Tiffany & Co.Business Proposal: Denmark

Presented by: Nicoliina Potter, Alix Franco, Anne Lee, Hannah Nelson

MGMT 420 Durant

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TIFFANY & CO. COMPANY HISTORY AND PROFILE

Reputable for its exquisite jewelry and home collection, Tiffany & Co has positioned itself as a

standard for excellence. In effect, positioning itself well for sales in the Scandinavian countries

where quality, designed, and luxury products are highly valued. Historically, Scandinavian

countries, especially Denmark, have higher disposable income and a larger middle-upper class.

Additionally, the Danish population shows a historical tendency to save and spend cautiously.

Therefore, marketed as a celebratory, luxury item, Tiffany & Co. fine jewelry would compete

well in Denmark.

Charles Lewis Tiffany and John F. Young founded Tiffany & Co. in 1837. After winning the

grand prize at the Paris Exposition in 1879 the company’s net worth and brand name increased

drastically.1 The company relocated several times but remained within the family until the early

1900’s. During the 1960’s Tiffany & Co. began to offer lower priced products, extending their

market share and fine jewelry experience to more customers. In November, 1978 Tiffany & Co.

was sold to Avon Products Inc., the world's leading manufacturer and distributor of cosmetics

and costume jewelry, for about $104 million in stock.2 Tiffany & Co. went public in 1987,

raising about $103.5 million in sale of common stock. The company has since strategically

positioned itself as an international luxury product that symbolizes love and the celebration of

life, enabling them to survive the recent recession.2

1 Allrich, Ted. "Tiffany & Co.: Profits Wrapped in a Blue Box - Seeking Alpha." Seeking Alpha, 20 Aug. 2007. Web. 23 Oct. 2011. <http://seekingalpha.com/article/45007-tiffany-co-profits-wrapped-in-a-blue-box>.2 "Tiffany & Co. - Company Profile, Information, Business Description, History, Background Information on Tiffany & Co." Online Posting. Reference For Business - Encyclopedia of Small Business. Web. 23 Oct. 2011. <http://www.referenceforbusiness.com/history2/43/Tiffany-Co.html>.2

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CURRENT SCOPE OF OPERATIONS

Aligned with the Tiffany & Co. mission to provide a unique and luxurious product, the company

acquires and manufactures their gold in America. Additionally, Tiffany & Co. partnered with a

Canadian diamond mining company to ensure that all mining was socially and ethically

responsible. Additionally, the company purchases rough diamond stones directly from mines

deemed environmentally responsible, and cuts and polishes the stones in their facilities in

Belgium, South Africa, and Canada.

The Specialty Retail channel primarily reflects the consolidated net sales of Little Switzerland,

Inc. stores, which the Company acquired in October 2002.3 Tiffany & Co. generated

International Retail sales of $165,524,000 in the first quarter of 2002, 12% higher than previous

year sales of $147,638,000. On a constant-exchange-rate basis, sales rose 3% in the following

quarter; and grew by 7% in Europe alone. Despite the opening of new stores, comparable retail

store sales declined by 3% in Japan, 0.4% in the Asia-Pacific markets, and only grew 1% in

Hong Kong. For various reasons, Tiffany & Co. sales prove to be stronger in the European

market, showing that there is opportunity for expansion and growth as the company establishes

its reputation in the market. 4

BUSINESS MARKETS

3 Swatch. "Tiffany & Co. - Swatch Group." Swiss Mechanical Watch Movements by Swiss Watchmakers - Swatch Group, Dec. 2007. Web. 30 Oct. 2011. <http://www.swatchgroup.com/en/brands_and_companies/watches_and_jewelry/prestige_and_luxury_range/tiffany_co>.4 Tiffany & Co. "Tiffany & Co. Financial Report." Shareholder.com, Tiffany & Co., Jan. 2011. 30 Web. Oct. 2011. <http://www.shareholder.com/visitors/DynamicDoc/document.cfm?DocumentID=2945>.

