- Tiffany & Co. announced the debut of its first-ever men's engagement ring.
- The luxury jeweler is looking to tap into a new market for its high-end jewelry amid a rise in same-sex marriages globally and gender-fluid fashion trends.
- Tiffany said the men's rings are "paving the way for new traditions to celebrate our unique love stories."
He said "yes."
Tiffany & Co. announced Friday the debut of its first-ever men's engagement ring, as it looks to tap into a new market for its high-end jewelry amid a rise in same-sex marriages globally and gender-fluid fashion trends.
The retailer, now owned by the luxury products group LVMH, has named the new line after the company's founder, Charles Lewis Tiffany. The rings feature round-brilliant and emerald-cut diamonds that measure up to 5 carats.
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Tiffany said its aspiration for the men's engagement line was to offer products in support of love and inclusivity, while "paving the way for new traditions to celebrate our unique love stories and honor our most cherished commitments to one another."
In 1886, Tiffany introduced its first solitaire diamond engagement ring for women. For decades since, couples have visited the jeweler's stores around the world in search of engagement rings for women, as well as wedding rings. But Tiffany is looking to change that, as it embraces a new wave of couples more than a century later.
The design of the men's ring is a departure from the traditional wedding band, since it features a striking center diamond, Tiffany said.
And with the new offering, Tiffany hopes it can find another solid stream of revenue growth. The company did more than $4 billion in jewelry sales last year, with women's engagement rings representing about 26% of total revenue.
The French group and Louis Vuitton-owner LVMH completed its $15.8 billion acquisition of Tiffany in early January, following a bitter legal dispute. When LVMH reported its first-quarter financial results earlier this month, it said its watches and jewelry division's sales rose by 138%, benefiting from the consolidation of Tiffany.
Starting next month, Tiffany said the men's engagement rings will be available at select stores globally. They're already available for sale online.