06 Jun 2020
DiamondWorld Directory
Home |
News
Home
Tiffany & Co. ordered to pay half a billion dollars to Swatch
Dutch arbitration panel ordered Tiffany & Co. to pay almost $450 million dollars (402 million Swiss Francs)
By: Diamond World News Service
|
Dec 23 2013 6:36PM
|
Reference: 8652  

DecreaseIncrease
Swiss watchmaker Swatch Group has won a lawsuit against U.S. jewellery brand Tiffany & Co. over a failed joint venture to jointly design and market luxury watches. Tiffany & Co. was ordered to pay Swatch Group about 402 million Swiss francs (327 million euros, $449 million) in compensation over a contractual dispute.

Swatch, the world's largest watchmaker, and Tiffany, a New York-based jewellery brand, had struck an agreement in 2007 to develop watches under the Tiffany brand together. The arrangement, intended to last for 20 years and give Tiffany a much bigger place in the luxury watch market, never turned into big business for both company, and the deal ended in animosity in 2011. The dispute arose when Swatch canceled its co-operation with Tiffany.

The companies sued one another where their Tiffany Watch Co. joint venture was domiciled. Swatch Group had sought 3.8 billion Swiss francs from its erstwhile partner, while Tiffany had counter-sued for 541.9 million Swiss francs from Swatch.

Tiffany chief executive Michael J. Kowalski said that he is shocked and extremely disappointed with the decision but Tiffany has sufficient financial resources to pay the full amount of damages.

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
HouseAd_Trade Fair
Search News by City
Advertisement
Kosher 23460
Advertisement
Kosher 23460
Recent Issue
2020
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 26403
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 35
GJEPC Chairman Interview
Views: 23703
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 30655
Promo for IJ Awards 2012 at NDTV Profit
Views: 44877
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 45904
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 18165
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 43533
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 41786
Advertisement
KGK_Antwepr
Advertisement
M.Tarun
Member of:
Supporter of: