Diamonds can be a boy’s best friend too. At least, that’s what Tiffany’s is banking on.
The Luxury jewelry brand announced it will launch its first full men’s collection last week that will span nearly 100 different designs across jewelry, home goods, and other accessories.
Why dudes? Why now?
Reed Krakoff, Tiffany’s CAO (chief artistic officer, babayyy) said he’s wanted to launch a men’s collection since joining the brand in 2017.
Tiffany’s primary customer base is female, but men make up nearly half of Tiffany’s sales — mostly buying women’s jewelry — which, to Krakoff, is exactly why a men’s line makes so much sense.
More men are also buying for themselves these days: Sales of men’s luxury jewelry jumped nearly 22% between 2013 and 2018, and the firm projects sales to increase from $5.8B to about $6.6B by 2023.
Tiffany’s will take anything it can get
Tiffany’s hasn’t performed to its usual standards in recent quarters, largely because of a big decline in tourist sales, and the company hopes men will be an even larger stream of revenue for the company.
The collection, which includes sterling silver dog tags, and $300 yo-yo, as well many other manly male-encrusted dude-zigns, will range from about $200 to $15k for the jewelry, and as high as $75k for the top shelf home goods and accessories.