TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.
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
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm NecklaceThe charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at DiavikProduction at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
SourcingJul 14, 2025
Ethical Gem Fair Heads to SeattleThe trade-only event will host its debut fair in the Emerald City later this month.
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
