On May 18, 2004 Tiffany & Company announced on their shareholder report that they entering a new retail jewelry venture. The venture was to open and operate a retail new jewelry store name IRIDESSE that will be exclusively focused on pearls and pearl jewelry. The approximate price points will range from slightly under $100 to $40,000. The first store opened in McLean Virginia in the fall of 2004. Within five years, Tiffany