Tiffany Tries To Regain Luster In Millennial Market

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NEW YORK (CBSMiami/AP) — Jeweler Tiffany is trying to revive their luster and regain its cool.

In that attempt, they've hired a former executive at Diesel as its top executive.

The company ran out of patience in February only two years after hiring Frederic Cumenal to do the same thing.

Taking over for interim CEO Michael Kowalski is Alessandro Bogliolo, who had been lured to Diesel SpA to revitalize sales there. Bogliolo is expected to take over the CEO post at Tiffany by Oct. 2. He will also become a board member.

The 52-year-old executive spent 16 years at Bulgari SpA before taking the job at Diesel.

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. Sales growth has been shaky at Tiffany, and the luxury jeweler reported lower-than-expected sales during the most recent holiday season, a critical period for retailers.

(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)