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Tiffany & Co. currently does business in the following countries: United States, Canada,

Mexico, Brazil, Japan, China, Hong Kong, Taiwan, Korea, Australia, Singapore, Macau,

Malaysia, United Kingdom, Germany, Italy, France, Austria, Belgium, Ireland, Switzerland,

Netherlands, and Spain. 2

Tiffany & Co.’s aggressive growth strategy aims to increase store count, attract middle-income

shoppers, and provide superior customer service. In efforts to improve upon this, Tiffany & Co.

has launched a new retail concept in California and New Jersey, selling trendy jewelry ranging

from $500 to $35,000. In 2004, the company launched another retail concept, named Iridesse,

selling pearls from $50 to $50,000.4 In that same year the company opened ten stores and

boutiques where they launched several new jewelry lines.

GLOBAL BUSINESS STRATEGY AND OBJECTIVES

As a global standard for excellence in craftsmanship, Tiffany & Co. is committed to creating

exceptional value and a unique shopping experience for customers. Part of the Tiffany & Co.

campaign and value offering is that its products are the perfect accessory to important moments

in life and love. Tiffany & Co. has a highly customizable line of engagement rings, wedding

bands and celebratory pieces for any and all occasions.5 The customer experience is enhanced

through store atmosphere of style and elegance, and the final receiving of a timeless piece of

jewelry in the company’s signature robin egg blue box and satin bow.

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5 "Tiffany & Co. | Tiffany Celebration Rings | Netherlands." Tiffany & Co. | Home | Netherlands. Web. 26 Oct. 2011. <http://nl.tiffany.com/Shopping/Category.aspx?cid=287462>.

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These tangible and intangible items are all means by which Tiffany & Co. achieves value

creation, customer experience, and brand loyalty. As part of the company’s strategy for growth

in the diamond market, the amount of polished diamonds produced compared to rough diamonds

has increased significantly. Effectively, the sale of jewelry containing one or more diamonds

accounted for 48% of sales last year.6

Tiffany & Co.’s extension of less expensive silver jewelry and other items has enabled them to

become one of the largest retailers of luxury jewelry, extending the brand experience to the

middle-class consumer. Despite the company’s aggressive attempts at innovation, in 2006 the

company terminated its stockholder rights plan, generating consumer concern for future profit.

However, Tiffany & Co. developed a strategic alliance with Swatch Group to further the

development, production and worldwide distribution of Tiffany & Co. brand watches in

December 2007. Thus, forming a powerful platform for the company as a leading, luxury

watchmaker.

From its flagship store in New York City, the company has expanded to a worldwide leader in

jewelry by targeting three main regions through multi-channel distribution. Primary markets are

the America’s, the Asian-Pacific, and Europe. With ambitions to further expand in Europe, an

announcement was recently made that a store will open in Prague in the summer of 2012.7

Today, Tiffany & Co. distributes its products through the Internet, catalogs, wholesale, business-

6 "Tiffany & Co." Standard & Poor's NetAdvantage. Database. 24 Oct 2011. <http://www.netadvantage.standardandpoors.com/NASApp/NetAdvantage/cp/companyOverView.do>.7 "Tiffany to Open First Store in Eastern Europe in Prague in Summer 2012." Czech Republic Today 24 Oct. 2011. Print.

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to-business, and retail sales. Having various distribution channels is a competitive advantage for

Tiffany & Co. in the diverse and fragmented jewelry industry.

MARKET SEGMENTS AND COMPETITORS

SPECIALTY JEWELRY RETAILERS:

Signet Group (SIG) Founded in the United Kingdom, the company operates stores in the

U.K. and the U.S., including Kay Jewelers and Jared The Galleria of Jewelry chains.

Zale (ZLC) Specializes in diamond jewelry in U.S. malls. While Zale lacks an

international presence the company is an industry leader based on volume of US sales.

● Blue Nile ( NILE ) Largest online-only retailer of certified diamonds and fine jewelry. The

company's sales are significantly less than those of Tiffany & Co. but Blue Nile has a

larger online presence.

RETAIL COMPETITORS:

Saks Fifth Avenue

Nordstrom

Macy’s Inc.

DANISH JEWELRY COMPETITORS:

Pandora: Offers an assortment of hand-finished jewelry made primarily from silver, gold,

gemstones, and glass.8

Georg Jensen: International jeweler marketed as “Scandinavian luxury lifestyle.”

