Tiffany sues Costco over sales of engagement rings
Feb 14 (Reuters) - Tiffany & Co on Thursday sued Costco Wholesale Corp to stop the largest U.S. warehouse club chain from selling what it called "counterfeit" diamond engagement rings bearing the luxury retailer's name.
The trademark lawsuit filed in Manhattan federal court also calls on Costco to forfeit profits from the ring sales, plus damages of $2 million per infringement.
Tiffany said it believes hundreds, if not thousands, of Costco members bought engagement rings that they believed were authentic Tiffany products but in fact were not.
Luxury retailers often sue to stop sales of alleged imitation products that they believe cut into their own revenue streams and customer goodwill.