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| Frederic Cumenal |
Tiffany & Co. said Tuesday that it has named Frederic Cumenal as president and also appointed him to a newly-created seat on the company’s board of directors.
Cumenal, who was executive vice president responsible for international retail, joined the luxury retail jeweler in March 2011 as executive vice president with oversight for the Asia-Pacific, Japan, Europe and emerging markets. In 2012, the Americas region was added.
Prior to joining Tiffany he held senior leadership positions at LVMH Group, most recently as president and chief executive officer of Moët & Chandon.
“Frederic has made important contributions to the operational and strategic development of our business,” said Michael J. Kowalski, Tiffany chairman and CEO. “He has brought a global luxury perspective to our brand management initiatives and, in particular, has led the evolution of our regional organizations to support our continued worldwide expansion.”
In his new role, Cumenal, 54, will retain his regional responsibilities and will assume responsibility for Tiffany’s design, merchandising and marketing functions. He will continue to report directly to Kowalski.Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.
Neiman Marcus reported a year-over-year increase in revenues of 9.9 percent to $983.8 million for its fiscal third quarter. Comparable revenues increased 9.7 percent. Operating earnings for the period ended April 30 increased 45 percent year-over-year to $123.2 million.The Dallas-based luxury retailer said Friday that net earnings totaled $46.2 million for the 13-week period compared to $18.5 million in the prior year, a staggering 149.7 percent increase. EBITDA increased 23 percent to $169.9 million for the period. For the 39 weeks ended April 30, the company reported total revenues of $3.08 billion compared to $2.87 billion in the prior year. Comparable revenues increased 7.3 percent. The Company recorded operating earnings for the 39 weeks ended April 30, 2011 of $312.3 million compared to $227.3 million for the comparable period a year ago, an increase of 37 percent.The company’s year-over-year net earnings rose 200.9 percent to $93 million for the 39-week fiscal period, ended April 30. EBITDA increased 18 percent for the period to $457.2 million.
For the second consecutive year, Neiman Marcus' Bergdorf Goodman subsidiary earns the top ranking among eight luxury retailers in the 2011 Luxury Consumer Experience Index survey of wealthy shoppers conducted by the Luxury Institute. Respondents rated retailers on store personnel, the shopping environment and whether the overall experience resulted in complete satisfaction.Brooks Brothers earns the second highest overall LCEI score but ranks first for completely meeting wealthy customers' needs. Nordstrom receives the third highest LCEI score, and remains the most popular luxury shopping destination, visited by 38 percent of wealthy shoppers in the past 12 months. It is also earns the highest loyalty, with 98 percent of shoppers planning to come back. “The top-tier brands of luxury with resources are now focused on becoming customer-centric global enterprises,” says Milton Pedraza, CEO of the Luxury Institute, a New York-based market research firm specializing on high net-worth consumers, which does the LCEI survey. “The only way to achieve this is to create establish a self-reinforcing culture of service to your associates and your customers. The work is extremely hard but the financial returns can be dramatic.”Survey participants had minimum household income of $150,000, with average income of $271,000 and average net worth of $2.4 million.
