Full Description

Tiffany & Co. is a holding company that operates through its subsidiary companies. The Company’s principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer whose principal merchandise offering is fine jewelry. It also sells timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories. Through Tiffany and other subsidiaries, the Company is engaged in product design, manufacturing and retailing activities. The Company operates in three segments: Americas, Asia-Pacific and Europe. Americas includes sales in TIFFANY & CO. stores in the United States, Canada and Latin/South America, as well as sales of TIFFANY & CO. products in certain of those markets through business-to-business, Internet, catalog and wholesale operations. Asia-Pacific includes sales in TIFFANY & CO. stores in the Asia-Pacific region. Europe includes sales in TIFFANY & CO. stores in Europe, as well as sales of TIFFANY & CO. products.

Americas

Retail sales consists of sales transacted in TIFFANY & CO. stores in the United States, Mexico, Canada and Brazil. Tiffany distributes a selection of its products in the United States and Canada through its Websites at www.tiffany.com and www.tiffany.ca. Tiffany also distributes catalogs of selected merchandise to its list of customers in the United States and to mailing lists rented from third parties. SELECTIONS catalogs are published four times per year, supplemented by other targeted catalogs. Business sales executives call on business clients, selling products drawn from the retail product line and items specially developed for the business market, including trophies and items designed for the particular customer. Business customers have typically made purchases for gift giving, employee service and achievement recognition awards, customer incentives and other purposes. Products and services are marketed through a sales organization, through advertising in newspapers and business periodicals and through the publication of special catalogs. Business account holders may make gift purchases through the Company’s Website at http://business.tiffany.com.

Asia-Pacific

The retail sales consists of sales transacted in TIFFANY & CO. locations in Japan, China, Korea, Hong Kong, Taiwan, Australia, Singapore, Macau and Malaysia. During the year ended December 31, 2008, total net sales in Japan of TIFFANY & CO. merchandise represented 19% of the Company’s net sales. The Company does business in Japan through its wholly-owned subsidiary, Tiffany & Co. Japan, Inc. (Tiffany-Japan). The Company offers a selection of TIFFANY & CO. merchandise for purchase in Japan and Australia through its Websites at www.tiffany.co.jp and www.tiffany.com/au. Selected TIFFANY & CO. merchandise is sold to independent distributors for resale in Asia-Pacific markets, predominantly in the Middle Eastern region.

Europe

Retail sales consists of sales transacted in TIFFANY & CO. stores in the United Kingdom, Germany, Italy, France, Austria, Switzerland, Belgium, Spain and Ireland. The Company offers a selection of TIFFANY & CO. merchandise for purchase in England, Wales, Northern Ireland and Scotland through its Website at www.tiffany.com/uk.