Tiffany & Co. Announces Chief Executive Officer Transition As Frederic Cumenal Steps Down as CEO

Chairman Michael Kowalski Will Serve as Interim CEO; Board Will Work with Executive Search Firm to Recruit Successor

Company Reaffirms FY 2016 Earnings Guidance

Tiffany & Co. today announced that Frederic Cumenal has stepped down as Chief Executive Officer, effective immediately. The Board of Directors has commenced a search to recruit a successor in which it will be assisted by a leading executive search firm. During this process, Michael J. Kowalski, Chairman of the Board of Directors and previous CEO of Tiffany, will serve as Interim CEO while continuing as Chairmantiffany-co-logo-hd

Tiffany is the internationally renowned jeweler founded in New York in 1837. Through its subsidiaries, Tiffany & Co. manufactures products and operates TIFFANY & CO. retail stores worldwide, and also engages in direct selling through Internet, catalog and business gift operations.

On behalf of the entire Board of Directors, I would like to thank Frederic Cumenal for his contributions to Tiffany,” said Mr. Kowalski. “At a time of continuing challenges in the global luxury market, Frederic has enhanced the management team and taken important steps to position Tiffany for success in the long term. We wish him the best in his future endeavors.”

Mr. Kowalski continued, “The Board is committed to our current core business strategies, but has been disappointed by recent financial results. The Board believes that accelerating execution of those strategies is necessary to compete more effectively in today’s global luxury market and improve performance. As such, we remain focused on enhancing the customer experience, increasing the rate of new product introductions and innovation, maximizing marketing effectiveness, optimizing the store network, and improving our business operations and processes, all while efficiently managing our capital and costs. We believe these initiatives and the pace of their execution are key to driving shareholder value. Tiffany is an iconic brand with a family of talented and committed employees to match, and I look forward to supporting both during the transition.”

Mr. Cumenal said, “I am proud of what we have accomplished at Tiffany and would like to thank the management team and our many talented employees around the world with whom I have had the pleasure to work. I have great confidence in Tiffany’s brand, strategic direction, and people, and I believe the Company will have many exciting opportunities in the future.”

Reaffirms Annual Guidance

The Company also affirmed, based on its plans and assumptions detailed in the January 17, 2017 holiday period sales news release, its fiscal year 2016 guidance described in that press release. The Company expects to report its fourth quarter and full 2016 fiscal year results, and also to provide its expectations for the 2017 fiscal year, on March 17 before the market opens.

For additional information, please visit www.tiffany.com or call the shareholder information line at 800-TIF-0110.

The Business of Fashion: LVMH Moët Hennessy Louis Vuitton Announces Record 2016 Results

LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, recorded revenue of €37.6 billion in 2016, an increase of 5% over the previous year. Organic revenue growth was 6%.lvmh-moet-hennessy-louis-vuitton

In the fourth quarter, revenue increased by 9% compared to the same period of 2015. Organic growth was 8%. The American market remains on a good track as does Europe. Asia, excluding Japan, continued its good momentum.

Profit from recurring operations reached €7 billion in 2016, an increase of 6%, to which all business groups, apart from selective distribution, contributed. This result compares to 2015 which was itself a year of growth. Operating margin reached 18.7%. Group share of net profit was €3 981 million, representing growth of 11%.

Bernard Arnault, Chairman and CEO of LVMH, said: “LVMH achieved an excellent performance in 2016 within a context of geopolitical and economic instability. Continued innovation, entrepreneurial spirit and the quest for excellence: all Maisons continue to assert these core values while maintaining rigorous execution of their strategies on the ground. In an environment which remains uncertain, we can count on the appeal of our brands and the agility of our teams to strengthen, once again in 2017, our leadership in the universe of high quality products.

