The CEO of Tiffany & Co. doesn’t like calling the iconic jewelry company a luxury brand.
“I don’t like the word ‘luxury.’ Honestly, I try to avoid it,” Tiffany CEO Alessandro Bogliolo said at Bloomberg’s The Year Ahead: Luxury Summit in New York City on Thursday.
Bogliolo said he prefers to call Tiffany a “legendary” company.
He also said millennials are much more selective about the luxury products they buy than older generations.
The CEO was tight-lipped about the potential sale of Tiffany to luxury goods conglomerate LVMH.
LVMH first offered to buy the iconic jewelry house last month for $14.5 billion and just upped its offer to $16 billion, Reuters reported Thursday.
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Tiffany & Co., the world’s most iconic jeweler, no longer wants to be called a luxury brand.
“I don’t like the word ‘luxury,'” Tiffany CEO Alessandro Bogliolo said at Bloomberg’s The Year Ahead: Luxury Summit in New York City on Thursday. “Honestly, I try to avoid it.”
Bloomberg’s second luxury summit, which this year focused on sustainability in the luxury sector, drew power players in the industry such as Tiffany & Co. CEO Alessandro Bogliolo, Rent the Runway cofounder and CEO Jennifer Hyman, legendary architect Robert A.M. Stern, and Klaus Zellmer, president and CEO of Porsche Cars North America.
Bogliolo said he prefers the word “legendary” when talking about the jewelry company.
“I like to define Tiffany as a legendary brand because it’s a brand that really has become a legend,” he said.
Bogliolo is not the only executive in the luxury industry who’s opposed to the word “luxury.”
“If you define yourself as luxury, you’re not luxury,” Jacques-Olivier Chauvin, the CEO of Fauchon Hospitality, who previously worked at Louis Vuitton, told travel publication Skift earlier this year.
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Source:: Business Insider