Swatch Group inks watch deal with Tiffany – 04/12/07
Published: 04/12/07
Source: ©The Moodie Report
By Melody Ng
SWITZERLAND/US. Swatch Group and Tiffany & Co have announced a strategic alliance to develop, produce and distribute Tiffany & Co brand watches.
Commenting on the partnership, Swatch Group CEO and President of the Group Management Board Nick Hayek Jr said: “Tiffany & Co is a true luxury brand with a long-standing heritage in watches. The two companies will collaborate on design, engineering, manufacturing, marketing, distribution and service.
“In consequence, we fully expect to see Tiffany & Co strengthen its position among the best known and most respected watch brands worldwide,” he added.
Echoing Hayek's confidence, Tiffany & Co Chairman and CEO Michael J. Kowalski said: “This alliance will place Tiffany & Co within the distinguished collection of luxury watch brands manufactured and distributed by the Swatch Group. Nick Hayek Jr and I began discussing possible collaboration between our two companies over a year ago and I am delighted that these discussions have led to this historic agreement.
“Swatch Group is the best conceivable strategic partner for Tiffany’s long-planned re-entry into watch distribution. It is the leader in the high-end watch business with unparalleled distribution capabilities and experience in the luxury segment of the watch business,” he enthused.
Swatch Group Chairman and co-founder Nicolas G. Hayek stated: “This agreement is a path-breaking strategic move. The Swatch Group Ltd and Tiffany & Co are again setting trends. It allows without any financial capital transaction the maximum utilisation of manufacturing and distribution resources of both partners.”
MORE STORIES ON THE SWATCH GROUP AND TIFFANY & CO
Frank Furlan takes up new Swatch Group role – 03/08/07
Nice success for The Swatch Group subsidiary Tech-Airport on French Riviera – 12//07/07
Break fast at Tiffany – US jeweller to sell Little Switzerland retail chain by month-end – 03/08/07
Terminal Five ties the knot with Tiffany – 22/02/07
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