Mar 22 - Tiffany says it will launch a silver line with no item costing more than $500 a piece in a plan to accelerate worldwide sales growth this year after tepid jewelry sales last year. Conway G. Gittens reports.
The Daily Digit is $500. That's the absolute maximum price for a piece of jewelry in Tiffany's coming line of affordable silver. Surprised? Well, the low-cost bling-bling is supposed to help the company bring in more dollars. And there is hope it will. Tiffany says the pace of its worldwide sales growth is going to pick up this year, helped by faster growth in Asia and a more compelling selection of lower-price rings, bracelets and necklaces. Some of that will be part of a new collection timed for the spring premiere of the movie "The Great Gatsby." The high-end retailer is talking about a 6 percent to 8 percent boost in sales, which would put full-year revenues above current Wall Street forecasts. Tiffany seems to be on the rebound after struggling to find the right mix between the expensive statement jewelry it is famous for, and the more-affordable silver items that generate one-quarter of sales. Those items are the most profitable category for the company known for its famous blue box.