Florence Rollet, Tiffany’s group president for Europe, Middle East and Africa. Vittorio Zunino Celotto / Getty Images for Tiffany & Co
Florence Rollet, Tiffany’s group president for Europe, Middle East and Africa. Vittorio Zunino Celotto / Getty Images for Tiffany & Co
Florence Rollet, Tiffany’s group president for Europe, Middle East and Africa. Vittorio Zunino Celotto / Getty Images for Tiffany & Co
Florence Rollet, Tiffany’s group president for Europe, Middle East and Africa. Vittorio Zunino Celotto / Getty Images for Tiffany & Co

Tiffany’s group vice president Florence Rollet: ‘There is always a meaning behind each piece of jewellery’


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Tiffany's is synonymous with New York sophistication, from the era of Audrey Hepburn charm and Mad Men. The jewellery company has a place in the history of glamour like no other brand – as well as featuring in the iconic film Breakfast at Tiffany's, Marilyn Monroe mentioned the jewellers twice in her 1953 song Diamonds are a Girls Best Friend. Now the classic jewellery brand is changing, as its customer base increasingly spans not just the Unites States and Europe, but the rest of the world.

Florence Rollet, the group vice president in Europe, the Middle East and Africa, is currently in Dubai to launch Tiffany’s latest collection. As part of her role, the 49-year-old from France, helps to oversee the five Tiffany’s stores in the UAE – at The Dubai Mall, Mall of the Emirates, Atlantis the Palm, Abu Dhabi Mall and Marina Mall. She joined Tiffany’s in 2013, bringing with her 25 years of expertise with brands such as Christian Dior, LVMH Group and Danone.

You oversee Europe, the Middle East and Africa – in which city are you usually based?

At the headquarters for Tiffany’s Europe, Africa and the Middle East, which is in London’s Osborne Street, just above our flagship store in the British capital. I am here in Dubai to launch the new collection, but also to understand customers’ expectations when they visit the stores here. Dubai is home to our beloved Middle East flagship store, in The Dubai Mall.

How is Tiffany’s expanding?

We have powerful ambitions the world over, because our customers are now global. Last year we opened our Moscow branch, last June we opened the Champs- Élysées store in Paris, and we just opened the Riyadh store, in the Kingdom Mall last week. It spans over two floors and covers approximately 370 square metres, making it the largest Tiffany’s boutique in the Middle East. We are constantly looking for new luxury locations to open, to meet the expectations of our customers.

Tiffany & Co was founded in 1837 and in the 1880s, the company became famous for buying jewels from European Royalty and selling them to the New York bourgeoisie. How has the brand’s clientele evolved since then?

Customers are becoming global. They visit us in New York in our famous flagship store, then take a flight to Harrods, and then they might also go to Dubai. All these places have become internationally accessible. They want to be treated with care and considered as a unique customer each time they visit any of our stores. This is probably very different to 20 years ago.

Is the popularity of the Breakfast at Tiffanys film still having a positive effect on the Tiffany’s brand?

Breakfast at Tiffany's is unique to our brand and is part of our New York heritage. I think everybody loves the film, so for us it's a very nice way of sharing the values of the brand with our customers. Some customers want the Breakfast at Tiffany's experience – we just had a gentleman who wanted to propose to his beloved in one of our boutiques, so we organised a beautiful breakfast at Tiffany's for them and he made his proposal inside our store. The couple said it was a unique experience. We often create beautiful VIP surroundings for our customers to make their proposals in our stores, and they are so pleased, because it's something that nobody else offers.

Can you actually eat breakfast at Tiffany’s then?

Yes, as an activity for customers on specific occasions. It’s really something that is in our DNA but when we do it, it’s not a commercial activity. It’s really more of a unique experience for our privileged guests. And it has to be arranged in advance – we don’t have catering behind the curtains.

So Tiffany’s is a popular spot for couples to pick a wedding ring out?

Yes. We are very lucky because we get to share our customers’ happy moments. People come to us when they have ­something that they want to share – ­engagements, weddings, ­anniversaries, or births. When they join the Tiffany’s family, there is always a meaning behind each piece of jewellery. Everybody can choose ­something according to their standards and budget, to build their own style. The minimum price is US$300 (Dh1,100) and then the sky’s the limit!

In 1837 when he founded the company, Charles Lewis Tiffany used to say that a good design makes a good business. What’s the mantra for today’s modern Tiffany’s brand?

This mantra still applies. Mr Tiffany was a grand visionary because he associated craftsmanship with a beautiful story around these pieces, which are still very contemporary today. Our new collections demonstrate that this is still valid. We had enormous success, specifically in the Middle East, when we launched our T collection last year.

Which is your all-time favourite Tiffany’s piece?

I love the Victoria collection because of the craftsmanship behind the diamonds. I think we really are experts in diamonds. We reject 99.4 per cent of the world’s diamonds because we do not consider them to be of proper quality to meet our expectations. I never take off my Victoria bracelet, it is with me day and night and this is also my own ­signature. I’m very emotional when I look at the ­craftsmanship that we have behind all our pieces. You have the feeling that someone was behind it and that they build it with their hands.

What do today’s customers look for in terms of jewels?

Exceptional design, beautiful craftsmanship, and a shopping experience. In Tiffany’s boutiques, all these components come together seamlessly. The unique experience is something that is very important because you want to experience something defined as a Tiffany’s moment. The teams in each boutique are very important in making that happen.

What’s fashionable at the moment in terms of jewellery?

The contemporary customer doesn’t want to be styled by a brand, they want the brand to be able to give them the aspects to create their own style. That means that for example, I am currently wearing a Tiffany’s Victoria bracelet, as well as an Infinity bracelet and a Bow bracelet, because this is my way of stacking the jewellery. I think more people now are looking to create their own rules, and they also want to be able to break their rules. 50 years ago, women would wear just one piece of jewellery. Now you can mix as many pieces as you want, the way you want – you can even use a necklace as a bracelet. I think the new collection answers these types of needs.

This article has been amended and a photo removed to reflect that Tiffany's representatives have indicated the company is not redesigning its packaging at this time. The headline has also been amended to fix Florence Rollet's position from group president to group vice president.

artslife@thenational.ae

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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How to apply for a drone permit
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  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less

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Favourite Hobby: Writing and cooking

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Name: Mehdi Elkhamlichi (Malaga)
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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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Man of the Match: Kaide Gordon (Liverpool)

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Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you