Tiffany & Co.
Business Proposal: Denmark
Presented by:
Nicoliina Potter, Alix Franco, Anne Lee, Hannah Nelson
MGMT 420 Durant
1
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
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
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>.
3
BUSINESS MARKETS
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
5
"Tiffany & Co. | Tiffany Celebration Rings | Netherlands." Tiffany & Co. | Home | Netherlands. Web. 26 Oct.
2011. <http://nl.tiffany.com/Shopping/Category.aspx?cid=287462>.
4
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.
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
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.
5
Today, Tiffany & Co. distributes its products through the Internet, catalogs, wholesale, businessto-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
“About PANDORA.” Genuine Jewelry, Pandora. Web. 10 November, 2011. <http”//www.pandora.net/enus/Pandora-company/about-pandora>.
8
6
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-tobusiness, 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.11 It ranks as having the world's highest level of
income equality and a large middle class. Additionally, Denmark has been frequently ranked as
9
"Scandinavian Luxury Lifestyle." Georg Jensen (Global) - International Luxury Lifestyle - Online. Web. 18 Nov.
2011. <http://www.georgjensen.com/global/about>.
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>
7
the happiest and least corrupt country in the world, alluding that Danish consumers are optimistic
and financially stable.
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
“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>
12
8
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.
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. 15
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
15
"Denmark." Business City Guide. Web. 23 Oct. 2011. <http://bcg.thetimes.co.uk/Europe/Denmark>.
Efficient Financial Markets – Denmark in the Global Economy." Erhvervs- Og Vækstministeriet. Web. 24 Oct.
2011. <http://www.oem.dk/resources/oem/publications/8D660D6BDD0D43E38E333B1509965D16/978-87-7862329-4-KER_UK/kap18.html>.
16
9
financial maturity in the Danish market and the ability to maintain new and existing businesses.
[See APPENDIX II.]
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 ThorningSchmidt, 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.
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>.
10
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.]
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
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>.
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/8D660D6BDD0D43E38E333B1509965D16/97887-786-2329-4-KER_UK/kap17.html>.
11
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.
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.21 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.
“Denmark – Language, Culture, Customs and Etiquette.” Kwintessential. Web. 30 October, 2011.
<http://www.kwintessential.co.uk/resources/global-etiquette/denmark-country-profile.html>
21
12
Greetings are casual; including a smile, direct eye contact, and a firm handshake. Interestingly,
women’s hands must be shaken first.21 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
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
“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>
22
13
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
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.
23
"Shopping in Copenhagen." Visit Denmark. Web. 13 Nov. 2011. <http://www.visitdenmark.com/irland/enie/menu/turist/inspiration/storbyferie/kopenhavn/shopping-in-copenhagen.htm>.
24
"The Copenhagen Retail Market." Sadolin-albaek.dk. May 2004. Web. 13 Nov. 2011. <www.sadolinalbaek.dk/dk/download/42.9549/the_copenhagen_retail_market.pdf>
14
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.
15
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
16
in good standing. There is a limited political risk in Denmark that businesses and investments are
usually protected.
APPENDIX IV
The following provides information about the distribution of people and goods flows via various
transportation methods.
17
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
18
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.
19
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
Promoters must prepare and sign a memorandum of association
Association & Articles
(which includes draft articles of association).
of Association
Company
Composed of board of directors and management board (a hybrid
Management
1-tier and 2-tier system). Day-to-day management undertaken by
managing director.
20
Board of
At least three members, the majority of whom are elected at the
Directors
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
Financial statements must be filed within five months of the end
Statements/Auditing
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
“About PANDORA.” Genuine Jewelry, Pandora. Web. 10 November, 2011.
<http”//www.pandora.net/en-us/Pandora-company/about-pandora>.
21
“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/8D660D6BDD0D43E38E333B150996
5D16/978-87-786-2329-4-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-countryprofile.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>.
“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>.
22
“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/enie/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-coprofits-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/prestig
e_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/company
OverView.do>.
"Tiffany to Open First Store in Eastern Europe in Prague in Summer 2012." Czech Republic
Today 24 Oct. 2011. Print.
23
"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/Wo
rking_in_Denmark>