History Of Tiffany & Co.
A Brief History of Tiffany & Co.
Tiffany & Co. is one of the most popular luxury jewellery and retail stores in New York. Popularly referred to as Tiffany’s, the two centuries old store is associated with style, luxury, and glamour. This is why residents of New York and visitors flock to the store to buy the best quality jewellery and other products. The diamonds sold at the iconic store are one of its most popular offerings.
Tiffany & Co. commenced in 1838. Its founder was Charles Lewis Tiffany, along with his partner J B Young. When it was founded, its name was ‘Tiffany & Young’. Charles Tiffany was a jeweller who started a stationery and gift shop after borrowing $1,000 from his father. He expanded the store into a full-fledged retail outlet and started selling jewellery, cutlery, clocks, glassware, and porcelain.
The store quickly acquired a reputation for selling the finest quality goods. A third partner joined the store, and it was renamed Tiffany, Young, and Ellis. In 1848, the prices of precious gems like diamonds fell. Using this opportunity, Tiffany invested heavily in diamonds. This investment helped the store to grow, and it also helped him to earn windfall profits.
In 1853, Tiffany took over complete control of the company, and it was renamed Tiffany and Co. During the Civil war, he understood that the jewellery market would go down. He then shifted tracks to selling medals, swords, and war memorabilia. One of the innovations done by Tiffany & Co. was a unique lighting arrangement in the store. This was done in association with the legendary Thomas Alva Edison and used theatre lighting in the store.
The store was incorporated in 1868. In 1879, Tiffany purchased one of the largest diamonds in the world, which became popularly known as the Tiffany diamond. He also brought part of the French Crown jewels, which made the company’s association with diamonds stronger. In addition, Tiffany & Co. played a significant role in revising the Great Seal of the USA.
In 1902, Tiffany died, and his son Louis Tiffany took over the reins of the company.
Modern History of The Store
In 1978, Tiffany was bought over by Disney. In 1987, Tiffany’s went public and raised more than $100 million and used it to expand its operations. The store started a subsidiary Laurelton Diamonds, in 2002 to manage its diamond business. In January 2021, Tiffany & Co. was purchased by LVMH (Louis Vuitton).