Swatch Group terminates partnership with Tiffany & Co. New York for material breach of contract

Today Swatch Group terminated its cooperation contracts with Tiffany & Co. This action became necessary following Tiffany & Co’s systematic efforts to block and delay development of the business.

Within the framework of the long-term partnership agreement, in spring 2008, Swatch Group founded Tiffany Watch Co. Ltd., which was responsible for the development, production and distribution of «Tiffany & Co.» branded watches. Worldwide sales were handled through points of sale operated by Tiffany & Co., by The Swatch Group Ltd and by independent retailers.

Tiffany Watch Co. Ltd. will be permitted to wind down current business over the course of two years following effective termination of the cooperation contracts.

Swatch Group and Tiffany Watch Co. Ltd. will press claims for damages against Tiffany & Co., New York, in compensation for the loss of planned long-term future business.