Luxe Jewellery

Tiffany’s board of directors has extended the expiration of its stock repurchase program. It has also authorized the repurchase of up to $500 million of common stock.
The company plans to repurchase up to $637 million of its common stock by 2011 and reportedly has some 127 million shares still outstanding.
Chairman and CEO Michael J. Kowalski noted: “We have repurchased a considerable amount of stock in recent years, but have been substantially more active in fiscal year 2007. In fact, we have spent approximately $400 million to repurchase 8.9 million shares in the current quarter since November 1.”
Tiffany also announced plans to open two new boutiques in Tokyo in the beginning of March. One store is to be opened at the Matsuzakaya Ginza department store in Tokyo’s center of high fashion and luxury retail. The other boutique is to be opened in Daimaru department store, a mainstay of luxury shopping in the city’s downtown business district.
President of Tiffany & Co. Japan Inc Michael Christ commented: “We are pleased to join Tokyo’s Matsuzakaya Ginza store and the Daimaru store in Fukuoka. Both locations offer greater convenience to our established clientele, and give us the opportunity to expand our presence with the superb collections and outstanding service that make shopping at Tiffany a unique experience.”