UPDATE: On March 31, a Tiffany spokesperson wrote JCK that Tiffany CEO Anthony Ledru was referring to “senior management” in the WWD interview, not Tiffany’s overall workforce.
A little more than a year after it was acquired by LVMH, about one-third of Tiffany’s senior management consists of “originals” who are still with the famed jeweler, president and CEO Anthony Ledru told WWD in an interview published on Friday.
LVMH veterans comprise about one-third of the jeweler’s current senior management, with the final third coming from outside both companies.
It is extremely common for workers to depart or be fired following an acquisition. Typical attrition rates following takeovers are estimated at being between 20% and 33%. One study concluded that “approximately 50–75% of key managers leave voluntarily within two to three years after a company has been acquired.”
Tiffany’s spokespeople did not return a request from JCK to comment on the reported remarks by the time of publication.
Ledru told WWD that Tiffany particularly looked for workers in the “wider fashion industry,” whom he believed could “bring a faster pace of thinking.”
“We are living in a fast-moving world, and that’s an important skill set for a lot of people coming from the fashion world, where there are a lot of drops and you have to react quickly,” he reportedly said. “That’s what you need in hard luxury now.”
Ledru worked for Tiffany from 2013 to 2014, before moving to Louis Vuitton. He was appointed CEO following the acquisition by LVMH in January 2021.
He also told the publication that he plans to remodel 30–50 stores a year.
“We move quickly,” he said. “I believe that moving with speed and being efficient is not an enemy of success.”
He denied talk that Tiffany will become more of a “European luxury house,” noting the jeweler has always had a “global approach.”
“There is a form of generosity around Tiffany, more so than a traditional European jeweler,” he said. “You come into a Tiffany store, and we really feel like you should leave with a Blue Box because of that broad offering. It’s about, ‘When I come to Tiffany, I feel welcome and at ease.’ That is part of the dream of the brand, that we have this universal approach.”
(Photo: Getty Images)
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