Luxury retailer, Tiffany & Co., has appointed former Bulgari senior executive and current Diesel CEO, Alessandro Bogliolo, as it’s new chief executive officer.
Bogliolo, 52, is a veteran luxury industry executive who previously served for 16 years at Bulgari Spa, including in roles as CEO and executive vice president, jewellery, watches & accessories.
He joins from Diesel, where he was CEO of global apparel and accessories company Diesel, beginning in October where he will join the Tiffany board of directors.
“Alessandro has a well-deserved reputation for creativity and execution, having previously led a number of international brands to success and improved performance,” said Michael J. Kowalski, chairman and interim CEO.
Between 2012 and 2013, Bogliolo served as chief operating officer of Sephora USA. He started his career at the global consulting firm Bain & Co., after graduating from Università Bocconi with a degree in business administration and later completed the International Management Program at HEC Paris.
“He is a proven executive with the skills necessary to accelerate revenue growth and increase value for all shareholders during this next chapter for Tiffany,” said independent director, Rose Marie Bravo, speaking as the chairwoman of the search committee of the board of directors.
In it’s latest financial results, Tiffany boosted its operating margin in the first quarter, but a sales rise of one per cent worldwide masked poor same-store results.
Asia-Pacific drove the modest growth, which took the jeweller’s global sales to US$900 million, largely due to increased wholesaling of diamonds. Same-store sales fell 3 per cent. On a constant exchange-rate basis, worldwide net sales rose 2 per cent, while same-store sales fell 2 per cent. Net earnings rose by $6 million to $93 million, due to improved gross margin.
Tiffany will join luxury names Burberry, Salvatore Ferragamo, Max Mara and Emporio Armani in opening at Melbourne Airport’s luxury precinct in Terminal 2 (T2) later this year.
Meanwhile, a property firm has proposed a new three-level Tiffany & Co. flagship store as the jewel in the crown of a mooted new luxury shopping precinct in Sydney’s CBD, slated for completion by 2018.
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