Key highlights from 2016 include:

  • Record revenue and profit from recurring operations
  • Growth in the United States, Europe and Asia
  • Good performance of Wines & Spirits in all regions
  • The success of both iconic and new products at Louis Vuitton, where profitability remains at an exceptional level
  • Progress at Fendi
  • The sale of Donna Karan and the acquisition of Rimowa, a leader in luggage of excellence
  • Good momentum at Parfums Christian Dior driven by successful product innovations
  • Market share gains at Bvlgari and TAG Heuer
  • Growth at Sephora which strengthened its position in all its markets and in digital
  • Free cash flow of €3 974 million, an increase of 8%
  • Gearing of 12% at end of December 2016

WINES & SPIRITS: GOOD YEAR WITH PROGRESS IN THE UNITED STATES AND REBOUND IN SHIPMENTS TO CHINA

The Wines & Spirits Business Group recorded an increase in organic revenue of 7 %. On a reported basis, revenue growth was 5 %. Profit from recurring operations increased by 10 %. With volumes up 3%, solid growth continues for champagne and prestige cuvees performed particularly well. Hennessy cognac enjoyed an excellent year with 10% volume growth. The American market is growing well and China saw better momentum after a tough 2015 due to destocking by distributors. Other spirits, Glenmorangie and Belvedere, continued their growth.

LVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a portfolio of brands that includes Moët & Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug, Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Hennessy, Glenmorangie, Ardbeg, Belvedere, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Cape Mentelle, Newton, Bodega Numanthia and Ao Yun.

FASHION & LEATHER GOODS: GOOD PERFORMANCE OF LOUIS VUITTON, OTHER BRANDS STRENGTHENED THEIR POSITIONS

The Fashion & Leather Goods Business Group recorded organic revenue growth of 4% in 2016. On a reported basis, revenue growth was 3 %. Profit from recurring operations increased by 10%. Louis Vuitton had a good year driven by the level of creativity across all its businesses. The continued success of its iconic product range and the strong demand for recent creations such as the new luggage designed by Marc Newson and the Louis Vuitton fragrances, all contributed to this growth. Fendi recorded robust growth crossing the symbolic revenue threshold of 1 billion euros during the year. Loro Piana continued to expand its distribution network and opened a flagship store in Paris. Céline, Loewe and Kenzo all continued to grow. Marc Jacobs continued to work on changes to its collection. Donna Karan was sold in December to the American G-III group. Rimowa, world leader in luggage of excellence, joined the LVMH group.

Its Fashion and Leather Goods division includes Louis Vuitton, Céline, Loewe, Kenzo, Givenchy, Thomas Pink, Fendi, Emilio Pucci, Marc Jacobs, Berluti, Nicholas Kirkwood, Loro Piana and Rimowa.

PERFUMES & COSMETICS: CONTINUED SUCCESS OF INNOVATIONS; EXCELLENT PERFORMANCE IN MAKEUP

The Perfumes & Cosmetics Business Group recorded organic revenue growth of 8%. On a reported basis, revenue growth was 6%. Profit from recurring operations increased by 5%. The inauguration of the new atelier for the creation of fragrances, Les Fontaines Parfumées, at Grasse was a highlight of the year. Parfums Christian Dior grew market share in all regions, driven by the worldwide success of Sauvage and the vitality of its iconic perfumes J’adore and Miss Dior. The progress of makeup also contributed to the Maison’s excellent performance. Guerlain benefitted from the successful launch of its new makeup collection inspired by its fragrance La Petite Robe Noire. Benefit experienced strong growth driven by the success of its new collection for eyebrows. Make Up For Ever, Fresh and Kat Von D performed well.

LVMH is present in the Perfumes and Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums Givenchy, Kenzo Parfums, Perfumes Loewe as well as other promising cosmetic companies (BeneFit Cosmetics, Make Up For Ever, Acqua di Parma and Fresh).

WATCHES & JEWELRY: MARKET SHARE GAINS FOR BVLGARI AND TAG HEUER

The Watches & Jewelry Business Group recorded organic revenue growth of 5%. On a reported basis, revenue growth was 5%. Profit from recurring operations increased by 6%. Bvlgari continued to gain market share with enhancements to its Serpenti, Diva and B.zero1 lines. Growth continued in China, Korea and in the Middle East. TAG Heuer grew despite a difficult market for watches, gained market share and benefitted from the success of its new collections and its connected watch. Hublot accelerated its development in Asia and recorded the best year in its history. Chaumet continued to move its product lines upmarket and inaugurated a new boutique concept in Hong Kong.

