Tiffany, the company dealing with famous iconic luxurious gifts and jewelry worldwide, has been seeing rough times. Because of continued decreasing revenues and their financial results, the company is facing struggles. This however worsened when Frederic Cumenal, CEO of Tiffany decided to resign his position on Sunday. Frederic Cumenal had become a part of Tiffany in 2011. According to many reports, the company hit a tremendous blow when their sales went below the holiday sales they had anticipated.
As the management of the company changes, Michael Kowalski, the chairman of the board has confirmed that the company wishes to function under his administration at a superior executive post, which will operate on the basis of interim till the time the company discovers and comes across a deserving talent who can serve as a replacement for Frederic Cumenal and transform the current status of Tiffany.
The company also corroborated Michael Kowalski on the other hand will also carry out all the duties as the chairman of board.
Speaking to the media, Michael Kowalski thanked the Cumenal for his able guidance and support and his role in the enhancement of the management of the company and preparing Tiffany to work and function on a long term basis. He also said that the board of Tiffany is still committed to its core and strong strategies for business, but the results in terms of finances recently have really disappointed them.
To cope up with the rising demands, and competition offered by the other brands in the global market, they have to accelerate the execution process. This will not only improve their performance, but also help them make prosperous strides. The company is dedicated to enhance the experiences of all its customers, increase the rate at which new innovations and products will be introduced, optimize their strategies for storing the network and affectivity on the marketing.
Cumenal also thanked the staff and team of Tiffany said that he places a lot of faith and confidence in the company, its people and the strategic directions it follows.
The company stated that the holiday sales that went down lower than their expectations was the result of the disruptions caused after the US presidential election near their headquarters in New York.
However, the holiday sales rose by 7 percent in Asia Pacific region and in Japan by 16 percent, but in Europe and America, the sales declined as the value of the US dollar intimidated foreign visitors and tourists.
Despite these failures, there was a rise of approximately 3 percent in the share price of Tiffany, as observed on Friday.
In addition to the promising strategies, the company declared that Reed Krakoff would head as the Chief Artistic Officer.
All these transformations are surely going to be fruitful for Tiffany and boost its credibility everywhere.