Tiffany has sent home, that is, fired or incentivized to resign, about 9,000 of her employees. The surprising revelation has an unassailable source: Anthony Ledru, CEO of the large New York company, now controlled by the French group LVMH. In fact, in an interview with WWD, the new president and CEO of Tiffany & Co. revealed that the luxury jewelry brand has replaced two thirds of its employees in 14 months, that is, since the acquisition. Given that Tiffany’s reported employees are (or were) around 13,000, the calculation of the great purge is quickly done.
The expulsion of thousands of employees therefore took place in a very short period of time, given that the actual purchase of Tiffany by LVMH was signed only in January 2021, for 15.8 billion dollars (and after an exhausting negotiation ). However, the French recipe for Tiffany’s menu also included new entries, of an unspecified number. Now, according to the manager, alongside a third of the employees who remained in his post, 30% come from LVMH, while the remainder joined the company without having an experience in either of the two original groups.
In the interview, Ledru defines Tiffany as a sleeping beauty who needs a shock. Among the priorities, according to the manager, is the renovation of Tiffany’s retail stores. Plans are to renovate 30 to 50 stores per year. The Maison has just unveiled the new Botanica Blue Book high-end jewelry line, the first of three to be launched this year.