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The moves come at a time when Tiffany is facing challenges. Tiffany Cushion maintain profit margins in the face of rising costs of materials, Tiffany raised its prices last year by about 10%, analysts estimate, and upped them yet again in January. In addition, sales of Tiffany's lower-priced silver jewelry, which represented almost a third of sales in 2009, have dropped as entry-level luxury shoppers - who dabbled in buying upscale brands Tiffany Elsa Peretti Sevillana earrings the recession hit - have cut back. Even worse, some observers say that the scale of Tiffany's success is overblown. They say that much of it is due to nothing more than a massive consolidation of the jewelry industry after many smaller competitors folded during the recession. In the New York area, Tiffany Elsa Peretti Sevillana lariat well-known names as Fortunoff, Finlay Enterprises and Whitehall Jewelers have all gone to the wall. "A lot of mom-and-pop stores were forced out of business, and that's an opportunity for those who remain standing, especially Tiffany," said Jennifer Milan, an analyst at Sterne Agee & Leach.Tiffany also made its share Tiffany Elsa Peretti Sevillana Mesh bracelet mistakes in recent years, buying brands such as a cruise ship-related jewelry line called Little Switzerland and stocking more lower-priced goods. "All the while, Tiffany was trying to apply their processes to other businesses, but they came to understand that their brand is incredibly special and unique," said David Schick, an analyst at Stifel Nicolaus. "There's a big, worldwide appetite for it." Having learned its lesson, Tiffany has now brought in Mr. Cumenal, who was previously chief executive of LVMH's Moet & Chandon champagne business.