AuctionsSep 17, 2025
Mythical Set of Patek Philippe Pocket Watches Expected to Sell for $10M+A set of four Patek Philippe “Star Caliber 2000” pocket watches is part of Sotheby’s upcoming auction in Abu Dhabi.
MajorsFeb 06, 2017
Tiffany CEO Frederic Cumenal Is Out
Michael Kowalski is stepping in to serve as interim CEO while the jeweler searches for a replacement.
Tiffany CEO Frederic Cumenal has stepped down, effective immediately. He was with the retailer for six years, starting as an executive vice president before taking over for Michael Kowalski upon his retirement in March 2015. (Photo Credit: Jason Schmidt)
New York--Before its first Super Bowl ad aired Sunday, Tiffany & Co. made another major announcement--its CEO Frederic Cumenal has stepped down, effective immediately.
Former CEO Michael Kowalski, who led the retailer for 16 years before retiring in March 2015, will take his place as interim CEO while the jeweler searches for a permanent replacement. Kowalski also will continue as chairman of Tiffany’s board of directors.
News of Cumenal’s seemingly sudden and immediate departure follows a long period of flat or declining sales for the retailer, including disappointing back-to-back holiday seasons.
While the retailer is not scheduled to release its fourth quarter and full-year 2016 fiscal year results until March 17, Tiffany reported last month that in the Americas, November-December comps and total sales were down 4 percent year-over-year. It blamed its faltering in sales in part on the decline in foot traffic at its Fifth Avenue flagship caused by the increased security at Trump Tower.
Cumenal’s departure is the second big shake-up for the company in recent weeks. In mid-January, Tiffany announced that design director Francesca Amfitheatrof was leaving the company after less than four years and would be replaced by Reed Krakoff.
In a news release announcing Cumenal’s exit, Kowalski said that Tiffany’s board has been “disappointed” by recent financial results, and said that they feel the retailer is not moving fast enough to make the changes “necessary to compete more effectively in today’s global luxury market.”
This includes possible store closures--which Kowlaski termed as “optimizing the store network”--enhancing the customer experience, increasing the rate of new product introductions, maximizing marketing effectiveness, and improving business processes and operations.
Tiffany’s list of goals are not unlike those listed by Signet Jewelers Ltd. when they announced the retirement of two longtime executives last week and the creation of two new executive positions focused on the customer experience and retail insights and strategy.
Cumenal became CEO in March 2015.
He joined Tiffany in 2011 as executive vice president in charge of worldwide sales and distribution.
The New York-based jeweler promoted Cumenal to president in 2013 and expanded his role to include design, merchandising and marketing functions. He also was appointed to the board of directors at that time.
Tiffany said it has hired a “leading executive search firm” to help it find a replacement for Cumenal.
More on Majors
The Latest
TrendsSep 17, 2025
Silvia Furmanovich’s Book Tells the ‘Journey of a Jeweler’The Brazilian jeweler’s latest book marks her namesake brand’s 25th anniversary and tells the tale of her worldwide collaborations.
WatchesSep 17, 2025
Bob’s Watches Acquires Vintage Rolex Won on ‘The Price is Right’ The Submariner Ref. 1680 with a Tiffany & Co. dial came from the original owner, who won it as a prize on the game show in the 1970s.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
TechnologySep 17, 2025
Jewelers Mutual Launches Shipping Solution App for Shopify The new integration allows users to manage shipments directly from the Shopify dashboard.
Weekly QuizSep 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in CarlsbadAt Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop ShootoutSix people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule CollectionThe jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.
SourcingSep 16, 2025
Natural Diamond Council Launches Retailer Accreditation ProgramBen Bridge Jeweler and Lux Bond & Green were a part of the pilot program.
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy AwardsAssociate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.
SurveysSep 15, 2025
Resilient Shoppers to Boost Holiday Retail Sales, Says DeloitteIt’s predicting a rise in retail sales this holiday season despite economic uncertainty and elevated inflation.
SourcingSep 15, 2025
Gemfields Achieves $32M at High-Quality Emerald AuctionIt included the sale of the 11,685-carat “Imboo” emerald that was recently discovered at Kagem.
SourcingSep 15, 2025
AGTA Elects 8 Members to Board of Directors The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, MontanaAssociate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite EarringsFordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley AwardGilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for ThatThe new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. HeadphonesJacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New YorkThe industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship WinnersThe nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in AustinThe Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