Products for men, women, and children.9

8 “About PANDORA.” Genuine Jewelry, Pandora. Web. 10 November, 2011. <http”//www.pandora.net/en-us/Pandora-company/about-pandora>.9 "Scandinavian Luxury Lifestyle." Georg Jensen (Global) - International Luxury Lifestyle - Online. Web. 18 Nov. 2011. <http://www.georgjensen.com/global/about>.

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Tiffany & Co. serves three geographical market segments. As previously mentioned, these are

the Americas, the Asian-Pacific, and Europe. All regions have retail, Internet, business-to-

business, and wholesale sales, but the scope of these sales are limited in Europe. The Americas

consists of 91 stores and made up 51% of revenues for 2010.10 Asia-Pacific has 102 stores and

generated 36% of revenues, only half from Japan. Lastly, Europe has 27 stores constituting 12%

of revenue in 2010.

Tiffany & Co. captures sales from upper-middle to upper-class women and men of all ages who

value a luxurious lifestyle and quality goods. The company’s extensive line of products ensures

something for everyone, and has developed a more accessible product with a line of silver

jewelry, expanding market share and variety of consumer segments.

LOCATION STRATEGY: DENMARK

Evident through recent declaration to expand into Eastern Europe, there are very affluent and

permeable markets that Tiffany & Co. has yet to pursue. Among these markets is the Danish

market. Historically wealthy and optimistic in consumer perception, Denmark is a mixed market

capitalist economy and a large welfare state.1111 It ranks as having the world's highest level of

income equality and a large middle class. Additionally, Denmark has been frequently ranked as

the happiest and least corrupt country in the world, alluding that Danish consumers are optimistic

and financially stable.

10 "Tiffany & Co. (NYS: TIF)." Mergent Online. Web. 26 Oct. 2011. <http://http://www.mergentonline.com/companydetail.php?pagetype=businesssegments&compnumber=8250>.11 “Denmark: Economy.” Infoplease. Web. 4 November 2011. <http://www.infoplease.com/ce6/world/A0857730.html#ixzz1bcohYnJ4>11

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In the past decade Denmark has prospered economically by diversifying production, suggesting

that there is a strong job market and greater job security than those markets with less production

diversity.11 According to National Accounts, the positive savings ratio of Danish households falls

between 5 and 10 percent of disposable income, translating to the Danish’s favorable wealth

position.12 This population’s emphasis on savings and the egalitarian mindset shows that the

Danish consumer is concerned with quality products and companies that are morally and

ethically responsible.

Alternatively, Nielsen’s Global Consumer Confidence Index illustrates a decrease in consumer

confidence in 25 out of 52 European countries.13 Denmark expresses similar pessimism with a

decrease in consumer confidence of -3.3 to -6.5 between September and October 2011. [See

APPENDIX I.] Despite this decrease, the Index sites Denmark as one of the most optimistic

European countries.14 This optimism suggests that Danish consumers will continue to invest and

spend in attempt to stimulate the Danish economy, an optimal time for entrance by Tiffany &

Co. Additionally, the strategic alliance with Swatch Group and the presence of Tiffany Watch

Co. Ltd will allow Tiffany & Co. to more easily develop distribution and retail processes in

Copenhagen, Denmark. To capitalize on opportunity in the Danish market, the company should

follow similar implementation strategies to those used during their Swiss retail store

developments.

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12 “Household wealth in Denmark: stocktaking at a Macro Level,” Denmark National Bank. Economics Jan Overgaard Olesen, 20 March 2009. Print.13 “Consumer Confidence, Concerns and Spending in the Nordics – Q4 2010.” The Neilson Company. February 2010. Print.14 “Denmark Consumer Confidence.” Trading Economics. Web. 30 Oct. 2011. <http://www.tradingeconomics.com/denmark/consumer-confidence>; “Consumer Confiendce Indicator.” Statistics Denmark. Web. 4 November 2011. <http://www.dst.dk/HomeUK/Statistics/Key_indicators/Prices/Confidence.aspx>

