Situated within Sydney’s luxury shopping precinct at 175 Pitt Street on the corner of King and Pitt, the new three-level store holds 2,270 square meters (over 24,000 square feet) of retail space and office space, the latter serving as Tiffany’s new Oceania headquarters.
Following a soft launch on March 5, a grand opening event for the store was held on April 4 and was attended by stars like Kendall Jenner and A$AP Ferg.
The launch coincides with Sydney’s growth as a key luxury shopping destination. The latest opening serves as the third Sydney flagship for the U.S. jeweler, following Tiffany’s first residence at Chifley Square in 1994, and a second store location on Castlereagh Street in 2004.
The flagship’s latest location was selected in partnership between the jewelry company and Australian real estate investment company, Dexus.
“After enjoying 25 successful years in Sydney, this store will mark a new era for Tiffany and will transform the luxury shopping precinct within the CBD [central business district],” said Glen Schlehuber, vice president and managing director of Tiffany & Co. Australia and New Zealand.
“The reimagined store has been designed to offer a spectacular experience for customers featuring the renowned quality, craftsmanship and style that Tiffany is famous for around the world,” Schlehuber added.
Looking beyond Sydney, Australia plays a key role in Tiffany & Co.’s business within the Asia-Pacific region, which is the company’s second largest market behind the U.S., representing 26 percent of total company sales. In total, the jewelry company operates 12 stores throughout Australia.
According to IbisWorld’s 2018 Luxury Retailing report, Australia’s luxury retailing industry revenues are expected to grow by an annualized 9.1 percent over the five years through 2018-19 to reach 2.2 billion AUD ($1.6 billion).
For its most recent quarter reported March 22, Tiffany & Co. sales narrowly missed Wall Street estimates during the holiday period, on the back of soft demand due to low spending by Chinese tourists and weakness in Europe and the U.S.
For the three months, Tiffany’s said net sales fell to $1.32 billion, while analysts on average were expecting sales of $1.33 billion, according to IBES data from Refinitiv.
(Source: Fashion Network)