Along with Tiffany & Co.'s
announcement of its 12% increase in worldwide sales, Peter May, a founding partner of investment firm Trian Fund Management LP,
has been elected to the board. May works alongside Nelson Peltz, and both are known for being activist shareholders that have aggressively pushed companies such as Wendy's International Inc., Cadbury Schweppes plc and H.J. Heinz Co. to change.
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Trian has been gradually increasing its stake in the company since January 2007, and at the time Peltz told The Wall Street Journal that he was not seeking a seat on the board. Since then, the company has upped its stake from 5.6% to 8.5%, according to SEC filings. Now they have a seat on the board. So what is up Peltz's sleeve?
As sales are slowing in the U.S., many luxury retailers are planning for a greater presence abroad to make up sales. Tiffany plans to expand in Asia and Europe. The company plans to open 24 stores across the U.S., Asia-Pacific and Europe. There have been rumors that LVMH Group and Tiffany & Co. have been in talks about a possible deal that could expand Tiffany's international presence.
Do you have any other idea of what move Peltz could be planning? - Maria Woehr
See Corporate Dealmaker: Tiffany's global sales sparkle
