In an effort to expand, Tiffany & Co., New York, plans to open two boutiques this fall under the name Temple St. Clair, an upscale jewelry line it invested in last year, The Wall Street Journal reports.
The first boutique is scheduled to open at the South Coast Plaza in Costa Mesa, Calif., on Sept. 18. The second will appear at a shopping mall in Short Hills, N.J., in mid-November.
In a late February conference call, Tiffany Executive Vice President James N. Fernandez reportedly said the company believed certain segments of the jewelry market were under-penetrated but could not be served effectively by the Tiffany & Co. brand.
Analysts reportedly said that with Temple St. Clair, a line that uses more gold and colored stones than typical Tiffany pieces, the retailer aims to attract new customers without diluting its brand.
Tiffany invested $4 million in Temple St. Clair last December, and says it is committed to investing an additional $9 million in the unit, which it now effectively controls, The Wall Street Journal reports.