light — a vacuum of time, if you will, that incentivizes hours of worry-free shopping
The area rugs that Marino designed for the store, along with certain wall treatments, lighting concepts and custom caseline designs — the latter of which are all produced in Italy, some with pearlescent tile inlay or cork detailing — will carry over to future Tiffany flagship openings and renovations worldwide, becoming new retail signatures for the brand.
“The light wood and the pinkish baselines and the gold everywhere, it gives it much more of a homey, warm feeling than we could have had in the past,” Arnault said of the space. As previously reported by WWD, similar tonal design motifs already had test runs at recently renovated Tiffany boutiques, like one in Boston.
At Landmark, a spiral staircase with Elsa Peretti-inspired balustrades carries shoppers from floors three through eight, with mirrored walls along the way for selfies and personal documentation.
“In my opinion, [Marino] managed to create and get some consistency from one floor to another and yet the floors are different. The staircase plays a big role — it’s the backbone of the store. You can go from floor to floor and savor the difference,” Ledru said of the store flow.
Marino’s signature luxe quirks appear throughout — like the hand-painted Blue Box Café floor that is both childlike and sophisticated and the leather material covering the central staircase’s hand rails that will be wiped down constantly with a special cleaning agent.
Shoppers moving up from the ground floor must take an elevator and skip floor two, where Landmark’s staffing operations are based. At face value that flow is a curious choice, but Ledru and Arnault said that the ceiling heights there are the store’s lowest and it made sense to focus their design efforts elsewhere.
Once arriving at three — the Landmark’s love and engagement floor — Marino’s vision for the New York-based jeweler becomes even clearer. It’s a central corridor of caselines in rose gold and copper tones with a smidge of what the designer called “really grungy fun.”
“I took inspiration from Warhol and glued aluminum foil to the ceiling — I felt like it was really fun and very Audrey [Hepburn in ‘Breakfast at Tiffany’s’] to not have a dime and make something look good,” Marino said.
It’s on this floor that Tiffany’s departure from its old school past appears most obvious. Whereas the previous engagement ring floor spelled out an American tradition, its new version looks to write a fresh narrative — one that could equally excite or rattle some of Tiffany’s more tried-and-true shoppers.
Since LVMH’s acquisition of Tiffany, the jeweler’s various noise-making collaborations, ad campaigns and collections have inspired debate among fans of all ages. It’s worked, according to recent LVMH earnings reports that point to strong sales growth at the jeweler.
When asked about this, Arnault smiled — it appears to be part of his plan (he leads the brand’s product design and communications). “We are respectful of respectful comments — wherever they come from — and listen to everyone’s opinions. That being said, we also have to give a point-of-view. We have a strong view of who we are and that’s what is really expressed in this store. We listen to the feedback, whether it’s constructive or negative. But we are trying to stay close to who we are while really going forward,” he said.
Ledru added that, “The traditionalists are the ones who have a strong opinion on Tiffany and how do you protect that relationship? And yet manage to surprise them? They’re the most difficult ones because they have expectations — it’s not always easy.”
Yet for all their careful planning, Ledru admitted that some elements in the store are subject to trial-and-error. For example, it’s yet to be seen how Marino’s oatmeal-colored rug designs will fare on a slushy New York City winter’s day. And the store’s art collection — which Arnault and Marino curated together and purchased on behalf of the Tiffany brand — could have been more diverse, with only four women in a collection of 28 total artists, and with few ethnic groups represented.
The collection, which Arnault said is subject to change and evolution, includes heavy-hitting art market names including Julian Schnabel, Rashid Johnson and Jean-Michel Basquiat with an eye toward Tiffany Blue color schemes. They are seamlessly incorporated into key nooks and crannies throughout the store.
Arnault believes it is the “largest private collection for any luxury store in the world of such significant artworks.”
Engaging a New Generation Through Details
One thing that Ledru and Arnault are serious about is not thinking about another Landmark renovation for some time. And with that in mind, many of the elements in Landmark were designed to capture a new generation of Tiffany shoppers — the ones who require a strong motive to look away from their phone screens.
Interactive elements — the kind better experienced in person than in a social media post — are scattered throughout the store, but not in a way that would alienate traditional clientele.
This is best seen in what Tiffany calls “The Audrey Experience,” or an alcove on Landmark’s fifth floor that offers shoppers an immersive experience into “Breakfast at Tiffany’s,” including a replica of Hepburn’s famous Givenchy black dress that is revealed from within a frosted glass vitrine every few minutes.
It’s quite a step up from the store’s previous incarnation, where Hepburn was represented by a poster that loomed in the corner of the store’s engagement ring floor.
