Case | HBS Case Collection | December 1994 (Revised June 1995)
Tiffany & Co.--1993
by W. Carl Kester and Kendall Backstrand
The restructuring of Tiffany's retailing agreement with Mitsukoshi Ltd. in 1993 exposed Tiffany to substantial yen/dollar exchange rate volatility that it had not previously faced. This new exposure requires Tiffany to establish risk management policies and practices. Management must determine whether to hedge, what the objective of hedging ought to be, how much exposure to cover, and what instruments to use. Teaching Objective: To introduce students to the problems of risk management in a relatively uncomplicated administrative situation.
Keywords: Restructuring; Currency Exchange Rate; Management Practices and Processes; Risk Management; Agreements and Arrangements; Situation or Environment;
She's the Trump child who usually stays away from the limelight, allowing big sister Ivanka to make the headlines.
But Tiffany Ariana Trump, 23, was firmly thrust into the global spotlight with a glamorous appearance at dad Donald Trump's inauguration as 45th President of the United States.
She joined her famous father and siblings for the glitzy Liberty Ball at the Washington Convention Center on Friday night, looking stunning in a sparkling designer dress.
Who is Tiffany Trump?
Tiffany is the only child from President Donald Trump's marriage to second wife, Marla Maples. They were married from 1993 until 1999.
She has five half-siblings: Donald Jr, Ivanka and Eric Trump, from her dad's marriage to Ivana Trump, and little brother Barron, from her father's marriage to First Lady Melania Trump.
Where was Tiffany Trump born?
Tiffany was born at St Mary's Hospital in West Palm Beach, Florida on October 13, 1993. She weighed 7lbs 8oz. Donald was in New York when Marla went into labour, but managed to reach the hospital before Tiffany's birth.
"I got called at 2am and flew down at 3am, and was in the delivery room by 6am," he told New York Times. "She had no anaesthetics. would have said use them - it's always so difficult. I was there but I wasn't much help."
Tiffany moved to California with her mum when her parents' marriage brokedown.
She spoke in 2011 about growing up away from the spotlight that was focused on her siblings in Manhattan.
"It was great for me getting a chance to grow up as a normal kid just out of the spotlight, versus all of them growing up in New York. They always had that intense media and spotlight on them," she recalled.
"My brothers and sister have all achieved so much in their lives and achieved so much success. But I’m growing and learning, I have a strong head on my shoulders."
Why was she named Tiffany Trump?
Tiffany was named in part after the luxury jewellery store, because Tiffany & Co. stepped in to help her dad Donald build his flagship tower in New York by selling him $5 million airspace rights above its premises next door.
"Everything involved with Trump Tower has been successful," Donald told New York Times. "And Trump Tower was built with Tiffany’s air rights. But I’ve also always loved the name."
Where did Tiffany Trump go to school and university?
Tiffany went to Viewpoint School in Calabasas, California, where fees reportedly cost upwards of $31,000 per year. The town gained fame in recent years as the home of the Kardashian-Jenner family.
Donald once said: "She really is a terrific student, but more importantly, whenever we get the report card, the teachers write that she is the nicest person. Every one of them says, 'Tiffany's marks are an A, but more importantly, she's one of the nicest students we've ever had.'"
After high school, she went on to the University of Pennsylvania, where she graduated with a degree in sociology and urban studies. Donald and her older half-sister Ivanka both attended Pennsylvania as well.
Tiffany's graduation in May 2016 was attended by a string of family members, who all took to social media to praise her success.
In December, it was rumoured Tiffany had been seen touring the Harvard Law School, and is believed to be studying for law school entrance exams.
What is Tiffany Trump's job?
Like many 23 year olds, Tiffany has dabbled in various different career paths over the years.
She interned at Vogue magazine in the US, arranged by Ivana Trump, who once claimed Tiffany got to work at 5.30am and enjoyed lunches with Anna Wintour.
Tiffany released a song called Like A Bird in 2011 but said at the time she wasn't interested in pursuing a full music career.
"I love music, it’s always been a big passion for me," she once told Oprah. "It’s more of a hobby right now, but we’ll see in a couple of years if I actually do want to take it to the next level, to a professional level.
"But right now my priority is focusing on school and getting into a good college.”
Tiffany also interned in the communications department of glasses company Warby Parker, and once walked at New York Fashion Week.
She's now believed to be seeking a legal career.
Is Tiffany Trump on social media?
Yes, she is. You can follow her on Instagram @TiffanyTrump , where she has nearly 600,000 followers, and on Twitter @TiffanyATrump , where she's followed by 277,000 people.
Does Tiffany Trump have a boyfriend?
Yes, she met boyfriend Ross Mechanic while at university in Pennsylvania; he is the son of a US real estate lawyer.
The couple have usually kept their romance out of the spotlight but Ross did join Tiffany on the campaign trail and was present at last night's inauguration ball, where the pair were pictured dancing together.
He also features every so often on Tiffany's social media channels, although she never tags him in pictures suggesting he doesn't have his own accounts.
Who was Tiffany Trump dancing with at the inaugural ball?
That would be her boyfriend, Ross.
Does Tiffany Trump have any famous friends?
She is friends with Harry and Peter Brandt, who are the sons of Stephanie Seymour, but usually the only famous faces to appear on her social media accounts are those of her family.
She did go to school with the Kardashians, telling People last year: “[We knew the Kardashians] like a little a bit. My mum was friends with Kris, of course, and she’s amazing. We lived there before the show even started.”
Tiffany is close to actress Abigail Breslin, who described her as a "wonderful and kind" person in a recent Instagram post.
Is Tiffany Trump close to her mum Marla Maples?
Yes, they're very close. Tiffany once told Oprah: “My mom and I have always been very close since she did raise me as like a single mom. My friends and everyone I know are like, ‘Wow, you guys really have a really good relationship.’ She’s with me a lot of the time, so people find that kind of shocking.”
What has Donald Trump said about daughter Tiffany?
“Tiffany is a tremendous young woman with a big and beautiful heart," he once told New York Times. "She was always a great student and a very popular person no matter where she went. I am incredibly proud of Tiffany and how well she has done."
What has Tiffany Trump said about dad Donald?
She gave a rare speech at the Republican National Convention last year, praising her father and revealing sweet details such as the fact she keeps all her old report cards because Donald used to write encouraging comments on them.
"My dad is a natural-born encourager," said Tiffany. "The last person who will ever tell you to lower your sights or give up your dream. If you do what you love, hold nothing back, and never let fear of failure get in your way, then you've pretty much figured out the Trump formula.
"In person, my father is so friendly, so considerate, so funny, and so real. I have admired my father all of my life, and I love him with all my heart."
What did Tiffany Trump wear to the inaugural ball?
Tiffany's beautiful gown was designed by Simin Taghdiri of Simin Couture in Los Angeles - you'd never guess it was a last minute decision.
Simin told Hollywood Reporter she was only asked last week to dress Tiffany and mum Marla for the big night.
"For Tiffany, it was a very last-minute. Last week, I got an email that Tiffany and her mum needed a dress, so I took the dresses, which I already had in stock — because we didn’t have enough time to make them from scratch — and I went to New York, where I spent two days altering dresses."