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Tiffany & Co 3 Piece Baby/child Porcelain "Tiffany Toys" Dish Set!

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American luxury retail company

Tiffany & Co.
Formerly Tiffany, Young and Ellis
(1837–1853)
Type Subsidiary
Industry Retail
Founded September 18, 1837 (184 years ago)  (1837-09-18)
Founders Charles Lewis Tiffany
John B. Young
Headquarters 200 Fifth Avenue, New York City
New York, U.Due south. 10022 [i]

Number of locations

 326 (March 27, 2020)[2]

Surface area served

 Worldwide

Primal people

 Anthony Ledru (CEO)
Alexandre Arnault (EVP)
Michael Shush (Chairman)
Revenue Increase U.s.a.$4.44 billion
(FY Jan. 31, 2019) [iii]

Operating income

 Decrease $790.3 million
(FY Jan. 31, 2019) [3]

Net income

 Increase $586.4 million
(FY January. 31, 2019) [3]
Total assets Decrease $5.33 billion
(FY Jan. 31, 2019) [3]
Total equity Decrease $3.12 billion
(FY January. 31, 2019) [3]

Number of employees

 14,200[4] (2019)
Parent LVMH
Website tiffany.com
Footnotes / references
[5]

Tiffany & Co. (colloquially known as Tiffany'southward)[5] is an American luxury jewelry and specialty retailer headquartered in New York City.[6] Information technology sells jewelry, sterling silver, red china, crystal, jotter, fragrances, water bottles, watches, personal accessories, and leather goods.[7] Tiffany is known for its luxury goods, especially its diamond and sterling silver jewelry.[8] These goods are sold at Tiffany stores, and through direct-mail and corporate merchandising.

Tiffany & Co. was founded in 1837 by the jeweler Charles Lewis Tiffany and became famous in the early 20th century under the artistic direction of his son Louis Condolement Tiffany. In 2018 net sales totaled US$four.44 billion.[9] [10] In 2019 Tiffany operated 326 stores globally in countries such as the U.s., Japan, and Canada, every bit well as Europe, the Latin America and Pacific Asia regions.[ii]

LVMH purchased Tiffany & Co for $15.8 billion in January 2021.

History [edit]

Establishment [edit]

Tiffany & Company, Matrimony Foursquare, storage expanse with porcelain, c. 1887

The company was founded in 1837 past Charles Lewis Tiffany and John B. Immature,[eleven] in Brooklyn, Connecticut, as a "stationery and fancy goods emporium", with the help of Charles Tiffany'south begetter, who financed the store for only $1,000 with profits from a cotton mill.[12] The shop initially sold a wide diverseness of stationery items and, equally of 1838, operated as "Tiffany, Young and Ellis" at 259 Broadway in Lower Manhattan.[xiii] The proper name was shortened to Tiffany & Company in 1853, when Charles Tiffany took control and established the house's emphasis on jewelry.[xiv] The company has since opened stores in major cities worldwide. Different other stores at the fourth dimension in the 1830s, Tiffany clearly marked the prices on its goods to preclude any haggling over prices. In addition, against the social norm at the time, Tiffany only accustomed cash payments, and did non permit purchases on credit.[15] Such practices (fixed prices for ready money) had first been introduced in 1750 by Palmer'south of London Span.[sixteen]

"Blue Volume" and the Civil War [edit]

The beginning Tiffany post gild catalog, known every bit the "Blue Book", was published in 1845 in the United States (U.S.),[17] and publishing of the catalog continues in the 21st century. In 1862, Tiffany supplied the Marriage Ground forces with swords (Model 1840 Cavalry Saber), flags and surgical implements. In 1867, Tiffany was the first U.S. firm to win an award for excellence in silverware at the Exposition Universelle in Paris. In 1868, Tiffany was incorporated.[viii]

"Gilded Historic period" [edit]

In 1870, the company congenital a new shop building at 15 Union Square Due west, Manhattan, which was designed by John Kellum and cost $500,000. It was described past The New York Times as a "palace of jewels."[18] Tiffany stayed at this site until 1906.[18]

In 1877, an insignia that would become the New York Yankees "NY" logo was struck on a police medal of honor by Tiffany; the Yankees adopted the logo in 1909. In 1878, Tiffany won the gold medal for jewelry and a grand prize for silverware at the Paris Exposition. In 1879, Tiffany purchased 1 of the world'south largest xanthous diamonds which became known as the Tiffany Diamond. The Tiffany Diamond has only been worn by four people, i of whom was Audrey Hepburn for the promotion of "Breakfast at Tiffany'south".[19] In 1887, Tiffany bought a number of pieces at the auction of office of the French Crown Jewels, which attracted publicity and further solidified the Tiffany brand'south association with high-quality diamonds.[xx] The company revised the Peachy Seal of the United States in 1885.

