As Tiffany & Co.’s new chief executive officer settles into the job, he faces a crisis that runs deeper than sluggish retail traffic: Americans are losing their passion for jewelry.
From indifferent millennials to declining marriage rates and synthetic imitations, few product categories are contending with as many headwinds as jewelry. Companies are scrambling to halt slumping sales and shutter unprofitable stores as discretionary spending falls and shareholder unrest bubbles over.
