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RAPAPORT... Tiffany & Co. intends to proceed with plans to design, produce, market and distribute Tiffany & Co.-branded watches, according to a filing with the Securities & Exchange Commission (SEC). The luxury jeweler originally established an exclusive agreement with the Swatch Group and its affiliate ''Tiffany Watch Co. Ltd.'' in December 2007 (watch the launch from Tiffany's flagship store); however, the deal ended in a bitter and expensive court battle less than two years later.
Swatch sued Tiffany & Co. in 2011 for $4 billion, citing lost revenue; Tiffany & Co. countersued for $600 million. Both parties have been cooperating in a ''confidential'' arbitration proceeding to resolve the matter outside of the U.S. Nonetheless, Tiffany & Co. told the SEC today that communication from the ''Swatch Parties'' indicated the all agreements were automatically terminated as of October 1, 2013, enabling it to proceed with brand watch plans through alternative arrangements.
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