News Flash

A new watch company to produce Tiffany collection

03 Dec '07

3 min read

The Swatch Group Ltd and Tiffany & Co announced a strategic alliance to further the development, production and worldwide distribution of TIFFANY & CO. brand watches.

Michael J. Kowalski, chairman and chief executive officer of Tiffany & Co, stated “This alliance will place TIFFANY & CO. within the distinguished collection of luxury watch brands manufactured and distributed by the Swatch Group.

Nick Hayek Jr. and I began discussing possible collaboration between our two companies over a year ago and I am delighted that these discussions have led to this historic agreement.

Swatch Group is the best conceivable strategic partner for Tiffany's long-planned re-entry into watch distribution. It is the leader in the high-end watch business with unparalleled distribution capabilities and experience in the luxury segment of the watch business.”

Nick Hayek Jr, chief executive officer and president of the group management board of The Swatch Group Ltd, affirmed the prospects for a long-term, successful partnership, noting that “TIFFANY & CO is a true luxury brand with a long-standing heritage in watches.

The two companies will collaborate on design, engineering, manufacturing, marketing, distribution and service. In consequence, we fully expect to see TIFFANY & CO strengthen its position among the best known and most respected watch brands worldwide.”

Under the agreements announced, Swatch Group will incorporate a new watch-making company in Switzerland. The new company will be authorized to use Tiffany's trademarks and operate under the Tiffany name.

Tiffany will participate in the watch company's before-tax profits and in its governance through one seat on its board of five directors, and seats on both the product design and marketing committees. The Watch Company will be wholly-owned by Swatch Group.

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