Tiffany & Co.'s shiny trinkets will soon be for gentlemen, too.
Since 1837, the New York jewelry company (NYSE: TIF) welcomed men who were eager to buy gifts for their sweethearts into their stores. Now it wants them to leave stores with a little something for themselves.
Tiffany is preparing to launch its first comprehensive jewelry collection for men in October.
The new line of goods will get its own floor space in Tiffany’s 300 stores, rather than being sold side-by-side with other items (h/t Associated Press).
Reed Krakoff, the company’s chief artistic director, developed the collection.
Tiffany & Co. isn't the only company rolling out high-end jewelry for men.
Gucci recently made a push into high-end jewelry initiatives geared toward men. Also, Saks Fifth Avenue’s New York flagship is opening a jewelry area called The Vault this fall. The initiative will showcase high-end men’s watches.
Global sales of men’s fine jewelry reached $5.8 billion last year, up 23 percent from 2013, according to Euromonitor International, a market research company. That’s still dwarfed by women’s fine jewelry, which reached $33.2 billion in sales, up 14 percent from in 2013, according to Euromonitor.
The jeweler, known for its engagement rings and robin’s egg blue boxes, has been trying to diversify its offerings. In 2017, the company also featured interracial and same-sex couples in ads that highlighted the company’s engagement rings.
In addition, it also began branching out beyond its namesake jewelry to offer affluent shoppers "everyday objects" such as a $9,000 ball of yarn, a $300 yo-yo and a $1,500 coffee can.