Tiffany to Open Moscow Store

New York City-based Tiffany (NYSE: TIF  ) is moving to Red Square.

Well, not "moving" so much as opening a new store, and not "to" Red Square so much as to the second-most famous building adjoining Moscow's most famous Square -- the mammoth GUM department store.

Beginning some time in Q1 2014, GUM -- the initials of the Russian words roughly translating as "State Department Store" -- will open a two-level, 4,520-square-foot store within GUM, a locale Tiffany describes as "the city's premier destination for luxury shopping and a center for art and culture." This will be Tiffany's first store in Russia.

Company Executive Vice President Frederic Cumenal commented: "Establishing a presence at this preeminent department store is a milestone in our growth strategy as a leading global luxury brand and underscores the importance of the Russian market."

Next-door neighbor Vladimir Lenin, who resides in a small house directly across Red Square from Tiffany's new store location, could not be reached for comment.