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ECONOMIC PROFILE: DENMARK

With a large coastline, Denmark’s economy depends on shipping and imports. The country has a

geographic advantage in port construction and usage and is supported largely by the

manufacturing industry. Additionally, the Danish economy is supported by automobile

manufacturing and emphasizes high quality products.15 Denmark has a total population of

5,475,791 and an estimated labor force of 2.82 million people. With about 77% of that labor

force participating in the service industry and 20.2% of workers in the industrial sectors.16

Recognized as the 30th richest country in the world, Denmark has a national GDP of $304.6

billion and a GDP per capita of $37,000, 76% of which is reportedly generated by the service

industry. 1515

Member of the European Union (EU), Denmark trades primarily with other EU countries such as

Germany, Sweden, the UK, Norway and the Netherlands and must abide by both the trade

requirements set forth by the Union and World Trade Organization. These regulations play a

large role in the Danish market as importing and exporting business constitutes a large portion of

the Danish market. The OECD ranked Denmark’s capital market number 4 in 2010, indicating

financial maturity in the Danish market and the ability to maintain new and existing businesses.

[See APPENDIX II.]

15 "Denmark." Business City Guide. Web. 23 Oct. 2011. <http://bcg.thetimes.co.uk/Europe/Denmark>.16 Efficient Financial Markets – Denmark in the Global Economy." Erhvervs- Og Vækstministeriet. Web. 24 Oct. 2011. <http://www.oem.dk/resources/oem/publications/8D660D6BDD0D43E38E333B1509965D16/978-87-786-2329-4-KER_UK/kap18.html>.15

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INFRASTRUCTURE & TRANSPORTATION:

Denmark has extensive road networks of about 96,000 kilometers that connect urban and rural

areas. Externally, the railroads connect Denmark to Germany and Sweden. Additionally,

Denmark has a mature port system with 124 ports serving as international transport hubs, fishing

centers and foreign ferry transports.17 The air transport is located in Copenhagen, the

international metropolis of Denmark. The city is urbanized and acts as a network hub between

local businesses and foreign investors. [See APPENDIX IV.]

GOVERNMENT:

The Danish government consists of the prime minister, Social Democrat, Helle Thorning-

Schmidt, and his cabinet. There are three political parties actively involved in government

activities: the Social Democrats, Social Liberals and Socialist People’s Party.

GEOGRAPHIC ADVANTAGES & DISADVANTAGES:

Denmark’s stable economic and political system favors foreign investment. Businesses enjoy

well-developed infrastructure and simplified cargo shipment through the extensive port system.

The GDP and population provide skillful labor for businesses. Furthermore, Danish government

encourages external investments by offering steady monetary and foreign trading policies.

Lastly, there are fair trading regulations in Denmark. Ranking 8th in the 2011 Index of Economic

Freedom, with a score of 78.6, it is clear that Denmark has high economic freedom.

Alternatively, Denmark has low scores in fiscal freedom as a result of high government spending

and heavy taxation.18 [See APPENDIX V.]

17 Matthiessen, Christian Wichmann. Factsheet Denmark: INFRASTRUCTURE. Jan. 2008. Ministry of Foreign Affairs of Denmark. 4 Nov. 2011 <http://www.netpublikationer.dk/um/8583/pdf/Infrastructure.pdf>.18 "Denmark information on economic freedom | Facts, data, analysis, charts and more." Conservative Policy Research and Analysis. 05 Nov. 2011 <http://www.heritage.org/index/country/Denmark>.

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POLITICAL RISK

Denmark’s parliamentary system consists of multiple political parties with elections in 17

electoral districts.19 According to the Ministry of Economic and Business Affairs, Denmark ranks

“first among the OECD countries with respect to administrative efficiency,” indicating that

public administrations are of good quality and efficiency.20 [See APPENDIX III.] Overall, there

is limited political risk in Denmark, ensuring that foreign businesses are protected.

LEGAL ISSUES

Establishing a corporation in Denmark mirrors American processes. The corporation must have a

board of directors, apply for a business license and abide by Danish accounting reporting and

financial regulations. Reports are subject to audit, publicity requirements, and the dividends are

paid according to the amounts allocated by the board. [See APPENDIX VI.]