1900–1999 [edit]

In 1902, after the expiry of Charles Lewis Tiffany, his son, Louis Comfort Tiffany, became the company's first official blueprint director.[17] In 1905, the Manhattan flagship store was relocated to the corner of 37th Street and Fifth Avenue, where it would remain for 35 years.[21]

In 1919, the visitor fabricated a revision to the Medal of Laurels on behalf of the Us Department of the Navy.[22] This "Tiffany Cross" version was rare because it was awarded only for combat, using the previous design for non-gainsay awards.[23] In 1942, the Navy established the Tiffany version for not-combat heroism equally well but, in August 1942, the Navy subsequently eliminated the Tiffany Cross and the two-medal organisation.[24]

The company moved its flagship store to its present-twenty-four hour period 727 Fifth Avenue building in 1940; the building was designed past Cross & Cross.[25] In 1956, legendary designer Jean Schlumberger joined Tiffany, and Andy Warhol collaborated with the company to create Tiffany holiday cards (circa 1956–1962).[17] [26] In 1968, Lady Bird Johnson, First Lady of the U.South. at the time, commissioned Tiffany to design a White House china-service that featured ninety flowers.[27] [28]

In November 1978, Tiffany & Co. was sold to Avon Products, Inc for almost United states of america$104 million in stock.[29] Withal, in a 1984 Newsweek article, the 5th Artery Tiffany store was likened to the Macy'due south department shop during a white sale, due to the high number of cheap items on sale;[fifteen] furthermore, customers complained nigh declining quality and service. In Baronial 1984, Avon sold Tiffany to an investor group led past William R. Chaney for $135.five meg in cash. Tiffany went public again in 1987 and raised almost $103.5 1000000 from the sale of iv.v million shares of common stock.[fifteen]

Due to the 1990–1991 recession in the United States, Tiffany commenced an emphasis upon mass merchandising. A new campaign was launched that stressed how Tiffany could be affordable for all; for example, the visitor advertised that the price of diamond engagement rings started at $850. "How to Purchase a Diamond" brochures were sent to 40,000 people, who called a toll-free number specifically set upward to target the broader population.[fifteen] However, to maintain its image as a luxury goods company, loftier-style images remained on display in Tiffany stores.[15]

On September 4, 1994, a jewelry heist occurred at the shop in New York City, in which half dozen men stole $1.9 million of jewelry. During the incident, no shots were fired and no vandalism occurred. 2 weeks after the robbery, the six men were arrested and the jewelry was recovered.[30]

Tiffany & Co. trademarked their signature Tiffany Blue color in 1998. Iii years later on they partnered with Pantone to standardize the color equally "1837 Blue".[31]

2000s [edit]

Tiffany & Co. blue gift boxes

The Tiffany & Co. Foundation was established in 2000 to provide grants to nonprofit organizations working in the areas of the environment and the arts.[32] In June 2004, Tiffany sued eBay, challenge that the latter was making profits from the sale of apocryphal Tiffany products;[33] however, Tiffany lost both at trial and on appeal.[34]

Tiffany & Co. established their subsidiary Laurelton Diamonds in 2002 to manage Tiffany's worldwide diamond supply concatenation.[35]

In 2009, a collaboration between the Japanese mobile-telephone operator SoftBank and Tiffany & Co. was announced. The two companies designed a cellphone, limited to ten copies, and containing more 400 diamonds, totaling more twenty carats (4.0 g). Each cellphone cost more than than 100 1000000 yen (£781,824).[36]

As well in 2009, the visitor launched their Tiffany Keys collection.[37]

2010s and 2020s [edit]

