Tiffany Abandons Iridesse Pearl-Jewelry Chain
by Cotten Timberlake
Tiffany & Co., the world’s second- largest luxury-jewelry retailer, has decided to shutter its five-year-old chain of Iridesse pearl-jewelry shops after it lost money and posted disappointing sales.
Tiffany will close the 16 stores after it reaches agreements with landlords to end the leases and sells the inventory, spokesman Mark Aaron said today. The decision was made earlier this year, said Aaron, who declined to specify the timing of the closures or to quantify the impact on Tiffany’s earnings.
Abandoning the shops, which sell cultured pearls ranging from $100 to $50,000, is Tiffany’s third failed attempt to branch out beyond its namesake jewelry stores in recent years. The retailer recently has focused more on new jewelry designs under its main brand and on developing a smaller format for its Tiffany stores.
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