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Luxury Retailers Embrace Secret Sales

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Luxury Retailers Embrace Secret Sales

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Turns out department stores and designers aren't the only ones turning to blow-out sales to boost profits -- even well-established jewelers are lowering prices. But here's the catch: They won't advertise it.

According to the Times UK, an employee at Tiffany & Co. confessed that the legendary jewelry store has secretly lowered the prices of its engagement rings by a full 10 percent (Tiffany engagement rings, people!), bringing the average price down from $10,000 to $9,000. Of course, the employee notes that it wouldn't be in the company's best interests to tell the world they were marking down a covetable item that the store markets as a priceless investment. So they instead rely on "quiet conversations with buyers" to get the message across that the price of the ring they want could, in fact, be less than advertised.

If you think that's worth investigating, try this on for size: The Times also reports that some Neiman Marcus shoppers are invited to special "midday dash" sales that discount brands like Christian Louboutin by 50 percent or more. Needless to say, we're planning to start snooping and report any results we find ...

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