A media report in early July 2013 revealed that former Tiffany & Co. vice president Ingrid Lederhaas-Okun had been arrested and charged with stealing more than $ane.3 one thousand thousand of diamond bracelets, drop earrings, and other jewelry. Co-ordinate to prosecutors from Manhattan, the official charges filed against Lederhaas-Okun accused her of "wire fraud and interstate transportation of stolen property."[38]

The company's Francesca Amfitheatrof-designed Tiffany T collection debuted in 2014.[39]

In February 2017, the company announced that CEO Frédéric Cuménal was out of a job, effective immediately, after only 22 months, blaming weak sales results. He was replaced on an interim basis by the visitor's longtime former CEO, Michael Kowalski.[40] Soon before his abrupt departure, Cuménal had appointed sometime Jitney designer Reed Krakoff equally the company's new chief artistic officer. Although Krakoff had had no previous experience with jewellery design, his previous success with Motorbus and "deep understanding of iconic American design" led to his date, with the hopes that Krakoff would be able to refresh the epitome of the brand.[41] [42]

In April 2017, the company launched their Tiffany HardWear collection.[43]

In July 2017, it was appear that Bulgari veteran Alessandro Bogliolo would be taking over equally CEO. Under his leadership, it was hoped that Tiffany & Co. could turn around slumping sales and capture a younger audience.[44]

Tiffany & Co. opened the Bluish Box Buffet in New York City in November 2017.[45] Likewise in Nov 2017, the visitor launched their Home & Accessories line.[46]

In March 2018, the company opened the Jewelry Design and Innovation Workshop, a new 17,000-foursquare-pes atelier.[45]

In May 2018, Tiffany launched their Paper Flowers Collection, designed by Reed Krakoff.[47]

In September 2018, Tiffany launched their Paper Flowers collection in Asia.[48] That same month, the company debuted a new proprietary engagement ring design chosen the Tiffany Truthful.[49]

In August 2019, Tiffany launched their first men's jewelry collection in October of the same year.[l] The line was developed by Reed Krakoff.[51]

In October 2019, Tiffany opened a new brand exhibition in Shanghai, China called "Vision & Virtuosity".[52] Subsequently that calendar month, the visitor removed an online advertizing after information technology was accused of portraying support for the 2019–20 Hong Kong protests and potentially jeopardizing its business in China.[53]

In Nov 2019, LVMH announced its purchase of Tiffany & Co for $16.2 billion, $135 per share.[54] The bargain was expected to close by June 2020.[55]

Tiffany opened its first store in New Delhi, India on 3 February 2020.[56]

Later LVMH decided to abolish the pending purchase of Tiffany in September 2020, Tiffany filed suit, request the court to hogtie the purchase or to assess damages against the defendant; LVMH planned to counter sue, alleging that mismanagement had invalidated the purchase agreement.[57] In mid-September 2020, a reliable source told Forbes that LVMH had decided to abolish the deal because Tiffany was paying millions in dividends to shareholders despite fiscal losses during the pandemic. Some U.s.a.$70 1000000 had already been paid by Tiffany, with an boosted US$70 1000000 to be paid in November 2020.[58] LVMH filed a counterclaim against the court action commenced by Tiffany; a argument issued past LMVH blamed Tiffany'due south mismanagement during the pandemic and claimed that it was "burning greenbacks and reporting losses".[59] In tardily Oct 2020, LVMH announced that information technology had agreed to buy Tiffany & Co. at a reduced price of near $sixteen billion, and lowered price from $135 per share to $131.5 per share. The court cases would be gear up aside.[sixty] [61] In December 2020, Tiffany & Co'southward shareholders approved a $15.8 billion deal with LVMH.[62] The deal closed on January 7, 2021.[63]

Stores [edit]

Tiffany'south flagship store, interior

Since 1940, Tiffany's flagship shop has operated at the corner of Fifth Avenue and 57th Street in Manhattan, New York City. The polished granite exterior is well known for its window displays, and the store has been the location for a number of films, including Breakfast at Tiffany's, starring Audrey Hepburn, and Sweet Home Alabama, starring Reese Witherspoon. The former Tiffany and Company Building on 37th Street is on the U.Due south. National Register of Historic Places.[64]

When it opened in 1990, the Tiffany & Co. shop at Fairfax Foursquare in Tysons Corner, Virginia, became the largest exterior of New York City, with 14,500 sq ft (i,350 chiliad2) of retail space.[65]

In French republic, Tiffany stores are located in Rue de la Paix and the Artery des Champs Elysées (the largest European shop[66]) in Paris.