CULTURAL PROFILE: DENMARK

Tiffany & Co. is a United States based company with business procedures and customs catered

to the United States consumer. However, Tiffany & Co. has clearly had great success in Sweden

and other European countries. This shows that Tiffany & Co. has established a productive and

effective strategy to capture the European consumer, which can be easily altered to fit the

cultural values and norms of Denmark.

19 "Denmark information on economic freedom | Facts, data, analysis, charts and more."Conservative Policy Research and Analysis. 05 Nov. 2011 <http://www.heritage.org/index/country/Denmark>.20 "Efficient Public Services and Regulation – Denmark in the Global Economy." Erhvervs- Og Vækstministeriet. Web. 20 Nov. 2011. <http://evm.dk/resources/oem/publications/8D660D6BDD0D43E38E333B1509965D16/978-87-786-2329-4-KER_UK/kap17.html>.

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The most fundamental component is the country’s language. In Denmark, 98 percent of the 5.2

million people speak Danish, however certain regions also speak German, and Greenlandic.21

Therefore, it will be important that the Denmark management speak and understand Danish

fluently. Additionally, Tiffany & Co. will have to carefully evaluate how their products and

marketing translate from English to Danish as well as adhere to the cultural and social customs.

Unlike the United States, Denmark is an Egalitarian society, modest about individual

achievement with an emphasis on collectivism. Women are highly respected in business and

receive equal pay.2121 Another important cultural difference that directly effects business

relations in Denmark is the expectancy that people speak in moderate tones, as not to call

attention to one’s self. However, business meeting etiquette is similar to that of Americans.

Appointments and confirmations are expected, as is custom in America.

Greetings are casual; including a smile, direct eye contact, and a firm handshake. Interestingly,

women’s hands must be shaken first.2121 The working environment in Denmark and America

tend to be equally casual, allowing for open dialogue between management and employees. As is

custom in America, Danish companies are corporation-oriented and employees are generally

motivated and committed.22

21 “Denmark – Language, Culture, Customs and Etiquette.” Kwintessential. Web. 30 October, 2011. <http://www.kwintessential.co.uk/resources/global-etiquette/denmark-country-profile.html>21

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22 “Working in Denmark.” Work in Denmark – Official National Recruiting. Web. 4 November, 2011. <https://www.workindenmark.dk/en/Find_information/Information_for_job_seekers/Working_in_Denmark>

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MODE OF ENTRY

The ideal mode of entry for Tiffany & Co. is through a wholly owned subsidiary. The Tiffany &

Co. brand image is too strong for a joint venture or strategic alliance with any other firm. It is

important that Tiffany & Co. provide the same customer experience across all locations and a

wholly owned subsidiary allows for tighter operations control and brand consistency.

Additionally, global strategic coordination with other, existing international locations can be

achieved by establishing this wholly owned subsidiary in Denmark. Although, this is the most

costly method of entering a foreign market, Tiffany & Co. will receive 100% of profits and can

easily use profits from other locations to support operations in Denmark

A green field venture is the best option for Tiffany & Co. because of their brand power and niche

market. Location will be most important to Tiffany & Co. Ideally a high-end shopping district

with culture and the presence of other luxury brands. In this regard, Strøget and Købmagergade

are the longest shopping streets in Copenhagen. These aesthetically designed pedestrian-only

streets are lined with shops and restaurants. Designer brands such as Prada, Louis Vuitton,

Mulberry, Chanel, Marc Jacobs, United Colors of Benetton, and many more can be found here.23

Tens of thousands of people, from tourists to street entertainers, pass through everyday, filling

the streets with creativity and culture. With a retail price of $4,000 per one hundred square

meters, this heavy traffic is what guarantees Tiffany & Co. positive return on their investment. 24

23 "Shopping in Copenhagen." Visit Denmark. Web. 13 Nov. 2011. <http://www.visitdenmark.com/irland/en-ie/menu/turist/inspiration/storbyferie/kopenhavn/shopping-in-copenhagen.htm>.24 "The Copenhagen Retail Market." Sadolin-albaek.dk. May 2004. Web. 13 Nov. 2011. <www.sadolin-albaek.dk/dk/download/42.9549/the_copenhagen_retail_market.pdf>

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APPENDIX I

Consumer Confidence in Denmark shows a gradual increase between 2009 and 2010 but shows a downward trend in 2011 with a three-point decrease between October and September of 2011. However, this trend is not unique to European countries and further sources explain that this decrease is quite smaller than that of other European countries.

