The “New” Tiffany Has Soured on Silver, LVMH Says

By Rob Bates | January 29, 2026

Tiffany, which once dubbed itself the “world’s undoubted leader in silver,” is now turning away from the metal that used to account for 30% of its sales.

“Tiffany was hugely focused on silver products, and we’re now pushing gold,” Stéphane Bianchi, president of Tiffany parent LVMH’s watch and jewelry division, told analysts during a Jan. 27 conference call following release of 2025 financial results.

“We are pushing high jewelry,” Bianchi continued. “The high jewelry [at Tiffany] has tripled in four years.… Silver, however, has declined by over a third since we [LVMH] took it over.… It’s a mammoth transformation plan that’s underway between the old and the new mix.”

LVMH chairman and CEO Bernard Arnault said that the company has laid out “significant capital expenditure” in its ongoing effort to redo every Tiffany store, and the new models are “bearing fruit.”

“We [have] gradually renovated, and it’s far from over,” said Arnault. “Tiffany, if we continue like that—perhaps we’ll have to wait another five to 10 years—is likely to become the world’s leading jewelry brand, which is no mean feat if we get there.”

In response to an analyst’s question, Bianchi said LVMH has no concerns about its watch division, despite the recent departure of TAG Heuer’s CEO.

“You can see with the exports of Swiss watches, [the industry] is experiencing challenges,” he said. “Some of our subcontractors are also experiencing challenges.… We remain confident, and we keep investing.”

Bianchi also denied a Swiss press report that LVMH plans to sell watch brand Zenith.

(Photo courtesy of Tiffany)