In Commonwealth of australia, Tiffany's flagship shop is located on Collins Street in Melbourne, first established in 1996.[67]

In Nippon, Tiffany'southward flagship store is located in Ginza and opened in 2009. They also have a large shop in Shinjuku (opened in 2014) and many other branches.[ citation needed ]

On March 8, 2001, Tiffany launched its first Latin American store in São Paulo, Brazil, located in the Iguatemi São Paulo shopping center.[68] The company opened a 2d store in the city on Oct 20, 2003,[69] near the famous Oscar Freire Street.

In 2004, Tiffany created "Iridesse", a concatenation of stores dedicated to pearl-simply jewelry. The company operated 16 stores in Florida, New Jersey, New York, Pennsylvania, California, Illinois, Massachusetts, and Virginia. However, the chain operated at a loss since its founding and the company appear in early 2009 that, despite its continued belief in the concept, information technology would discontinue Iridesse due to the financial crisis of 2007-2008.[seventy]

Equally of 2018, Tiffany operated 93 stores in the US and 321 stores worldwide, including (every bit of 31 January 2017) 55 locations in Japan and 85 in the Asia-Pacific region. Cyberspace sales in 2018 totaled US$iv.44 billion.[71] [10]

Advertising [edit]

Subsequently the initial publication of the "Blueish Book" Tiffany catalog in 1845, Tiffany continued to apply its catalog every bit part of its advertisement strategy. The Tiffany catalog, one of the first catalogs printed in total color, remained free until 1972. Tiffany's mail-order catalogs reached 15 million people in 1994. Tiffany as well produces a corporate-gift catalog each year, and corporate customers purchase Tiffany products for concern gift-giving, employee-service and achievement-recognition awards, and for customer incentives. Tiffany still produces a catalog for subscribers, but its advertizement strategy no longer focuses primarily on its catalog.[8]

In addition to the mail-order itemize, Tiffany displays its advertisements in many locations, including at bus stops, in magazines and newspapers, and online. With the advent of new technologies, Tiffany places banner advertisements in the New York Times' mobile app for the iPhone, whereby the user can download the Tiffany app.[72] [73] In Jan 2015, they launched their commencement e'er aforementioned-sex couple campaign.

In 2017, Tiffany partnered with American pop star Lady Gaga for an advert campaign promoting the company's HardWear collection.[74] The announcement came as a Super Bowl ad prior to Lady Gaga's Super Bowl LI halftime show performance.[75]

In May 2018, Tiffany partnered with Spotify for the launch of Tiffany'due south "Believe in Dreams" campaign and Paper Flowers collection, releasing a cover of the vocal "Moon River" past Elle Fanning and rapper A$AP Ferg on the music streaming service.[76]

In 2019, Tiffany partnered with American celebrity Kendall Jenner to promote the company'due south spring fashion line.[77]

In 2021, Tiffany partnered with American singer Beyoncé and rapper Jay-Z to promote the company'south "Almost Love" campaign.[78] Beyoncé became the fourth woman, and first Blackness woman, to wear the Tiffany Yellow Diamond.[79] The campaign incorporated Tiffany's recently acquired robin egg blue painting, Equals Pi (1982), by American creative person Jean-Michel Basquiat.[78]

Products [edit]

Diamonds [edit]

Tiffany is known for its luxury appurtenances, particularly its diamond and sterling silver jewelry.[80] [81] [82] [83]

George Frederick Kunz (1856–1932), a Tiffany's gemologist, became instrumental in the international adoption of the metric carat as a weight standard for gems. The Tiffany Yellow Diamond (128.54 carats (25.708 g)) is ordinarily on display in the New York City flagship shop.[84]

In 1886, founder Charles Tiffany conceived of the Tiffany Setting ring blueprint, in which half dozen prongs hold the diamond off of the ring, in club to better accentuate the diamond.[85]

Like other similar diamond retailers, Tiffany'due south enacts a strict policy against the repurchasing of diamonds sold from its stores. In 1978, a woman in New York City was denied afterward she attempted to sell back a diamond band she had bought from Tiffany ii years earlier for $100,000. Writing for The Atlantic publication in 1982, Edward Jay Epstein explained the rationale for such a policy:

