Tiffany has appointed luxury industry veteran Alessandro Bogliolo as its new chief executive, as the jeweler looks to reverse a prolonged sales decline.
Mr Bogliolo is currently chief executive of private fashion group Diesel, having previously spent 16 years at Bulgari, where he served as chief operating officer and executive vice president for jewelry, watches and accessories.
Tiffany has been through a series of board upheavals over the last year, as it struggled to turn around falling sales.
Former chief executive Frederic Cumenal’s abrupt departure in February followed the exit of its ex-finance chief last year and the appointment of a newly-created role of chief artistic officer in January.
Tiffany also agreed a deal with activist investor Jana Partners to appoint three new independent directors to the board, and chairman Michael Kowalski – who led the company as chief executive for 16 years until 2015 – has agreed to step down “after an appropriate period” once the new chief is settled in.
Despite the turbulence, however, shares in the high-end jeweler have continued to sparkle, climbing 50 per cent over the past 12 months.
Mr Kowalski said:
Today’s announcement concludes the board’s thorough process to identify and recruit an accomplished leader to position the company for sustainable growth in the years ahead. Alessandro has a well-deserved reputation for creativity and execution, having previously led a number of international brands to success and improved performance.
I also believe that his vision and team-oriented approach make him an ideal fit with Tiffany’s long-standing values.
Mr Bogliolo said:
I am honoured and excited by the opportunity to lead this remarkable company.
It is my goal to continue to delight our customers with compelling product offerings, supported by best-in-class operations. I am committed to strengthening the company’s position as one of the world’s most important luxury brands and delivering value for all of our stakeholders.