Tiffany & Co., for anyone who can wait until 2027

Avenida da Liberdade has changed more in the last ten years than in the fifty before. And the next change is the biggest yet.

In October, ECO reported that Tiffany & Co. will open its first store in Portugal in 2027. A week later came the second part of the story: Bulgari will take a space in the former headquarters of Banco Espírito Santo, at Avenida da Liberdade 201, joining Loro Piana and Celine. All of them belong to LVMH.

Where exactly, and why it is confusing

I want to be precise, because the reports changed. On 2 October, ECO wrote that Tiffany would open in the old BES building. On 8 October, ECO Avenida reported that it is in fact Bulgari that will occupy one of the four shops of that building, and that Tiffany will open in another space on the Avenida.

So: Tiffany's first Portuguese store is coming in 2027, on Avenida da Liberdade. The exact address has been reported differently, and I will confirm it when the brand does. Bulgari, which already has a boutique on the Avenida, will have a new home at number 201, next to Loro Piana and Celine.

The building

The former BES headquarters is one of the most recognisable buildings on the Avenida. After the collapse of the bank in 2014, it stood as a symbol of a difficult decade for Portugal. Seeing it reopen as a home for jewellery and fashion houses is, in a way, the end of that story.

The houses

Tiffany was founded in New York in 1837 by Charles Lewis Tiffany. The blue box, the Blue Book high jewellery collection, the Tiffany Setting engagement ring of 1886. LVMH bought it in 2021. According to the LVMH third quarter release, Tiffany continued to strengthen its icons, HardWear, Knot and Sixteen Stone, and to renovate its stores.

Bulgari was founded in Rome in 1884 by Sotirios Voulgaris, a Greek silversmith. This year its new Eclettica line of high jewellery and watches generated record breaking revenue, according to LVMH.

Loro Piana is the quietest luxury in the group, Italian cashmere and vicuña since 1924. Celine, now designed by Michael Rider, is having a strong creative moment.

Curious facts

• The "Tiffany Blue" colour is a registered trademark. The house chose it in 1845 for the cover of its first Blue Book catalogue.
• The name Bulgari is written BVLGARI in the logo, with a V in the Latin style of Roman inscriptions.
• LVMH's Watches and Jewelry division grew 8 percent organically in the first nine months of 2026, the best organic growth of any LVMH division.

What it means for Lisbon

For years, Portuguese clients who wanted Tiffany travelled to Madrid, Paris or London. In 2027, they will not need to.

The Avenida is now one of the most demanded luxury streets in Southern Europe, with almost no vacant shops. Every brand that arrives raises the bar for the others. That is good for clients and good for the city.

My take

I have mixed feelings, and I want to be honest about them. A street full of global brands can start to look like every other luxury street in the world. The Avenida has to keep its Portuguese soul: its calçada, its trees, its old buildings and its independent addresses.

But I also see the other side. These houses bring craftsmanship, jobs and visitors who also discover Portuguese brands a few doors away. And an old bank headquarters full of jewellery is a much better symbol than an empty one.

For anyone who can wait until 2027, the most anticipated opening in Lisbon has a little blue box at the end of it.