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Alessandro Bogliolo was until then boss of jewelry maker Tiffany, which has just been bought by French giant LVMH, the world’s number one in luxury. It’s official since Thursday, January 7, at the end of a long soap opera. This 55-year-old man has spent most of his career in this particular sector.
Alessandro Bogliolo started his career as a consultant at Bain & Co, a well-known consulting firm in Paris and Milan. After a stint at Piaggio, the scooter manufacturer, in Spain and China, this eclectic globetrotter finally joined the jeweler Bulgari in 1996. In 2013, he took the reins of Diesel, the denim company, then Tiffany in 2017, with its $ 4.5 billion in sales and 325 stores around the world.
Yves Hanania, is a consultant in the luxury sector and co-author of the book Luxury tomorrow, published by Éditions Dunod: ” He is clearly recognized as an expert in the luxury sector. Its reputation is very good, very favorable. He is also recognized as having a talent for being very human, very accessible, and therefore interpersonal skills, and he is often praised for his creativity and efficiency. He is a man who knew how to take the direction of the Tiffany brand and give it, if not a new lease of life, a clear direction on its rejuvenation. »
The iconic brand founded in New York in 1837 and its famous turquoise blue box, Alessandro Bogliolo, is proud of it. He expressed it during a conference at the Boston College Senior Executives Club: « It’s a great brand and my goal is to consolidate the brand, its know-how, its values of integrity. Take for example diamonds, a product historically surrounded by opacity : our expertise starts right upstream of the supply chain. Instead of buying them from resellers, we buy them directly from the mines, to ensure their origin and their traceability. For the customer, this means that he is not only buying a beautiful piece of jewelry, but above all a piece of jewelry that has been extracted, cut and polished with respect for human rights and the environment. It’s important for baby boomers like me, but even more so for Millennials. They want a sparkling diamond that is clean in every sense of the word. This is the strength of our brand. »
By buying Tiffany’s diamonds, for nearly $ 16 billion ($ 15.8 billion), LVMH is also committing to take over its debts, amounting to nearly $ 350 million. In return, the global luxury giant is strengthening its presence in the United States in fine jewelry. Yves Hanania: ” It is obviously a very good operation for LVMH ; it is one of his greatest acquisitions, if not the greatest. Tiffany also has everything to gain because we are in a very satellite market, that is to say that there are no major jewelry brands apart from Bulgaria and Cartier, you have a market that is still to consolidate at the global level. It is also a brand which has not been able to completely conquer Europe, which has positions to consolidate in China. Tiffany is a very big brand, but it has not yet known how to internationalize and a group like LVMH will give it this international strike force. »
Tiffany therefore falls under the bosom of LVMH, owned by Bernard Arnault who owns some 70 houses: Bulgari, Louis Vuitton, Christian Dior, Celine, or even Moët Hennessy. The jeweler should however continue to exist as such. Olivier de Panafieu, director of the Roland Berger consulting firm in Paris: “ The peculiarity of LVMH is that it is a group which refused to really integrate the brands, as other large groups, for example in the field of mass consumption, were able to integrate the brands. LVHM is the opposite. What happened to the others was going to happen to Tiffany, that is to say that the houses remained independent with their own means provided they were followed very very closely by the big boss. »
But it will be without Alessandro Bogliolo who must leave Tiffany and make way for a Frenchman Anthony Ledru. Despite everything, Alessandro Bogliolo was thanked in every sense of the word by the big boss of LVMH, Bernard Arnault: “Asee confidence in Tiffany’s ability to accelerate its growth, innovate and remain the most desirable jewelry brand “. He greets the ” work of the last three years, in particular »He specifies« during the difficult times the world is going through ».