Tiffany sells its subsidiary to NXP Corporation

Tiffany & Co. said that it has sold its subsidiary ‘Little Switzerland’ to the company NXP Corporation, which currently runs retail stores in the Caribbean region. ‘Jewels’ and ‘Azure by Jewels’ are two stores of NXP that sell branded jewellery and watches in the Caribbean, and Little Switzerland, which manages jewellery stores also in the Caribean region, will now be a part of this portfolio.

Tiffany mentioned that it would analyse the effects of this transaction in the financial results of August 30, although it would reduce its after-tax earnings by approximately $0.15 - $0.18 per diluted share in the second quarter ended July 31st.