Tiffany Moves Into Pearls With New Retail Venture

Luxury jeweler Tiffany & Co is making a move into the pearl jewelry market with a new retail venture called Iridesse that will focus on selling pearls.

The company said it expects to open two Iridesse stores this fall and four more next year while at least 20 more such stores will be opened within five years.

"We believe there is an important opportunity to present pearls and pearl jewelry in an innovative, exciting new retail format,” said Michael Kowalski, Tiffany's chief executive. “Through Iridesse, we hope to establish a position of authority and merchandising leadership in this fragmented, underdeveloped jewelry category."

Featuring a comprehensive range of pearl types, Iridesse's pearls will have a wide price range -- from just under $100 to $40,000.

"We believe the Iridesse concept provides an excellent opportunity to leverage and deploy Tiffany's highly efficient operational infrastructure against the unrealized potential of the pearl jewelry market,” Kowalski added.

Iridesse’s president will be Robert Cepek who has worked for the company for 10 years and was recently vice president and general manager of its New York flagship store.

The first store will open at the Tysons Galleria Mall in McLean, Virginia in the fall.