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Tuesday, June 15, 2021

LVMH Puts Tiffany Back to Work

Luxury giant LVMH has directed US administrative employees of jeweler Tiffany to resume working part-time at the office on March 1, a person close to the company told AFP Friday.

The French company, which completed its acquisition of Tiffany last month, announced the policy in a memo to staff first reported by The Wall Street Journal.

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The policy — which requires staff to work two days a week in concert with local health regulations — pertains to workers at Tiffany’s New York City headquarters and at some sites in New Jersey, the person said.

Tiffany sales staff have been working at shops, including at the 183-year-old company’s Fifth Avenue flagship store. But as with other large companies, office staff has continued to work from home.

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New York’s office occupancy rate is only about 14 percent, below the level of other major US cities, according to data from Kastle Systems.

The rules at Tiffany are similar to those set by LVMH for other company units in the United States since September, the source said, adding that company aims to establish a unifying culture during a period of transition.

The parent to luxury brands such as Louis Vuitton, Dior and Moet & Chandon, LVMH announced its plan to acquire Tiffany and its iconic robin’s egg blue gift boxes at the end of 2019.

The merger nearly fell apart during the pandemic, but was finalized after the two parties trimmed the price.

LVMH named Anthony Ledru as the chief executive of Tiffany. Ledru previously worked in senior roles at both Tiffany and Louis Vuitton.

S. Jack Heffernan Ph.Dhttps://www.shayneheffernan.com
S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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