Tiffany hires Diesel exec in bid to regain luster

Markets Associated Press

Tiffany is taking another shot at reviving its luster, naming a long-time Bulgari executive and Diesel CEO as its top executive.

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The company had also hired Frederic Cumenal to revitalize the brand, but ran out of patience in February after only two years.

Alessandro Bogliolo, 52, spent 16 years at the luxury jewelry and watch company Bulgari and had most recently been CEO of Italian clothing company Diesel.

Bogliolo is expected to take over the CEO post at Tiffany by Oct. 2. He will also become a board member.

Tiffany & Co., based in New York, has wrestled with weak sales as millennials spend money elsewhere and competition intensifies from online players like Amazon and Blue Nile. The luxury jeweler reported lower-than-expected sales during the most recent holiday season, a critical period for retailers.

Shares of Tiffany added $1.51, or 1.6 percent, to $93.97 in late afternoon trading.