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Tiffany & Co's board of directors have appointed Alessandro Bogliolo to the top position. Image courtesy: <a href="http://bit.ly/2tF0TFN" target="_blank">Facebook/Tiffany & Co</a>
Tiffany & Co's board of directors have appointed Alessandro Bogliolo to the top position. Image courtesy: Facebook/Tiffany & Co

Tiffany & Co’s new CEO expected to 'accelerate revenue'

Following the abrupt departure of Frederic Cumenal earlier this year, Tiffany & Co has announced the appointment of a new CEO who will provide “deep luxury market experience”.
Alessandro Bogliolo, Tiffany & Co incoming CEO
Alessandro Bogliolo, Tiffany & Co incoming CEO

According to a company statement, Alessandro Bogliolo will assume the position by 2 October 2017 and also become a board director.

Bogliolo was described as a “veteran luxury industry executive” who held various positions at Bulgari for 16 years, including chief operating officer and executive vice president of jewellery, watches and accessories.

He most recently held the role of chief executive officer at Diesel and was credited for leading efforts to revitalise the brand and enhance the customer experience.

As previously reported by Jeweller, the resignation of Cumenal, who had spent less than two years in the position, was announced in February. Former CEO and current chairman Michael Kowalski assumed the role until a replacement was finalised.

“Today's announcement concludes the board’s thorough process to identify and recruit an accomplished leader to position the company for sustainable growth in the years ahead,” Kowalski said.

Michael Kowalski, Tiffany & Co former CEO and current chairman
Michael Kowalski, Tiffany & Co former CEO and current chairman

“We look forward to Alessandro and the Tiffany team delivering a distinctive vision of luxury and style to our customers around the world, while also focusing on driving attractive returns for our shareholders.”

Also commenting on Bogliolo’s ability to improve sales was chairwoman of the search committee of the board of directors Rose Marie Bravo.

“He [Bogliolo] is a proven executive with the skills necessary to accelerate revenue growth and increase value for all shareholders during this next chapter for Tiffany,” she said.

According to multiple media reports, Bogliolo’s appointment was expected to help attract younger customers and revitalise the company for the modern age. 

Tiffany & Co recorded “somewhat lower” than expected sales for the two-month festive period ended December 2016. Further, overall sales declined 3 per cent for the full-year ended 31 January 2017, while first quarter revenue for this year increased a modest 1 per cent.

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Sunday, 22 July, 2018 04:43pm
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