“Audrey Hepburn — she’s kind of a protective halo over the brand that people will relate to throughout the generations,” Arnault said of the icon’s place in Tiffany’s overall success.
Ledru took a more cautious approach, and spoke about Hepburn in the scheme of Landmark’s more general goals: “Let’s be very clear: we need to tell the story to the younger generation. Because not everyone knows… most brands in the jewelry space are about heritage. And there’s another half that is more about modernity. And Tiffany, when we were at the top, we found that balance.”
Mirrors cover the walls and ceilings of private shopping rooms in the love and engagement department — allowing couples to easily document the special moment on their cellphones. Ledru, Arnault and Marino seem to consider that an element of modern-day customer service.
“There’s lots of nods to what Tiffany is now and will become over the next decades,” Arnault said of Landmark. “Imagine reading an article saying, ‘Tiffany builds the store like it was 10 years ago.’ Who comes to see that?”
Tiffany also looks to emphasize its history of working with global artists. There are breakout rooms for Elsa Peretti jewelry on the fourth floor, with postmodern design elements, as well as a separate Peretti home design boutique within the larger housewares floor on six.
Paloma Picasso gets her due credit with a stand-alone salon that looks to ’80s Spanish glamour, also located on the fourth floor.
Irreverent flourishes across the store make shoppers feel further immersed in the world of Tiffany.
At the new iteration of Tiffany’s Blue Box Café, helmed by Daniel Boulud, guests can enjoy scrambled eggs and caviar or high tea with hundreds of blue boxes dangling overhead.
The seventh floor’s high jewelry salon includes robotic doors that — with the press of a button — simultaneously swing open for a dramatic reveal of pieces specially curated for a visiting client.
And the “Diamond on the Roof” three-story addition devised by OMA partner Shohei Shigematsu will serve as Landmark’s center for brand history activations. Starting in 2024 the store’s combined eighth and ninth floors, which the brand is calling its “Cultural Pavilion,” will be utilized as a special exhibition space. Tiffany has retained the services of curators and designers to organize museum-level shows that explore its archives, with a programming schedule set to be revealed at a later date.
“It takes several hours to visit the store. There are a lot more immersive initiatives, views, private areas, the terrace, exhibits. Probably early next year, we’ll have some artistic moments, musical moments,” Ledru said.
The Business Plan
Landmark arrives at a pivotal time — when jewelry, particularly high jewelry, is experiencing a gold rush and the highest relevance in nearly two centuries.
Ledru is betting that the store will be the start of even more commercial success for Tiffany — following a fiscal year in which the company’s high jewelry sales doubled.
“The brand has invested in retail [very minimally] for many reasons in the past decade. This is the fireworks. This is the start. We have a very, very, very impressive plan of relocations, renovations and expansions in the next 36 months,” he said.
Tiffany opened a key flagship in The Dubai Mall earlier this month. New flagship openings slotted for 2023 include Monaco, Berlin, Palo Alto and Omotesandō in Tokyo. Tiffany is also renovating its Ginza, Tokyo, flagship location to reflect its new design standards.
The Blue Box Café at Landmark is a one-off location, but the jeweler is planning a new café concept called Tiffany’s that will roll out in Dubai and Taipei, Taiwan, later this year.
These openings will look to capitalize on what Arnault described as a “halo-effect” of consumer excitement that will reverberate globally following Landmark’s opening. “In our view, it will positively impact the rest of the store network,” he said.
Tiffany confirmed that it owns the Landmark building, but declined to reveal sales projections for the store’s first year. “A billion,” Arnault joked before demurring to provide an actual figure.
“It will take the time it takes, but I believe it’s going to be quite quickly because it’s a big departure from what we had before. It’s unique in the city. No one has something like we have in our hands. We have the responsibility and the duty to make it work, but I don’t believe pressure is the right way to speak about it,” Ledru said.
“It will be the largest store by far for Tiffany and if we do a good job, perhaps for any luxury brand in the world. Tiffany had the record for the largest sales for a single brand store,” he added.
Arnault said that “it’s the beauty of LVMH” that Tiffany was able to renovate Landmark at a level that, “the brand would not be able to do as a stand-alone company.”
“We are able to make these bold decisions and decades-long investments that don’t have to pay off in two years. We’re grateful for that and I’m also speaking as a shareholder. The group believes in 50-year-long investments, LVMH allows us to do that for sure,” Arnault said.
But the energetic Ledru, as he has expressed in previous interviews, is only just getting started. “There’s some very, very good learnings from this Landmark,” he said. “And we’re going to export it.”
Launch Gallery: Inside Tiffany & Co’s Fifth Ave. Landmark Store
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