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APPENDIX II

The following shows the size of the capital market for 2010. Ranked number 4 by the OECD, Denmark is financially mature with an economic system suitable for maintaining new and existing businesses.

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APPENDIX III

The following shows a well-established Danish government that provides a high administrative and regulatory system. Denmark ranks “first among the OECD countries with respect to administrative efficiency,” which indicates the efficiency and quality of public administration is in good standing. There is a limited political risk in Denmark that businesses and investments are usually protected.

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APPENDIX IV

The following provides information about the distribution of people and goods flows via various transportation methods.

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APPENDIX V:

Denmark ranked 8th in the 2011 Index of Economic Freedom with a score of 78.6 showing high economic freedom. Secondly, Denmark has low scores in fiscal freedom as a result of high government spending and heavy taxation

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APPENDIX VI

The following chart displays a breakdown of official Danish requirements for corporate business practices. The majority of these requirements mirror those of American business rather closely and therefore fit American foreign investment rather well.

A/S

Minimum capital DKK 500,000 (approx. EUR 68,000).

May be paid in cash or by way of non-cash contributions.

Company capital must be fully paid up.

Formation Formed by one or more promoters. Danish promoter:

Incorporation takes less than one day and can be completed

online. Non-Danish promoter: Incorporation cannot be

completed online and may take a couple of weeks.

Registration Incorporation of an A/S must be registered with the DCCA.

Incorporation requires neither notarisation, legalisation, nor

separate governmental approval.

Naming Public companies must use “aktieselskab” (public company) or

the abbreviated form “A/S” in their title.

Memorandum of

Association & Articles

of Association

Promoters must prepare and sign a memorandum of association

(which includes draft articles of association).

Company Composed of board of directors and management board (a hybrid

1-tier and 2-tier system). Day-to-day management undertaken by

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Management managing director.

Board of

Directors

At least three members, the majority of whom are elected at the

general meeting. Board members are not required to reside in

Denmark.

Employee representation on the board of directors can be

required if the company has 35 or more employees.

General Meeting At least one every year (to be held within five months of the end

of each financial year).

Financial

Statements/Auditing

Financial statements must be filed within five months of the end

of the financial year. Financial statements are, as a general rule,

subject to both audit and publicity requirements.

Dividends Dividend distributions may only be made from approved profits

or eligible reserves. Both ordinary and extraordinary dividends

may be distributed. Ordinary dividend distributions must be

approved by the general meeting. Extraordinary dividend

distributions may be approved by the board of directors if so

authorized by the general meeting.

BIBLIOGRAPHY

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“About PANDORA.” Genuine Jewelry, Pandora. Web. 10 November, 2011. <http”//www.pandora.net/en-us/Pandora-company/about-pandora>.

“Consumer Confidence, Concerns and Spending in the Nordics – Q4 2010.” The Neilson Company. February 2010. Print.

“Conservative Policy Research and Analysis.” "Denmark information on economic freedom | Facts, data, analysis, charts and more." Web. 05 Nov. 2011 <http://www.heritage.org/index/country/Denmark>.

“Consumer Confidence Indicator.” Denmark Statistics. Web. 4 November 2011. <http://www.dst.dk/HomeUK/Statistics/Key_indicators/Prices/Confidence.aspx>

“Denmark." Business City Guide.Web. 23 Oct. 2011. <http://bcg.thetimes.co.uk/Europe/Denmark>. “Denmark Consumer Confidence.” Trading Economics. Web. 30 Oct. 2011. <http://www.tradingeconomics.com/denmark/consumer-confidence>; “Consumer Confiendce Indicator.” Statistics

“Denmark: Economy.” Infoplease. Web. 4 November 2011. <http://www.infoplease.com/ce6/world/A0857730.html#ixzz1bcohYnJ4>

“Efficient Financial Markets – Denmark in the Global Economy." Erhvervs- Og Vækstministeriet. Web. 24 Oct. 2011. <http://www.oem.dk/resources/oem/publications/8D660D6BDD0D43E38E333B1509965D16/978-87-786-2329-4-KER_UK/kap18.html>.

