From Audrey Hepburn to Jay-Z and Beyoncé, the crazy Tiffany saga

Beef cheek stew with truffles. Sweet curry porridge. Fruit refreshed with pastry cream. Welcome to this “Breakfast at Tiffany’s”, served at 9 am, the day before the opening of the London exhibition “Vision & Virtuosity” dedicated to the New York jeweler. For some guests, this breakfast has a special taste. That of the unknown. Since LVMH offered itself Tiffany & Co., in January 2021, for the sum of 14.2 billion euros, American tempers have been heating up, fearing that the world number one in luxury will make short work of these “diamonds on the sofa”. “We grew up with this house, confides a New Yorker established in Paris. Elsa Peretti’s silver heart pendant when we were 13, Jean Schlumberger’s brooch and bangles passed down by our grandmothers, our diamond engagement rings and even the Super Bowl trophy which is made by the jeweller… It creates powerful bonds. We are very afraid of what the French are going to do with it. »

From movie stars to the most modest fiancées, the “king of diamonds” is everywhere

LVMH not only acquired the only American luxury brand, founded in 1837 in New York by Charles Lewis Tiffany and his childhood friend, John B. Young; but he also arrogated to himself a sacred piece of the culture and history of the country of Uncle Sam. While in France the image of the brand is often summed up in the figure of Audrey Hepburn in Givenchy dress, dreaming in front of the 5th Avenue boutique, America has gone beyond the cinematic cliché of Blake Edwards’ film. Because the success of Charles Lewis reflects that of a land of all possibilities. The young man arrives from his native Connecticut with $1,000 in his pocket lent by his father to open a stationery and novelty store on Broadway. His first receipt – 4.98 dollars in three days – led him to change his tune. He reconverted into exotic objects, Asian porcelain, bronzes from India bought at unbeatable prices on the docks of the port of New York and resold to the new American middle class who fell in love with them. Silverware, jewelry, watches and a few pieces of jewelry to fill the buying frenzy of the great fortunes of American capitalism, Charles Lewis quickly understood that “Tiffany must offer the best quality and the best design too”, because “a good design generates good business”. In the early 1840s, Tiffany & Young became the favorite address of New York high society.

During the Civil War, the house supplied cavalry sabers, flags and surgical instruments to the armies of the Northern States. Charles Lewis Tiffany believed that if the military trusted him, so would customers. Few still remember the historical ties uniting the New York jeweler to the Old Continent, and to France in particular. In 1867, he bought the diamonds of the Hungarian prince Esterhazy in London. Twenty years later, the brand offers a third of the diamonds of the jewels of the crown of France during the auction ordered by the State. He will resell them, reassembled as marvelous ornaments, to the great American fortunes, the Astors, Vanderbilts, Du Ponts… The man also surrounds himself with the best gemologists, such as McClure or Kunz. Above all, he knows how to stage his most spectacular purchases at universal exhibitions abroad or traveling across the United States. This will earn him the title of “king of diamonds”. He will also be able to institutionalize the divine stone in all layers of American society by launching, in 1886, the six-claw solitaire, which has become the archetype of the engagement ring.

In France, the New Yorker opens, in the Parisian district of the Opera, his first store outside his country. It is still in Paris that the house has its legendary yellow diamond cut. Discovered in the Kimberley mine, in South Africa, in 1877, this canary pebble of nearly 290 carats is bought for 18,000 dollars. From this rough stone, the lapidary has produced a cushion of 128.54 carats of exceptional fire which, in a century and a half, has only been worn four times. After Lady Gaga, the last woman to have had the privilege of wearing the famous Tiffany Diamond is none other than Beyoncé. In 1956, Tiffany & Co. hired the Frenchman Jean Schlumberger, who created extraordinary jewellery, such as this Fleur de mer brooch beloved by Elizabeth Taylor or these enamelled bangles that Jackie Kennedy accumulated on her wrists.

In the 2000s, the brand fell behind European jewelers in terms of creativity. Silver jewelry takes precedence over gold collections and high jewelry, which are singularly lacking in glamour. “Tiffany is an American brand with a European heritage. In the United States, it is an institution. Its values ​​are those of optimism, sharing, inclusion and success. The brand was built at the same time as America,” explains Anthony Ledru, CEO of the New York company since 2021. From silver keychains at less than $300 to diamond solitaire at more than 10 million, Americans always find a luxury object to their measure. The awakening of this “Sleeping Beauty” takes place today with a beating drum. Because this acquisition exudes a scent of revenge. Bernard Arnault, founder and owner of LVMH, which has seventy-five brands to its bow, would also have liked, several years ago, to buy Cartier. Richemont, which owns the brand, would have allowed itself to be approached, courted but would never have intended to sell the locomotive of its group which also includes Van Cleef & Arpels. “LVMH acquired Tiffany & Co. because it couldn’t bite into Cartier,” sums up an observer.

The expectations of the French luxury empire are up to this transaction, the most expensive ever in this universe. But for the richest man in Europe, having the “only brand that has a color”, the famous Pantone 1837 of the “blue boxes” fall into his pocket, is priceless. “LVMH is betting that jewelry will be the new leather goods,” observes a financial analyst. It was imperative that the group strengthens itself in an area, jewelry and watches, which, before the acquisition of Tiffany, accounted for only 8% of its sales. »

In 1956, Tiffany & Co. hired a Frenchman to design the jewelry

The campaigns orchestrated by Alexandre Arnault, the son of Bernard Arnault – third in a family of five –, appointed executive vice-president of communication and products, testify to the means implemented to achieve this. In August 2021, “About Love” put the TikTok generation in a trance and the jewelry world in turmoil. It features Beyoncé as Audrey Hepburn and Jay-Z as Prince Charming. And a work by cult New York artist Jean Michel Basquiat painted in the same blue as Tiffany’s. To dust off the image of his silver jewelry, the jeweler played provocation with the piquant slogan “Not your Mother’s Tiffany”, which had the effect, despite the controversy aroused in the United States, where “mummies” are sacred , to boost sales by 30%. In the same vein, Tiffany & Co. has chosen model Hailey Bieber, Justin’s wife, and her 45 million followers as its ambassador and is multiplying collaborations with Supreme, Patek Philippe and artist Daniel Arsham. The house also took the luxury, on April 1, of announcing that it was abandoning its emblematic blue for yellow, the color of its favorite diamond.

The man who was the first jeweler to enter into collaborations with personalities such as Elsa Peretti in 1974, Paloma Picasso in 1985, Frank Gehry in 2006, has the ambition to make his collections more sophisticated. For this, he hired the French Nathalie Verdeille, a former Cartier. “The accessible gift offer is retained, but everything else will go upmarket,” continues Anthony Ledru. Tiffany must become the main player in contemporary fine jewelry. In the spring, the Botanica high jewelry collection sold on the nail in Miami. Like this “small” red diamond of nearly 2 carats, a heavyweight for a diamond of this color, which flew away at millions of euros.