Project sponsors: Jeff Larson, Danny Martinez
Tiffany & Co. is a holding company that operates through its subsidiary companies (the “Company”). The Company’s principal subsidiary, Tiffany and Company, is a jeweler and specialty retailer, whose merchandise offerings include an extensive selection of jewelry, as well as timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories. Through Tiffany and Company and other subsidiaries, the Company is engaged in product design, manufacturing and retailing activities.
Tiffany was founded in 1837 when Charles Lewis Tiffany opened a store in downtown Manhattan. Today, more than 295 TIFFANY & CO. stores and boutiques serve customers around the world. The Company’s channels of distribution are as follows:
The Americas region: (48% of fiscal 2014 sales) includes sales transacted in TIFFANY & CO. stores in the United States, Canada, Mexico, Chile, and Brazil, as well as sales of TIFFANY & CO. products in certain of those markets through Internet, catalog, business-to-business and wholesale operations;
The Asia-Pacific region: (24% of fiscal 2014 sales) consists of sales transacted in TIFFANY & CO. locations in Australia, China, Hong Kong, Korea, Macau, Malaysia, Singapore, Thailand, and Taiwan, as well as sales of TIFFANY & CO. products in certain of those markets through Internet, and wholesale operations
Japan: (13% of fiscal 2014 sales) consists of sales transacted in Japanese department store boutiques and in freestanding stores, as well as sales of TIFFANY & CO. products through internet, business-to-business and wholesale operations.
Europe (12% of fiscal 2014 sales) consists of sales transacted in TIFFANY & CO. stores in Austria, Belgium, The Czech Republic, France, Germany, Ireland, Italy, The Netherlands, Spain, Switzerland, and the United Kingdom, as well as sales of TIFFANY & CO. products in certain of those markets through Internet, and wholesale operations.
Other (3% of fiscal 2014 sales) consist of retail sales transacted in Tiffany & Co. stores in the United Arab Emirates and Russia, as well as wholesale sales of TIFFANY & CO. merchandise to independent distributors for resale in certain emerging markets and wholesale sales of diamonds obtained through bulk purchases that are subsequently deemed not suitable for Tiffany’s needs, as well as earnings received from licensing agreements.
Tiffany and Company operates two distribution centers (DC’s), both located in New Jersey.
Retail Service Center (RSC) - NJ USA - Supports worldwide replenishment for all retail stores for finished goods product and most packaging. The facility acts as a central distribution point for all inbound purchase orders. Some light manufacturing occurs on premises, as well as value added servicing (VAS) capabilities for finished goods prior to export for certain international entry requirements (i.e. String Tagging, Labeling, Hallmarking, etc.) The RSC also supports customer returns for domestic customer direct sales and retail purchases, as well as inbound transfers back from stores worldwide due to obsolescence or rebalancing activities. All finished goods inventories are replenished worldwide from the RSC via a primarily broken case pick/pack operation, with some full case processing and minor automation/material handling equipment. This location opened in 1997 with 184,000 sq ft. supporting roughly 25–30K active SKUs. Approximately 200,000 additional square feet houses an attached three story office facility and parking structure.
Customer Fulfillment Center (CFC) - NJ USA - Supports direct sales (Web, Catalogue, and Phone) orders for the US, Canada, and Australia markets. The CFC also supports Retail Sends for orders generated from a retail branch, customer owned merchandise returned for personalization, as well as corporate/business sales order fulfillment. Value Added Services (VAS) includes trophy assembly/custom design, crystal and silver etching, machine engraving, hand engraving, embossing, embroidery, and new sale alterations. All inventories are replenished via the RSC. The operation is primarily broken case pick/pack with limited full case processing. The CFC is a highly sophisticated facility with extensive automation/material handling equipment. Commissioned in 2003, the facility spans approx 250,000 sq ft supporting roughly 4–5K active SKUs.
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