"Denmark information on economic freedom | Facts, data, analysis, charts and more."Conservative Policy Research and Analysis.” Web. 05 Nov. 2011 <http://www.heritage.org/index/country/Denmark>.

“Denmark – Language, Culture, Customs and Etiquette.” Kwintessential. Web. 30 October, 2011. <http://www.kwintessential.co.uk/resources/global-etiquette/denmark-country-profile.html>

"Efficient Public Services and Regulation – Denmark in the Global Economy." Erhvervs- Og Vækstministeriet. Web. 20 Nov. 2011. <http://evm.dk/resources/oem/publications/8D660D6BDD0D43E38E333B1509965D16/978-87-786-2329-4-KER_UK/kap17.html>.

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“Factsheet Denmark: INFRASTRUCTURE.” Matthiessen, Christian Wichmann. Jan. 2008. Ministry of Foreign Affairs of Denmark. Web. 4 Nov. 2011 <http://www.netpublikationer.dk/um/8583/pdf/Infrastructure.pdf>.

“Household wealth in Denmark: stocktaking at a Macro Level,” Denmark National Bank. Economics Jan Overgaard Olesen, 20 March 2009. Print.

"Scandinavian Luxury Lifestyle." Georg Jensen (Global) - International Luxury Lifestyle - Online. Web. 18 Nov. 2011. <http://www.georgjensen.com/global/about>.

"Shopping in Copenhagen." Visit Denmark. Web. 13 Nov. 2011. <http://www.visitdenmark.com/irland/en-ie/menu/turist/inspiration/storbyferie/kopenhavn/shopping-in-copenhagen.htm>.

"Tiffany & Co.: Profits Wrapped in a Blue Box - Seeking Alpha." Allrich, Ted. Seeking Alpha, 20 Aug. 2007. Web. 23 Oct. 2011. <http://seekingalpha.com/article/45007-tiffany-co-profits-wrapped-in-a-blue-box>.

"Tiffany & Co. - Company Profile, Information, Business Description, History, Background Information on Tiffany & Co." Online Posting. Reference For Business - Encyclopedia of Small Business. Web. 23 Oct. 2011. <http://www.referenceforbusiness.com/history2/43/Tiffany-Co.html>.

"Tiffany & Co. - Swatch Group." Swiss Mechanical Watch Movements by Swiss Watchmakers - Swatch Group, Dec. 2007. Web. 30 Oct. 2011. <http://www.swatchgroup.com/en/brands_and_companies/watches_and_jewelry/prestige_and_luxury_range/tiffany_co>.

"Tiffany & Co. Financial Report." Shareholder.com, Tiffany & Co., Jan. 2011. 30 Web. Oct. 2011. <http://www.shareholder.com/visitors/DynamicDoc/document.cfm?DocumentID=2945>.

"Tiffany & Co. | Tiffany Celebration Rings | Netherlands." Tiffany & Co. | Home | Netherlands. Web. 26 Oct. 2011. <http://nl.tiffany.com/Shopping/Category.aspx?cid=287462>.

"Tiffany & Co." Standard & Poor's NetAdvantage. Database. 24 Oct 2011. <http://www.netadvantage.standardandpoors.com/NASApp/NetAdvantage/cp/companyOverView.do>.

"Tiffany to Open First Store in Eastern Europe in Prague in Summer 2012." Czech Republic Today 24 Oct. 2011. Print.

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"Tiffany & Co. (NYS: TIF)." Mergent Online. Web. 26 Oct. 2011. <http://http://www.mergentonline.com/companydetail.php?pagetype=businesssegments&compnumber=8250>.

"The Copenhagen Retail Market." Sadolin-albaek.dk. May 2004. Web. 13 Nov. 2011. <www.sadolin-albaek.dk/dk/download/42.9549/the_copenhagen_retail_market.pdf>

“Working in Denmark.” Work in Denmark – Official National Recruiting. Web. 4 November, 2011. <https://www.workindenmark.dk/en/Find_information/Information_for_job_seekers/Working_in_Denmark>