Retail jewelers, especially the prestigious Fifth Avenue stores, prefer not to purchase dorsum diamonds from customers, because the offer they would make would nearly probable be considered ridiculously depression ... Near jewelers would adopt non to make a customer an offer that might be accounted insulting and likewise might undercut the widely held notion that diamonds go up in value. Moreover, since retailers generally receive their diamonds from wholesalers on consignment, and need non pay for them until they are sold, they would not readily risk their ain greenbacks to buy diamonds from customers. Rather than offering customers a fraction of what they paid for diamonds, retail jewelers almost invariably recommend to their clients firms that specialize in buying diamonds "retail."[86]

In 2019, Tiffany CEO Alessandro Bogliolo announced that in 2020 the company would get transparent regarding the state or region of origin of the visitor'due south newly sourced and individually registered diamonds.[87]

Colored gemstones [edit]

Tiffany offers jewelry incorporating a wide diversity of colored gemstones, including gems it played a function in popularizing, such every bit tsavorite,[88] kunzite, and morganite. In February 2015 a turquoise and aquamarine bib designed past Francesca Amfitheatrof, Tiffany's pattern managing director, and worn past Cate Blanchett at the 2015 Academy Awards, contrasted favorably with the white–diamond encrusted jewelry worn by other stars.[89]

Fragrances [edit]

Original 1989 sample bottle of "Tiffany for Men" fragrance

In the late 1980s, Tiffany & Co. ventured into the fragrance business. "Tiffany" for women was launched in 1987, a floral perfume for women by perfumer Francois Demachy. At $220 per ounce, "Tiffany" was successfully marketed past major department stores across the United States.[90] Ii years later, "Tiffany for Men" was launched in 1989 and adult past perfumer Jacques Polge. The bottles for both the men's and women's fragrance were designed by Pierre Dinand.[91] In 1995, Tiffany launched "Trueste" perfume for women, which was after discontinued.

In October 2019, Tiffany launched a new fragrance line, Tiffany & Beloved.[92]

Sports awards [edit]

Tiffany & Co is the maker of the Vince Lombardi Trophy, made for the winner of the NFL team that wins the Super Bowl that year.[93] [94]

Since 1977, Tiffany & Co. has manufactured Larry O' Brien Bays, the trophy that is given to the winner of the NBA Finals.[93]

Tiffany makes and designed the Commissioner's Trophy trophy each yr, given to the winner of the World Series.[93] Tiffany & Co made the 2010 and 2012 Globe Series rings for the San Francisco Giants.[95]

Since 1987, Tiffany silversmiths take crafted the U.s.a. Open trophies for the United States Tennis Association.[93]

Tiffany & Co. makes the PGA Tour FedEx Cup Bays each year since 2007.[93]

The MLS championship bays was made by Tiffany & Co.[96]

A £10,000 Rugby League World Cup trophy was made by Tiffany's to celebrate the centenary of Rugby league.[97]

In League of Legends, Tiffany & Co. joined the LCK sponsorship team afterwards noticing the league's rapid growth. Tiffany & Co. would award championship rings to the winners of the LCK finals for the adjacent iii years outset with the Summer Split of 2021.[98] In LPL, a trophy was designed by Tiffany and Co. for the new Silver Dragon Cup to commemorate LoL's 10th anniversary in Communist china.[99]

Philanthropy [edit]

In 2000, The Tiffany & Co. Foundation awarded its get-go grant to support coral and marine conservation. To date, the foundation has awarded over $twenty million in grant money to coral and marine conservation causes.[100]

In 2008, The Tiffany & Co. Foundation donated $2 million to the University of Pennsylvania for the structure of an HIV/AIDS treatment facility in Botswana.[101]

In 2010, Tiffany awarded a $ane million grant to the Trust for Public Land and its campaign to save Cahuenga Acme.[102]

Tiffany launched their Save the Wild Collection in 2017, a line at promoting endangered wildlife conservation.[103] Save the Wild debuted as part of the #KnotOnMyPlanet wildlife conservation campaign.[104] In 2018, Tiffany announced a commitment of approximately $1.4 1000000 to Commonwealth of australia for efforts to protect and conserve the Keen Barrier Reef.[105]

