Luxury jewelry retailer Tiffany & Co. is embarking on a global creative agency search.
Tiffany & Co. Embarks on Global Agency Search
"In addition to our internal marketing department, Tiffany & Co. has decided to pursue brand positioning and creative advertising support from an external agency to further enhance our global business," said a spokeswoman for the retailer. She added that Ark Advisors in New York has been retained to conduct the agency search.
The pitch is in the early stages, and it is expected that official requests for information will go out to a group of agencies in the coming weeks. The total spending that will be devoted to the global assignment is unclear as the full scope of work for the assignment hasn't yet been revealed. However, domestically, Tiffany & Co. last year spent nearly $60 million on measured media, according to Kantar Media.
Caroline D. Naggiar is Tiffany & Co.'s chief marketing officer. She has been with the company since 1997, when she took on a marketing communications post. Over the course of her time at the retailer, she has added responsibilities for oversight of advertising, marketing and public relations.
For the first half of 2013, the company posted worldwide net sales of $1.8 billion, as sales rose 10% and comparable store sales increased 7%. Net earnings rose 10% to $190 million from $173 million in the year-prior period.
The retailer is known for being highly vigilant about protecting its brand, and it maintains an aggressive and rigorous intellectual property program. To that end, its fine jewelry is sold only in Tiffany retail stores and not distributed or sold through other retailers or wholesalers. Earlier this year the company went after Costco, seeking to stop the sale of allegedly counterfeit diamond rings that it claimed were marked with in-store signage falsely identifying the jewelry as "Tiffany."