Tiffany & Co.
) revealed that the company's current chief executive officer
(CEO), Michael J. Kowalski will retire in 2015. He will be
succeeded by Frederic Cumenal.
Kowalski, whose retirement will take effect from Mar 31, 2015, will
continue to serve the board as non-Executive chairman. He joined
the company in 1983, became a board member in 1995, assumed the
role of CEO in 1999 and finally achieved chairmanship in 2003.
Cumenal, on the other hand joined Tiffany three years back as
executive vice president, taking charge of global sales and
distribution. In 2013, he was promoted to the position of
president, simultaneously becoming a part of the board. With this
role, Cumenal was given the responsibility of handling
merchandising, design and marketing operations.
The outgoing CEO remains quite impressed with the company's
achievements and believes that it is well placed on its growth
trajectory. Management also believes that Cumenal will be an ideal
successor and with Kowalski serving as the chairman, their duo is
likely to take the company to newer heights.
Further, we believe that this Zacks Rank #1 (Strong Buy) stock
holds a significant position in the world jewelry market and its
long-term growth prospects remain encouraging, given its new
product launches and focus on enhancing its geographic reach
through store expansion program. It remains committed to achieve
long-term objectives of at least 15% earnings growth and a 10% to
12% sales increase.
Alongside, we believe that with more emphasis on cost containment
efforts, inventory management and a global distribution platform,
Tiffany remains well positioned to sustain the growth momentum.
Other players in the retail industry, which look attractive at
current levels, include
Citi Trends Inc.
Christopher & Banks Corp.
), each carrying a Zacks Rank #1 (Strong Buy), and
Signet Jewelers Ltd,
) holding a Zacks Rank #2 (Buy).
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