FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
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.
Editors' Picks
Sponsored by
More on Majors
The Latest
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
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.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Weekly QuizAug 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
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.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
CrimeAug 05, 2025
Report: Suspect Arrested in 1992 Murder of Miami JewelerOmar Roy, 72, was arrested in connection with the murder of jeweler Dionisio Carlos Valladares.
CollectionsAug 05, 2025
Mignon Faget Commemorates 20th Anniversary of Hurricane KatrinaThe New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.
ColumnistsAug 05, 2025
The PR Adviser: Affiliate Marketing Is the Cost of CoverageLilian Raji explains why joining an affiliate network is essential for brands seeking placements in U.S. consumer publications.
Events & AwardsAug 05, 2025
JA Announces Seymour & Evelyn Holtzman Bench Scholarship WinnersThe organization has awarded a total of $42,000 through its scholarship programs this year.
Events & AwardsAug 04, 2025
Gem Awards, David Yurman Introduce $50K Grant for Emerging DesignersThe winner of the inaugural David Yurman Gem Awards Grant will be announced live at the 2026 Gem Awards gala.
TrendsAug 04, 2025
Amanda’s Style File: August’s Bright BaublesAs summer winds down, celebrate the sunny disposition of the month’s birthstones: peridot and spinel.
CrimeAug 04, 2025
‘The Watch King’ Assaulted, Robbed in QueensMoshe Haimoff, a social media personality and 47th Street retailer, was robbed of $559,000 worth of jewelry by men in construction outfits.
MajorsAug 01, 2025
Helzberg President Julie Yoakum Moves Over to Signet JewelersThe addition of Yoakum, who will lead Kay and Peoples, was one of three executive appointments Signet announced Thursday.
MajorsAug 01, 2025
Jewelers Mutual Names Mike Alexander as President The insurance company’s previous president and CEO, Scott Murphy, has split his role and will continue as CEO.
SourcingAug 01, 2025
Gemfields’ Auction Revenue Drops 50% in H1The nearly six-month pause of operations at its Kagem emerald mine earlier this year impacted the miner’s first-half results.
CollectionsAug 01, 2025
Piece of the Week: Hernsdorf’s ‘Tears of Aphrodite’ NecklaceThe necklace uses spinel drops to immortalize the moment Aphrodite’s tears mixed with her lover Adonis’ blood after he was fatally wounded.
SourcingJul 31, 2025
De Beers Records $189M First-Half Loss The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.
Events & AwardsJul 31, 2025
These Are the 2025 CASE Award WinnersJewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.
IndependentsJul 31, 2025
Matthew Tratner Takes Over as CBG President Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.
Policies & IssuesJul 30, 2025
Tariff on India Will Be 25%, Trump Says The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.
