"The Brand is definitive and iconic, yet continues to push and evolve with the times", Gagasaid in a statement, adding that the brand represents "timeless American jewelry".
Frederic Cumenal has resigned as CEO of Tiffany & Co. after less than two years in the job.
The company's chairman and former CEO, Michael Kowalski, will replace Cumenal on an interim basis while it searches for an appropriate successor.
"The board is committed to our current core business strategies, but has been disappointed by recent financial results", Kowalski said in a statement Sunday.
Sales over its Christmas trading period also grew seven per cent in Asia-Pacific and 16 per cent in Japan, but these increases were offset by continuing declines in the Americas and Europe.
President Trump continued exercising his executive-order authority Friday, this time challenging the breadth and depth of Wall Street regulations imposed by the Obama administration in the aftermath of the Great Recession.
To cope up with the rising demands, and competition offered by the other brands in the global market, they have to accelerate the execution process. The strategic direction-a focus on introducing new products, targeted marketing investments, optimising existing stores, and cost control-will remain the same until a permanent replacement is found.
Despite these failures, there was a rise of approximately 3 percent in the share price of Tiffany, as observed on Friday.
"Management attributed the lower sales to local customer spending, with a decline in U.S. sales exacerbated by a 14% decline at the company's flagship store on Fifth Avenue in NY, which we attribute at least partly to post-election traffic disruptions", a statement said. Reed Krakoff will now fill the role of chief artistic officer.