Tiffany & Co. is launching its first comprehensive jewelry collection for men in October as the upscale chain taps into a trend popularized by the likes of Jay-Z and John Mayer.
The move, announced Thursday, is part of the Tiffany's strategy to attract millennials and pump up sales, which have been dampened by a decline in spending by tourists from China and elsewhere.
Historically, Tiffany has offered classic men's accessories like money clips, cuff links, rings and conservative jewelry. The New York-based luxury jeweler will still carry those items, but now is adding more modern takes on men's high-end jewelry.
The new men's collection includes nearly 100 designs ranging in price from about $200 to $15,000 for jewelry, and up to $75,000 and beyond for men's home furnishings and accessories like cocktail shakers, ice tongs and beer mugs.
Tiffany plans to create distinctive outposts for the men's collection in each of its 300 stores around the world, according to Reed Krakoff, the company's chief artistic director, who developed the collection.
High-end jewelry is popping up on men's fashion runways at Gucci and other big luxury brands, said Robert Burke, an independent fashion consultant. He also pointed to the influential Dover Street Market stores in London, Tokyo and New York, which are highlighting men's jewelry. Saks Fifth Avenue's New York flagship this fall is also opening a jewelry area called The Vault that will showcase high-end men's watches.
Global sales of men's fine jewelry reached $5.8 billion last year, up 23% from 2013, according to Euromonitor International, a market research company. That's still dwarfed by women's fine jewelry, which reached $33.2 billion, up 14% from in 2013, according to Euromonitor.
But sales for men's luxury jewelry have shown healthy increases.
"Men all over the world are wearing jewelry and more accessories as part of a wardrobe," said Krakoff in an interview with The Associated Press. "You started to see it on the runways, in social media."
Krakoff said that the men's business hasn't been a big focus at Tiffany, but there's a big opportunity given that half of the company's global customers are men. The vast majority of them buy women's jewelry, he says.
"We have a captive audience," he said.