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Tiffany & Co Ordered To Pay Swatch Over Failed Venture

Source: thewillnigeria.com
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The Tiffany & Co jewellery chain has been ordered to pay Swatch Group $448m (£274m) over a failed joint venture. The chain said it was "shocked and extremely disappointed" with the decision and cut its full year earnings on the news. Swatch, which is the world's biggest watchmaker, struck a deal in 2007 with Tiffany to make watches together under the Tiffany brand. But a dispute started in 2011 when Swatch cancelled the cooperation. The Swiss watchmaker said at the time that Tiffany had been trying to block and delay the venture, which was called Tiffany Watch Co. Tiffany, which has its headquarters in New York, faced Swatch in an arbitration court in the Netherlands, where the joint venture was based. Tiffany said the decision would not impact its ability to realise its existing business plans in the short or long term and that it would review its legal options. BBC