Tiffany & Co is reported to be losing staff after setting unachievable sales targets.
Employees at the flagship Fifth Avenue store – newly rebranded as The Landmark – have received lower commissions as a result and many have moved elsewhere, according to sources who spoke anonymously to Fashion Network.
The fashion news website says staff at The Landmark, which generates 10 per cent of all Tiffany revenue, were set a $60m sales target for December 2023, compared to $30m the previous year.
Before the LVMH acquisition of Tiffany, for $16bn in 2021, monthly targets were typically increased by 5 per cent or 10 per cent.
Employees at The Landmark reportedly sold $50m last December. A hefty increase on 2022, but not enough to meet the company’s target.
Tiffany has also been falling short of the $25m monthly targets set for Q1 of 2024, according to the Fashion Network report.
It said some employees claimed they’d been told three quarters of the store’s 350 staff had left in a year.
A Tiffany spokesperson said earning for its top 20 client advisors were up by as much as 75 per cent on the previous year.
Source: IDEX