- Looking to tap into a new market for its high-end jewelry, Tiffany & Co. has introduced its first-ever men's engagement ring amid a rise gender fluid fashion trends and same-sex marriages. The line is named after the company's founder, Charles Lewis Tiffany, and will be available in three types of diamond cuts measuring up to 4.3 carats. The thicker bands, which come in either platinum or titanium, will also differentiate the rings from women's styles.
- Backdrop: While Tiffany's is an expensive luxury retailer - now owned by LVMH (OTCPK:LVMHF) - it is also a trend-setter for the industry. In 1886, Tiffany introduced the engagement ring as we know it today, with the introduction of the Tiffany Setting, which remains one of its best known styles to date. The company even did more than $4B in jewelry sales last year, with women's engagement rings representing about 26% of total revenue.
- "Following in the footsteps of its iconic sister, The Charles Tiffany Setting honors the jeweler's long-standing legacy in love and inclusivity, paving the way for new traditions to celebrate our unique love stories and honor our most cherished commitments to one another," the company said in a press release.
- Some history: With some notable cultural exceptions, most men did not even wear wedding bands until the early 20th century. During the World Wars, companies marketed the rings to young Western men fighting overseas as a comforting reminder of their wives and families back home. By the end of the WWII, 80% of grooms wore wedding bands, but it was only in the 1950s that the exchange of rings became a prominent wedding symbol.
- Back in February, LVMH purchased a 50% stake in rapper Jay-Z's champagne brand Armand de Brignac through its Moet Hennessy division.