Corporate sustainability efforts [edit]

Tiffany has bought ethically mined gold since 1992. The company as well abides by the Kimberley certification process when sourcing diamonds.[106]

Tiffany discontinued sales of coral jewelry in 2004 due to declining oceanic health.[100] In 2005, Tiffany joined Earthwork'due south No Dingy Gold entrada, condign the outset jewelry company to utilize the Earthwork's Gold Rules for responsible mining.[107]

In 2006, Tiffany & Co. joined Microsoft, IdustriALL Global Union, United Steelworkers along with others in founding the Initiative for Responsible Mining Assurance, known as IRMA.[108]

In 2011, Tiffany joined the United Nations Global Compact initiative in efforts to align company operations with the non-binding global sustainability and human rights goals.[106]

In 2015, Anisa Costa was appointed Tiffany's showtime-ever Principal Sustainability Officer.[109] [110] That same year, Tiffany pledged to reach cyberspace-zero greenhouse gas emissions by 2050. The visitor also advocated for the U.Southward. to remain in the Paris Understanding along with other companies.[111]

In popular culture [edit]

The retailer has been mentioned in various works, most notably in the title of the 1958 Truman Capote novella Breakfast at Tiffany's, adapted equally the 1961 film starring Audrey Hepburn.[112]

Gallery [edit]

  • Silver tea pot

  • Diamond necklace, c. 1904

  • Tray or Waiter, displayed at World'due south Columbian Exposition, 1893, Brooklyn Museum

Run into too [edit]

  • Fine art Nouveau drinking glass art
  • Yeojin Bae
  • Clara Driscoll (Tiffany drinking glass designer)
  • Walter Hoving
  • John Loring (designer)
  • Camille Le Tallec
  • Tiffany glass

Notes [edit]

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  48. ^ Soo-jin, Kim (September fourteen, 2018). "Tiffany launches Paper Flowers collection with a star-studded party in Shanghai". SCMP. SCMP. Retrieved May four, 2020.
  49. ^ Chen, Joyce (September xix, 2018). "Tiffany & Co. Debuts New Date Design Called the "Tiffany True" Diamond". The Knot. The Knot. Retrieved May five, 2020.
  50. ^ Siegel, Rachel (Baronial xv, 2019). "Tiffany & Co. launches men'southward line, hoping diamonds are a dude's all-time friend". Washington Post . Retrieved May four, 2020.
  51. ^ Remsen, Nick (September fifteen, 2019). "Tiffany Creates Another Reason for Men to Shop". The New York Times . Retrieved May four, 2020.
  52. ^ Connor, Katie (November 3, 2019). "Tiffany'south Vision & Virtuosity Exhibition Offers A Glittering Escape From Reality". Elle. Elle. Retrieved May five, 2020.
  53. ^ "Tiffany removes advertizing over Hong Kong controversy". Hong Kong Free Printing. Agence French republic-Presse. October eight, 2019. Retrieved Oct 8, 2019.
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References [edit]

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  • Hood, William P., with Roslyn Berlin and Edward Wawrynek. Tiffany Silvery Flatware 1845–1905: When Dining was an Art. Suffolk, England: Antique Collectors Club, 1999.
  • Loring, John. Tiffany Colored Gems. New York: Abrams, 2007. (Bachelor Fall 2007)
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  • Purtell, Joseph. The Tiffany Bear on. New York: Random Firm, 1971.
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  • Stern, Jewel. Modernism in American Silver. New Oasis: Yale University Press, 2005.
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  • Un Diamant Dans La Ville: Jean Schlumberger 1907–1987 Bijoux - Objets. Paris: Musee des Arts decoratifs: 1995.
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  • Zapata, Janet. The Jewelry and Enamels of Louis Comfort Tiffany. New York: Harry N. Abrams, Publishers, 1993*.

External links [edit]

  • Official website
  • Business organization information for Tiffany & Co.:
    • Google Finance
    • Yahoo! Finance
    • SEC filings

Coordinates: 40°45′45″Northward 73°58′26″W  /  forty.7626°N 73.9738°W  / xl.7626; -73.9738

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Source: https://en.wikipedia.org/wiki/Tiffany_%26_Co.

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