Tiffany to launch diamond engagement rings for men
Iconic New York-based jeweler Tiffany & Co. is expanding the offering of its famous diamond engagement rings with the launch of its first engagement collection designed specifically for men this May.
Since its launch in 1886, the Tiffany Setting solitaire diamond ring has become a firm favorite for both women’s wedding rings and engagement rings, which are traditionally only given to women. Now, with the unveiling of the Charles Tiffany Setting, named for the brand’s founder, the jeweler is giving men the chance to receive one of its coveted diamond engagement rings.
According to The Wall Street Journal, the rings in Tiffany’s debut men’s engagement collection feature a solitaire diamond measuring up to 4.3 carats. Styles combine either a round brilliant-cut stone with a knife-edge band, or an emerald-cut stone with a bevel-edged band.
The launch looks to bolster the strength of Tiffany’s engagement ring business, which already represents 26% of the company’s total revenues. Above all, however, it represents a reaction to changing trends, reflecting both increasing levels of same-sex marriage and the rise of gender-fluid fashion.
In January of this year, Tiffany was acquired for $15.8 billion by French luxury giant LVMH, which has big plans for the American jeweler. As pointed out by LVMH CEO Bernard Arnault during the group’s AGM this April, “it's an icon. The brand that symbolizes love. We will make it shine even more and make it the most desirable jewelry brand.”
The exact plans that LVMH has in store for Tiffany have not been divulged, but a recent Reuters report citing sources familiar with the situation suggested that the French company could be intending to refocus the jeweler’s extensive product range on gold and precious stones, while also making its famous silver bangles more high-end and strengthening its watch segment.
In any case, the group has made it clear that they are looking at a long-term strategy that will require significant investments.
"The brand's potential is enormous and integrating it is very important for us. It really is our number one priority,” explained LVMH CFO Jean-Jacques Guiony during a teleconference with financial analysts earlier this month. “It's a challenge and we think we will have to dedicate all of our resources to it.”
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