On the heels of disappointing financial results, Tiffany & Co. said that Frederic Cumenal has stepped down as CEO, effective immediately.
The surprise announcement came just hours before the Super Bowl was set to kick off in Houston, Texas - where Lady Gaga, the jeweler's new pitchwoman, performed at the halftime show.
Cumenal joined Tiffany in March 2011 as executive vice president. In the USA, same-store sales declined 4% from 2015 as the company saw fewer transactions from local customers and a 14% drop in sales at its New York Fifth Avenue flagship due to heavy police presence and traffic disruptions at Trump Tower following President Donald Trump's election.
Cumenal also said last month that he did not expect "any significant improvement in 2017", due to broader economic challenges facing the company.
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The famed luxury retailer - which has five standalone stores in London, two at Heathrow airport and concessions with Selfridges and Harrods - confirmed yesterday that Frederic Cumenal will be replaced with chairman Michael Kowalski on an interim basis until a permanent replacement is found. According to many reports, the company hit a tremendous blow when their sales went below the holiday sales they had anticipated.
Last year, the company rolled out custom Snapchat filters at its locations, began work with celebrity endorsements - like Gaga - for the first time in its storied history, and said it planned to update product offerings more frequently to lure fast-fashion buyers as it pushed more of its lower priced silver jewelry. "The board believes that accelerating execution of [our current core business] strategies is necessary to compete more effectively in today's global luxury market and improve performance".
"In New York, you're born knowing that Tiffany is the best, and that it is where the magic happens".