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The Swatch Group Ltd. Files CHF541.9 Million Conterclaim Against Tiffany & Co.-DJ


Monday, 12 Mar 2012 02:12am EDT 

Dow Jones reported that The Swatch Group Ltd. said that following the termination of the long-term cooperation agreement with Tiffany & Co., Tiffany has made a counterclaim against Swatch Group. Following the termination of long-term cooperation agreements with Tiffany & Co., Swatch Group and its affiliate Tiffany Watch Co. Ltd claimed CHF3.8 billion in damages from Tiffany & Co. at the end of December 2011. Tiffany & Co. responded with a so-called counterclaim of CHF541.9 million. In December 2007, Swatch Group entered into long-term cooperation agreements with Tiffany & Co. to design, manufacture and distribute Tiffany & Co. watches worldwide. Based on the long-term commitments of Tiffany & Co., Swatch Group invested millions to develop, distribute and sell 'Tiffany & Co.' watches through its own stores, its worldwide network of independent retailers and through Tiffany & Co. stores. 

Company Quote

75.07
-1.52 -1.98%
19 Jun 2013