Tiffany plans to get into the pearl jewelry business

Tiffany & Co. Inc., New York, recently said it will launch a new retail concept that will focus on pearl jewelry.

The company described its planned venture into pearl jewelry as a “non-Tiffany concept.” The details of the concept were not disclosed.

“Tiffany will continue its pursuit of healthy and sustainable organic growth through new store openings, product introductions and enhanced customer awareness of high-quality, emotionally resonant products to celebrate life’s important occasions. Similarly, we will also pursue further development of our Specialty Retail channel,” Michael J. Kowalski, Tiffany’s chairman and CEO said in a statement.

“In fact, we plan to launch a new non-TIFFANY & CO. retail concept in 2004, which will capitalize on the underserved and competitively fragmented market for pearl jewelry.”