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Tiffany Unveils New “Holly” Handbag Line

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Tiffany & Co. is coming out with it’s first handbag collection in 20 years, and they’re showing it off  for the first time, 21st century style – on the internet.  They line launched last week.  The majority of the bags are in the $1,000 to $2,000 range, but a few, like the $17,500 glazed-crocodile “Manhattan” satchel, are in much higher price ranges.

Tiffany’s 12 largest U.S. stores will begin selling the “Holly” line in September.  Tiffany’s hopes the line may generate more sales for the accompanying wallets and small leather accessories around the world as well – these smaller leather goods items are very profitable according to CFO of Tiffany’s, James Fernandez.

“A blue box from Tiffany is instantly credible as a gift,” Steven Dennis, a former executive at Neiman Marcus Group Inc. and president of retail adviser SageBerry Consulting LLC in Dallas told Business Week. “Smaller leather goods, those are very giftable categories.”

He thinks that handbags will be more of a challenge for the company, which traditionally focuses on jewelery and fine silver.  And he has a good point – if you’re selling out this kind of money for a bag, you might lean towards a Hermes or a Chanel item that is more of a classic known commodity.  Add to that a less than enthusiastic critical reaction to the line, which is classic to the point of almost being plain, and it will be interesting to see whether people will jump at the line or ignore it.

Tiffany needs this new gambit to be a success – their stock shares have dropped 8.9 percent this year.  If the line succeeds, they plan to transition much of the retail space now designated for crystal and china to the new leather goods line.


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