For the past three decades, Tiffany & Company has been dedicated to conducting its business responsibly by sustaining the natural habitats and positively impacting the societies in which it operates its operations. The Company's core values, beliefs, and culture are embedded in the importance of sustainability that makes it adapt to change effectively. Tiffany & Company has committed itself to protect nature around the globe by taking steps in adhering to climate and conservation practices (Hess, 2017). The Company strives to ensure that in every involvement it undertakes, its products and services contribute to the peaceful co-existence and the well-being of the population surrounding it and the environment in general. Tiffany & Company upholds a great value in corporate social responsibility and has found itself dealing with lawsuits, government sanctions, and various opinions that impact its involvement.
Tiffany & Company defines itself as a premier global jeweler and mainly operates in the United States to deal with designer products and services. One of its major lawsuits is against LVMH, a French designer organization on a merger agreement. The case relates to a merger agreement involving Tiffany and LMVMH for an acquisition agreement; the two had reached a consensus. Tiffany & Company seeks several requests that LMVMH abides by the contractual obligation of honoring the merger agreement and complete to pay the transaction as per the set terms and conditions (Donzé, 2017). The lawsuit is clear that LVMH has taken a breach of contract by not honoring part of its agreement with Tiffany & Company.
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Tiffany & Company has had to incur some of the various government fines are the cost of an audit by being one of the world's most severe mining firms. Through responsible mining initiative, the government paid over two million dollars to comply with the mining audit queries across the United States. Such has been made possible by ensuring transparency and integrity in opening up about the mining industry's various procedures. Additionally, Tiffany & Company entered an agreement via the courts to pay LMVMH one hundred and thirty-five dollar share in cash in addition to an equity value of fifteen billion. The settlement was agreed upon in Delaware, where a litigation lawsuit had been ongoing.
According to various employees working at Tiffany & Company over the past decade, the working experience was amazing, citing that supervisors at the firm were considerate of different situations. The work-life balance in the Company is desirable as the management is engaging and maintains a positive relationship with the employees. The remuneration and benefits emanating from the organization are good as many employees seemed satisfactory to their pay. Job security seems optimistic, as employees are promoted on an experience basis.
Tiffany's major stakeholders include the board of trustees, employees, non-governmental organizations, and suppliers, only to mention a few. Tiffany & Company has always been sustainable and collaborative to its stakeholders; it is transparent, accountable, and dependent on its major stakeholders (Reivinen, 2017). The firm believes in its stakeholders' doings in improving practices around jewelers' market industry and across its supply chain. Its relationship with the various non-governmental organizations has been essential to providing significant findings on labor issues and environmental impact in the mining market's scope. Engaging with multiple stakeholders helps the firm chalk out discrepancies found to affect the mining industry in the United States of America and worldwide.
References
Donzé, P. (2017). The birth of luxury big business: LVMH, Richemont and Kering. Global Luxury , 19-38. https://doi.org/10.1007/978-981-10-5236-1_2
Hess, E. D. (2017). Tiffany & company. Darden Business Publishing Cases , 1 (1), 1-8. https://doi.org/10.1108/case.darden.2016.000325
Reivinen, R. (2017). Luxury Brands and Corporate Social Responsibility (CSR): Combining the Conflicting Brand Concepts of Self-Enhancement and Self-Transcendence-Case Tiffany & Company. https://aaltodoc.aalto.fi/handle/123456789/24799
