Tiffany and Co

Topics: Tiffany & Co., Revenue, Charles Lewis Tiffany Pages: 4 (1326 words) Published: December 11, 2008
In 1837 Charles Lewis Tiffany and John F. Young opened Tiffany & Young, with $1,000 in backing from Tiffany's father. This store was located on Broadway and was opposite of Manhattan's City Hall Park. The first store sold stationery and a variety of "fancy goods," including costume jewelry. Unlike other stores of the time, Tiffany featured plainly marked prices that were strictly enforced to, sparing the customer the usual practice of haggling with the owner or sales man. Tiffany also departed from the norm by insisting on cash payment rather than extending credit or accepting barter. Tiffany's also sold watches and clocks, a variety of ornaments and bronzes, perfumes, hair and skin products, dinner sets, moccasins, belts, and numerous other cute knick knacks. Charles also = introduced sterling silver to the United States in 1852, a year after contracting John C. Moore to produce silverware exclusively for Tiffany's. Tiffany's was an emporium for military supplies during the Civil War, producing swords and importing rifles and ammunition. During the Gilded Age that followed, its main problem was not selling jewelry but finding enough to satisfy the demand. Also during this time period Tiffany’s became known for having the best silverware on the market. Tiffany's prestige reached a new level when it won the gold medal for jewelry and grand prize for silverware at the Paris Exposition in 1878. Soon it was serving as a jeweler, goldsmith, and silversmith to most of the crowned heads of Europe. Tiffany’s main consumer came from the high ranks of America's wealthy, many with far more cash than taste. It was estimated in 1887 that Tiffany's vaults held $40 million in precious stones. Among these was the largest flawless and perfectly colored canary diamond ever mined. The company at $22 million has valued this 128.5-carat “Tiffany Diamond,” still held by the New York store. Charles Tiffany died in 1902, leaving an estate estimated at $35 million. Later on the...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Tiffany & Co Essay
  • Tiffany & Co Analysis Research Paper
  • Tiffany &amp essay
  • Tiffany & Co Informative Speech Essay
  • Tiffany & Co. Essay
  • Tiffany&Co Essay
  • Tiffany and Company Essay
  • Tiffany Case Study Essay

Become a StudyMode Member

Sign Up - It's Free