Swatch Group inks watch deal with Tiffany – 04/12/07Source: ©The Moodie ReportBy Melody Ng
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 |