LVMH‘s Watches and Jewelry division comprises Bulgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred, Hublot and De Beers Diamond Jewellers Ltd, a joint venture created with the world’s leading diamond group.

SELECTIVE RETAILING: GOOD PERFORMANCE AT SEPHORA, DFS IMPACTED BY A DIFFICULT TOURISM CONTEXT IN ASIA

The Selective Retailing Business Group recorded organic revenue growth of 8%. On a reported basis, revenue growth was 7%. Profit from recurring operations declined by 2%. Sephora gained market share across all regions and once again recorded double-digit growth in both revenue and profits. More than a hundred stores were opened in 2016 including notably a flagship store in the World Trade Center in New York and major renovations in Boston and Singapore. Its online offer accelerated with the launch in six new countries. DFS continued to face a difficult environment, notably in Hong Kong. The expansion into new destinations continued. The opening of the T Galleria in Angkor in Cambodia and one in Venice, Italy were the highlights of the year.

LVMH is also active in selective retailing as well as in other activities through DFS, Sephora, Le Bon Marché, La Samaritaine, Royal Van Lent and Cheval Blanc hotels.

Key figures:

             
Euro millions    

2015

 

2016

 

% change

Revenue    

35 664

 

37 600

 

+ 5 %

Profit from recurring operations    

6 605

 

7 026

 

+ 6 %

Group share of net profit    

3 573

 

3 981

 

+ 11 %

Free cash flow*    

3 679

 

3 974

 

+ 8 %

Net financial debt    

4 235

 

3 265

 

– 23 %

Total equity    

25 799

 

27 903

 

+ 8 %

* Before available for sale financial assets and investments, transactions relating to equity and financing activities Continue reading

This Just In: Guerlain Presents Angelina Jolie As The New Face of Guerlain Parfumeur

Guerlain Parfumeur, the French beauty brand since 1828, is honored to announce that Angelina Jolie is the icon of its new fragrance for women, available March 2017. The partnership between Jolie and Guerlain was agreed in Cambodia in December 2015, where she was directing her film First They Killed My Father. It has its roots, however, in Angelina’s childhood memory of her own mother’s love of a Guerlain powder.

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Guerlain Presents Angelina Jolie: The New Icon of Guerlain Parfumeur (PRNewsFoto/Guerlain Parfumeur)

Thierry Wasser, Guerlain’s Master Perfumer, drew his inspiration from Angelina Jolie to create a fragrance expressing the idea of the “notes of a woman“: the choices, emotions, and dreams that embody modern femininity.

We create perfumes for the women we admire,” said Jacques Guerlain, creator of mythical fragrances such as Shalimar, L’Heure Bleue and Mitsouko.

Jolie is a filmmaker, actress, Special Envoy of the UN Refugee Agency and co-founder of the Preventing Sexual Violence Initiative. She has donated her entire salary from the Guerlain campaign to charity.

2016 Holiday Gift Guide: The Art of Shaving Launches New Fragrance Collection

The Collection of Five New Fragrances Pays Homage to Barbering Traditions and Essential Oils

The Art of Shaving has released a new fragrance collection to celebrate the brand’s 20th Anniversary. Barbering experts partnered with world class perfumers to craft a range of distinct scents that are at once modern, yet nostalgic. Inspired by the grand heritage of Barbering and the final touch of every time-honored barber chair shave – the finishing spritz of a scented tonic, the collection brings home the perfect finish to the perfect shave and any grooming ritual.new_taos_monogram_black_highres

As all of the brand’s products have been for the past 20 year, these five fragrances were created using the finest natural essential oils, sourced and meticulously blended using the highest quality techniques. Each scent was carefully assembled to harmoniously link every note for a full and expressive accord.

