According to documents lodged with the US Securities and Exchange Commission (SEC), the company intends to proceed with alternate plans to design, produce, market and distribute Tiffany & Co-branded watches.
Initially in 2007, Tiffany and Swatch signed an exclusive agreement, which included the formation of the ''Tiffany Watch Co. Ltd''. However, within four years the deal had soured and the parties headed to the courts.
As previously reported by Jeweller, Swatch sued Tiffany in 2011 for US$4 billion (AU$4.2b), citing lost revenue caused by delays within Tiffany; Tiffany countersued for US$600 million (AU$635m), blaming Swatch’s breach of contract.
Both parties have been participating in confidential arbitration in the Netherlands in order to resolve the matter. A decision is yet to be reached, according to a Tiffany spokesperson.
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