Swiss watch brand TAG Heuer won't renew contract with Sharapova

A display of the Tag Heuer "smartwatch" is seen during a news conference in New York November 9, 2015. REUTERS/Shannon Stapleton

ZURICH (Reuters) - Swiss watch brand TAG Heuer is dropping its sponsorship of Maria Sharapova, it said on Tuesday after the Russian tennis star said she had failed a drug test.

"Maria Sharapova was under contract with TAG Heuer until December 31, 2015. We had been in talks to extend our collaboration. In view of the current situation, the Swiss watch brand has suspended negotiations and has decided not to renew the contract," the unit of French luxury goods group LVMH LVMH.PA said in a statement.

Reporting by Michael Shields; Editing by Alison Williams