Tiffany & Co. is experiencing staff departures following the implementation of ambitious sales goals that some employees find unattainable. Sources familiar with the matter, speaking anonymously to Fashion Network, revealed that the flagship Fifth Avenue store, now known as The Landmark, has witnessed a significant exodus of personnel due to reduced commissions resulting from these targets.
According to Fashion Network, employees at The Landmark, which contributes 10% of Tiffany’s total revenue, were tasked with achieving a sales target of $60 million in December 2023, a substantial increase from the previous year’s $30 million target. Prior to the acquisition of Tiffany by LVMH for $16 billion in 2021, monthly sales targets typically saw incremental increases of 5% to 10%.
Reportedly, despite an impressive sales figure of $50 million in December 2023, The Landmark fell short of meeting the set target. The pressure continued into early 2024, with Tiffany allegedly not meeting the $25 million monthly targets for the first quarter of the year, as per Fashion Network’s report.
Sources cited in the report claimed that approximately three-quarters of the store’s 350-strong workforce had departed within a year amid these challenges.
In response to inquiries, a Tiffany spokesperson highlighted significant earnings increases for its top 20 client advisors, with some seeing their earnings rise by as much as 75% compared to the previous year.