Essential oil aromas are a critical part of elevating the grooming experience from an act to a cherished ritual. Our new cologne collection is the ultimate expression of these aromas and the perfect finishing touch for The Art of Shaving man”, says Todd Brisky, The Art of Shaving CEO. “Each fragrance in the collection has been designed with craft and care to have a distinct personality. I don’t expect you to ‘like’ all five, but I’m sure there will be one or two you ‘love’ and that is how you should feel about your fragrance.”

The Collection Consists Of Five Fragrances:

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The Art of Shaving Launches New Fragrance Collection (Photo: Business Wire)

  • SANDALWOOD & CYPRESS – A classic and sophisticated aroma with a nostalgic undertone. This handcrafted fragrance combines masculine, woody Sandalwood with aromatic, bright Cypress to develop a signature fragrance wearable from day to night.
  • OUD SUEDE – A traditional, intense fragrance derived from rare Middle Eastern Oud wood. The rich, dark aromatic resin is distilled over time to develop its unique, fragrant quality unmatched in nature. Balanced with earthy Cypriol, the combination of these two natural elements creates a deep woody, amber sensuality with skin-like warmth.
  • VETIVER CITRON – A luminous citrus with bittersweet undertones. Earthy Vetiver is lifted by the fresh simplicity of cold pressed Grapefruit. Finished with a subtly, spicy heart note, this refined fragrance complements any grooming routine.
  • GREEN LAVENDER – An herbaceous floral for the modern gentleman, carefully crafted to effortlessly blend aromatic, tranquil lavender with the fresh, green notes of rosemary and peppermint.
  • CORIANDER & CARDAMOM – A nod to Middle Eastern aromatic barber traditions. A fresh twist on a traditionally warm and spicy scent. Inspired by fresh tonics from ancient spices, Coriander and Cardamom are subtly balanced with basil, lavender, sage and blackcurrant. The result – a crisp green with spicy wood and pepper facets.

Each 100ml fragrance is sold individually for $100 ($125 for “Oud Suede”). Each 30ml fragrance is sold individually for $60 ($75 for “Oud Suede”) and available at The Art of Shaving stores and on www.theartofshaving.com.

2016 Black Friday Report: Walmart Delivers Deals, Availability and Simplicity on Black Friday

Walmart issued the following statement on how the company delivered on its Black Friday plans for customers. The retailer also unveiled top products purchased on Black Friday and how customers shopped that day in stores and online.wmt_h_r_4c_highres

This Black Friday, we promised customers great deals, more availability of those items, an integrated offering with Walmart.com and the simple shopping experience our customers have come to expect from Walmart. I am proud to say that we’ve delivered on all fronts,” said Steve Bratspies, Chief Merchandising Officer, Walmart U.S.Our customers were particularly excited about the new technologies we offered this year. In addition to picking up Black Friday favorites like televisions and toys, they flocked to our stores for drones, virtual reality products and hoverboards.

Walmart Thanksgiving Shopping Events

Happy Walmart customer reacts to receiving a Hatchimal, one of the season’s hottest toys. (Photo: Business Wire)

Thanksgiving and Black Friday Fun Facts and Stats:

  • The week kicked off with customers visiting stores in the days leading up to Thanksgiving to grocery shop. This Thanksgiving, Walmart sold 150 million pounds of turkey and ham. Throughout the month of November, the retailer also sold more than six pies per second with the most popular pies being pumpkin and the Patti LaBelle Sweet Potato Pie.
  • Black Friday is about offering great deals in stores and online. At midnight ET on Thanksgiving Day, customers started shopping on Walmart.com and the Walmart app. Thanksgiving Day was once again one of the top online shopping days of the year.
  • Then, at 6 p.m. the retailer kicked off the company’s Black Friday event in stores across the country. Millions of customers went home with the items they wanted. Top sellers included televisions, cookware, video games and systems, drones, toys and pajamas for the whole family.
  • More than 70 percent of traffic to Walmart.com during the retailer’s Black Friday event was driven by mobile.
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    (Image courtesy of Walmart)

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    (Image courtesy of Walmart)

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    (Image courtesy of Walmart)

It is not over. Walmart’s Cyber Week began at 12:01 a.m. ET on Friday, Nov. 25, and will continue with thousands of online specials every day throughout the week.

