Swatch, Tiffany Claim Damages After Partnership Split
Swiss watchmaker Swatch Group and U.S. luxury goods producer Tiffany & Co. are claiming damages from one another in the wake of a failed alliance. The two companies formed an alliance in late 2007 to spur the development, production and global distribution of Tiffany brand watches. The alliance, which included setting up Tiffany Watch Co, ended last September. This was due to a breach of contract by Tiffany, Swatch said, adding that the damages sought include a claim for lost profits. Following the breakup, Tiffany Watch Co. will wind down its business over two years.