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Is Tacori Designer Jewelry Prostituting Its Brand?
Tacori is the Los Angeles-based jeweler known for intricate designer baubles and jewelry, including engagement rings with platinum and diamonds. They are also recognized for their relationships with many Hollywood celebrities and fashionistas.
Jewelry and engagement rings by Tacori, have always been associated with consumers who had the ability to spend a small fortune on a unique and beautiful diamond engagement ring.
Not anymore.
Some of you may recall the recent alliance that brought Tacori's designer jewelry together with QVC's "Platinum Clad" (sterling silver) and "Diamonique" (simulated gemstones) jewelry.
This initiative was done with the idea of making Tacori Jewelry more affordable to the masses and the result was a resounding success. Paul Tacorian of Tacori appeared on the program with its host and all Tacori merchandise created for this event sold out in about 18 minutes.
After the sale, there was some debate in the diamond industry as to whether or not Tacori made a tactical mistake with its decision to sell their jewelry on the QVC channel.
For those of you who do not understand how a jewelry sellout in 18 minutes can be construed as a "mistake" for Tacori designer jewelry; let me explain:
Here you have a company who has spent probably a few million dollars just to promote their designer brand and to create a brand identity for manufacturing some of the finest and most unique designer jewelry. Tacori advertises monthly in some of the most popular bridal and jewelry magazines and their jewelry has always carried a premium.
Many upscale jewelry chain stores and independents, bought into the Tacori jewelry brand for many thousands of dollars as a result of their unique designs, uber marketing, retailer support, and hefty profit margins. These jewelers spend good money on joint advertising with Tacori in some of these publications. They also buy inventory for stock and invest tremendous time and effort in promoting and selling jewelry designs by Tacori.
There are women all over the country who own Tacori jewelry and engagement rings which cost them a small fortune and netted a HUGE profit to the jewelry store where they bought it from...and you know what???.............
The customer was always happy with a unique and beautiful product ("value" being determined by every individual) and the salesperson was always thrilled with the amazing profit margin.
Then, Tacori comes along and decides they are gonna have their cake and eat it too.
They figure, why not get into a new market and sell Tacori jewelry to the masses for a few dollars on QVC?? Sure, there is less profit per item, but the difference can be made up with volume sales and quick turnaround!!
Sure enough, the initial undertaking is a huge success and they sell out the entire inventory in 18 minutes!!
Problem is, Tacori has just royally ticked off two major market segments and indeed his two biggest supporters to this point.
The independent jewelry stores who have invested so much effort into selling and promoting the Tacori brand are upset about the way Tacori has chosen to make an about face and promote and sell jewelry with their designer name for far less than their usual (astronomical) premiums and to a whole different market.
These jewelers are asking; what happened to exclusivity? What happened to the unique selling point? What happened to the brand name? What about all of our efforts and loyalty? How do we continue to push and promote this brand and justify the premiums to our customers, when Tacori jewelry can be bought for far less over the QVC channel?? What will happen to our profit margins?
Additionally, those customers who represent the loyal and faithful Tacori consumers and who invested a fortune and "bought into the brand" by purchasing a Tacori engagement ring from an upscale jewelry store for many thousands of dollars, are none to happy about the women standing next to them in line at the grocery store who recently purchased Tacori jewelry off the QVC channel for a mere fraction of the cost!
Bottom line; is Tacori prostituting his designer jewelry brand and did he make a tactical business mistake over the long term and in the final analysis?
Will his independents and faithful jewelry store owners forgive him and continue to push his merchandise? How about his original and loyal customer base? Will they continue to buy expensive jewelry and engagement rings by Tacori, considering the dilution of the brand? Or, will they turn to some of the other jewelry and engagement ring designers like Vatche, Verragio and Ritani?
I guess only time will tell.
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