We will continue to focus on offering great prices on great products across the whole store and on Walmart.com for the rest of the holiday season,” Bratspies added.

Three, Two, One…Holiday! Amazon.com Launches Black Friday Deals Store and Curated Holiday Gift Guides

This Holiday Season, Customers Can Enjoy More Deals Than Ever Before On Everything From Hd Tvs To Stylish Kitchen Staples To Some Of The Most Popular Toys Of The Year

To Help Customers Find The Perfect Gift For Everyone On Their Shopping List, Amazon Offers Curated Holiday Gift Guides For Electronics, Home, Handmade, And Other Categories

Alexa, What Are Your Deals? New This Year, Prime Members Can Use Alexa Voice Shopping To Shop For Almost Anything, Including Exclusive Deals For Customers With An Amazon Echo, Echo Dot, Amazon Tap, Amazon Fire Tv, Or Fire Tablet

Amazon.com has announced the launch of its Black Friday Deals Store and more than a dozen curated holiday gift guides, officially marking the start of the holiday countdown. Customers can enjoy tens of thousands of deals this holiday season on Amazon.com, with new deals as often as every five minutes on everything from HD TVs to stylish kitchen staples to some of the most popular toys of the year. In addition, Amazon offers curated holiday gift guides to help take the guesswork out of shopping for loved ones and make it easier for customers to find the perfect gift for everyone on their list.logo_white_

Customers love discovering the best deals on the most sought-after products, and our Black Friday Deals Store and curated Holiday Gift Guides offer them a place to do just that – plus enjoy the most convenient shopping experience with tons of super-fast shipping options,” said Doug Herrington, Senior Vice President of North American Retail at Amazon. “This holiday season, we’re offering more deals than ever before and – for the first time ever – giving Prime members an opportunity to use Alexa voice shopping for purchasing their holiday gifts hands-free. They can make purchases simply by asking Alexa-enabled devices, like the new Echo Dot, while relaxing at home with family and friends.

Black Friday Deals Store

Available at www.amazon.com/blackfriday, the Black Friday Deals Store is the leading deals destination for customers with tens of thousands of deals, and new deals as often as every five minutes, now through December 22. Customers can enjoy more deals than ever before this holiday season, including low prices on top gifts such as electronics, toys, clothing, jewelry, kitchen items, and more. In fact, Amazon is offering up to 20 compelling Deals of the Day in a single day. Some examples of the great deals Amazon customers can take advantage of this holiday season include: $20 off the Kindle Paperwhite, savings on an LG 55” 1080p Curved Smart OLED TV, and up to 40% off select Magformers toys.

Electronics Gift Guide

Available at www.amazon.com/electronicsgiftguide, the 2016 Amazon Electronics Gift Guide features more than 500 of this year’s hottest technology products all in one convenient location. Enthusiasts can explore new releases such as 360-degree cameras and buzz-worthy gifts like virtual reality headsets and 3D printers. The Electronics Gift Guide also features innovations from up-and-coming startups in the Amazon Launchpad program. Customers can browse more than 10 categories, including smart home, home entertainment, music, wearables, photography, gaming, gadgets and gizmos, and more. The Electronics Gift Guide also includes expert reviews and product demonstration videos to help customers find the perfect gift. And shoppers looking for budget-friendly gift ideas can find top gifts under $100.

Home Gift Guide

Available at www.amazon.com/homegiftguide, the 2016 Amazon Home Gift Guide is a curated list of more than a thousand of this season’s must-have products for the home. Filled with gift ideas for indoors and outdoors, customers can easily discover presents for everyone on their list, including cooks, bakers, home decorators, arts and crafters, smart home tech lovers, pets, backyard enthusiasts, kids and more, curated by experts in the industry such as Smitten Kitchen and Design*Sponge. Holiday decorators and party planners will find everything they need to set a festive scene at home. Customers can also shop the latest trends in the Home Gift Guide, including copper appliances, rose gold cutlery, and handmade ceramics, as well as browse products that are new this holiday season, including the KitchenAid Mini, NEST Fragrances Classic Candle (Hearth), Petcube Play Wi-Fi Pet Camera, and Bissell 1650A Pet Hair Eraser Vacuum.

