Tiffany & Co’s flagship store in New York City will open its doors tomorrow (April 28), after shutting down for a three-year-long renovation.
The project was overseen by Alexadre Arnault, son of Bernard Arnault, chairman and CEO of luxury conglomerate LVMH, which owns several companies, including Louis Vuitton and Christian Dior. Bernard Arnault recently surpassed Elon Musk to become the world’s richest person with a net worth of $205 billion.
Tiffany was acquired by LVMH (LVMHF) in 2021 for $15.8 billion, making it one of the largest-ever sales in the luxury industry. While all of Arnault’s five children hold executive roles at his company, Alexandre, his second-eldest son, is currently Tiffany’s vice president of product and communications.
The jewelry company’s renovation “has been a passion project of mine over the past years,” said Alexandre, 30, in an Instagram post.
“It’s the biggest project for LVMH on the retail side,” he said at the flagship’s ribbon-cutting ceremony yesterday (April 26), according to Bloomberg. “More than a store, it’s really a landmark—it’s an art gallery, it’s an exhibition space, it’s several restaurants, it’s a private club, it’s everything all at once that we’ve put under the same roof.”
Actress Gal Gadot presided over the ribbon cutting alongside Arnault and Anthony Ledru, Tiffany’s CEO. Located in Manhattan on the corner of 5th Avenue and East 57th Street, the building, which was built in the 1940s, closed down in 2019 to undergo years of renovations led by architect Peter Marino.
Tiffany has focused on rebranding under Alexandre Arnault
While LVMH hasn’t disclosed the total costs of the renovation, Ledru previously told Bloomberg that it constitutes the largest investment made by the conglomerate on a single store.
Before its renovation, the Tiffany building accounted for 10 percent of the jewelry brand’s global sales. Now, the new 110,000-square-foot space has 10 stories dedicated to various departments, including floors focused on engagement rings, gold and diamonds, and silver. Its decor includes Jean-Michel Basquiat’s 1982 Equals Pi painting, in addition to works by Damien Hirst and Richard Prince.
The store also includes a Blue Box cafe run by Daniel Boulud and a room dedicated to Audrey Hepburn. “People relate a lot to her when it comes to Tiffany,” Alexandre told the New York Times, adding that he wasn’t nervous about delivering on the renovation, “because I’m surrounded by the best professionals we could have.”
Alexandre has spearheaded a number of initiatives since joining Tiffany’s, such as the “About Love” campaign featuring Jay-Z and Beyonce. He’s focused on collaborations with streetwear brands, including a partnership with Supreme inspired by pieces from the 1960s and a collaboration with Nike on a new Air Force 1 sneaker and series of accessories.
Alexandre also launched a campaign known as “Not Your Mother’s Tiffany,” in an attempt to attract younger customers to the 187-year-old brand.
In a January earnings call, Alexandre’s father Arnault said Tiffany has doubled its profit since it was acquired for more than 1 billion euros ($1.1 billion), adding that the company would be worth twice as much if it were listed today.
Before coming to Tiffany’s, Alexandre was the CEO of luggage brand RIMOWA, owned by LVMH, and oversaw the company’s collaborations with Supreme, Off-White and Fendi.
