'Audrey Hepburn's sought-after New York Tiffany store reopens after 3 years of remodeling'

The store where Audrey Hepburn ate croissants and coffee in the movie 'Breakfast at Tiffany's,' the flagship Tiffany & Co. store on 5th Avenue in New York, USA, will reopen on the 28th (local time). This store, with a history of over 80 years, is reborn as a 'landmark' after four years of remodeling from a flagship store.

Since being acquired by the global luxury fashion brand LVMH (Louis Vuitton Mo?t Hennessy) in 2021, Tiffany is interpreted to be aiming to enhance its corporate image by providing brand experiences at offline stores, starting with the New York flagship.

[Image source=Reuters Yonhap News]

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According to the New York Times (NYT) and Bloomberg on the 24th, Tiffany revealed the interior of its 5th Avenue flagship store in New York to the media ahead of the reopening event on the 28th of this month. Opened in 1940, this store is a major representative store of the Tiffany brand. The name of the flagship store is changed from 'flagship' to 'landmark.' CEO Anthony Ledru described this landmark as the 'brand's lighthouse,' emphasizing its significance.

Tiffany preserved the limestone exterior of the building while adding a glass exhibition and event space on the upper floors. The first floor was designed as a spacious area filled with large skylights on the interior walls, with displays installed on the windows to showcase scenes of Central Park, a symbol of New York, just as the store was decorated in the 1940s. Additionally, a separate VIP space was created on the 10th floor, available to only a very limited number of guests per day. Each floor features different product categories such as wedding rings, gold and diamonds, and silver.

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During the remodeling construction, Tiffany was acquired by LVMH. The $16 billion acquisition in 2021 was reported by the NYT as the largest deal conducted by LVMH and the most important acquisition of an American brand.

Bernard Arnault, chairman of LVMH, who acquired Tiffany, sent his third son, Alexandre Arnault (31), as vice president to Tiffany. Vice President Alexandre was deeply involved in the remodeling of the New York flagship store. The NYT reported that he even moved from Paris, France, to New York, USA, two years ago to focus on this project.

Chairman Arnault stated in January that the New York flagship alone generates annual sales of $200 million (approximately 270 billion KRW), and that the scale would at least double once the landmark reopens.

Regarding this, CEO Ledru recently said in an interview with Bloomberg, "Clearly, we are dreaming of greater performance. We wouldn't make this level of investment if we didn't expect that kind of effect," but emphasized, "What we truly pursue is brand value. What we want to create is a 'dream.'"

Foreign media inquired about the amount of funds invested in the New York remodeling, but Tiffany did not disclose this information. CEO Ledru also responded to a question about whether the investment scale was around $1 billion by saying, "Not at all."

When asked about concerns over an economic recession, CEO Anthony Ledru expressed optimism about economic recovery, saying, "There are ups and downs, but one thing is clear regarding the U.S.: it is coming back strong. New York is definitely stronger economically than last year or before."

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