Handmade at Amazon Holiday Gift Guide

Available at www.amazon.com/handmade, the Handmade at Amazon Holiday Gift Guide offers customers curated lists of genuinely handcrafted items sold directly by artisans. Featuring products for her, for him, and for kids, as well as handcrafted stocking stuffers for friends and family, the Gift Guide makes finding the perfect holiday present easier than ever. Heading into this holiday season, Amazon customers visiting the Handmade at Amazon store will see hundreds of thousands more handcrafted items, thousands of which are eligible for Free Two-Day Shipping with Amazon Prime. For shoppers looking for a personal touch, over half of the items listed on Handmade have options for customer personalization. With handcrafted items in categories from toys and games, to home décor, handbags and accessories and kitchen and dining, Handmade at Amazon is a one-stop-shop for artisan-crafted gifts this holiday season. Continue reading

The Ultimate Opulence of Fragrance: Christian Louboutin Launches Three Perfume Oils

I wanted to evoke the mystery and opulence of perfume, to renew the way precious oils were treasured in the past and to celebrate a woman and her desires.” – Christian Louboutin

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Christian Louboutin Perfume Oil: Trouble in Heaven

Launching this month, Christian Louboutin’s new collection of perfume oils (the latest additions to the Christian Louboutin Beauté beauty collection) are a new and highly luxurious way to experience his three signature women’s fragrances: Bikini Questa Sera, Tornade Blonde and Trouble in Heaven. These perfume oils caress the skin; they are the most indulgent and sensuous way for a woman to apply fragrance and to delight in her femininity. Each of these Christian Louboutin fragrances has its own unique personality, but what unites them is Louboutin’s idea behind their construction. Intimate and compelling, Bikini Questa Sera takes the heat into the night. A trail of golden light, Tornade Blonde is the scent of desire. Intoxicating and mysterious, Trouble in Heaven is the scent of provocation.christian-louboutin-logo

Formed in 2012, Christian Louboutin Beauté (CLB) is a global joint venture between French luxury accessories brand Christian Louboutin S.A. and Batallure Beauty, and is headquartered in New York City.

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Christian Louboutin Perfume Oil: Bikini Questa Sera (Bottle Shot)

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Christian Louboutin Perfume Oil: Tornade Blonde (Bottle Shot)

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Christian Louboutin Perfume Oil: Trouble in Heaven (Bottle Shot)

The designer is instrumental in the development of every product, infusing his distinctive sense of creative wit, style, passion, and innovation into each creation. In August 2014, Nail color launched as the most natural entry category for CLB, the original inspiration for the iconic red soles having come from a stroke of red nail color in 1992.

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Christian Louboutin Perfume Oil:  Bikini Questa Sera

One year later, the brand launched a collection of 38 jewelery-inspired Lip Colors offering three different finishes; Silky Satin, Matte Velvet, and Sheer Voile alongside five lip definers to suit all lip tones and in June 2016, Loubilaque, a high-shine and high-pigment lip lacquer was introduced. September 2016 saw the launch of an entirely new facet of the Christian Louboutin vision of beauty with parfum created for women in three unique scents: Bikini Questa Sera, Tornade Blonde and Trouble in Heaven.

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Christian Louboutin Perfume Oil: Tornade Blonde

The alchemy of precious oil touching the skin produces a scent that is utterly personal to the woman wearing it. The perfume oil is an exceptional elixir containing the highest concentration of fragrance oil and no added water or alcohol, which means it provides a more intimate experience than a conventional form of fragrance. The olfactive construction as the parfum, which is what Christian calls the “ping.” The first burst of scent, like the striking of a piano key, is followed by a beautiful resonance of scent as the note echoes its sound. “There is one present moment,” says Louboutin, “and then there is the trace, le sillage, I think of it as its memory. Continue reading