Breakfast, lunch and dinner at Tiffany?s: Tiffany ordered to pay Swatch CHF402m in damages

Thread: Breakfast, lunch and dinner at Tiffany?s: Tiffany ordered to pay Swatch CHF402m in damages

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  1. #1
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    Breakfast, lunch and dinner at Tiffany’s: Tiffany ordered to pay Swatch CHF402m in damages

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    In this, the season of goodwill, you can bet the Swatch Group is not on Tiffany’s Christmas card list. The distinguished American brand Tiffany & Co. has been ordered to pay the Swatch Group damages totalling CHF402 million, following a lawsuit relating to the companies' terminated watch collaboration.

    The NAI Netherlands Arbitration Institute has passed a judgement sentencing Tiffany & Co. to pay Swatch Group damages following a lawsuit dating back to 2011.

    Swatch signed a deal to produce watches under the Tiffany brand in 2007, but in September 2011 the Swiss watchmaking giant ended the partnership, calling it “necessary action following Tiffany & Co.’s systematic efforts to block and delay development of the business”. Tiffany dismissed these claims, stating it had “honoured its obligations under the agreement”. The Swiss watch group originally sued Tiffany brand for CHF3.8 billion (£2.65bn), money it claims it lost in developing the watch brand. Tiffany, however, filed a countersuit against Swatch for CHF542 million (£377.4m) for compensation, a claim Swatch Group said it would “vigorously contest”.

    According to the BBC, Tiffany said the decision would not impact its ability to realise its existing business plans in the short or long term and that it would review its legal options. This one could run and run, but hey, don't let it ruin your Christmas!

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    Last edited by Michael Weare; December 25th, 2013 at 10:32.

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    Re: Breakfast, lunch and dinner at Tiffany’s: Tiffany ordered to pay Swatch CHF402 in damages

    Last edited by Le Chiffre; December 24th, 2013 at 17:13.
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    Moderator Public Forum John MS's Avatar
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    Re: Breakfast, lunch and dinner at Tiffany’s: Tiffany ordered to pay Swatch CHF402 in damages

    I remember this when it first broke. It's a divorce proceeding where the couple's name calling got so bad it went to arbitration where the administrator provided a one time cash payment in lieu of alimony.

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    Re: Breakfast, lunch and dinner at Tiffany’s: Tiffany ordered to pay Swatch CHF402 in damages

    The pushers are far bigger that the subdials.

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    Re: Breakfast, lunch and dinner at Tiffany’s: Tiffany ordered to pay Swatch CHF402 in damages

    Chump change for Tiffany.

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    Re: Breakfast, lunch and dinner at Tiffany’s: Tiffany ordered to pay Swatch CHF402 in damages

    Quote Originally Posted by brrrdn View Post
    Chump change for Tiffany.
    I read that is more than their net for 2012, so...a bit more than chump change.

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    Re: Breakfast, lunch and dinner at Tiffany’s: Tiffany ordered to pay Swatch CHF402 in damages

    Quote Originally Posted by Henry Krinkle View Post
    I read that is more than their net for 2012, so...a bit more than chump change.
    True. But they have more than enough cash reserves to pay the reward in full.

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    Re: Breakfast, lunch and dinner at Tiffany’s: Tiffany ordered to pay Swatch CHF402 in damages

    Frankly the watches were quite disappointing and not in line with prevoius Tiffany designs...
    Watches are fun IF you don't take them seriously.
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    Re: Breakfast, lunch and dinner at Tiffany’s: Tiffany ordered to pay Swatch CHF402 in damages

    I have always found the watch brands under the Richemont group to offer more compelling designs, and I suspect it's because they're allowed to function much more autonomously, as opposed to some of the Swatch group brands, which seem to be intentionally crippled in order to pigeonhole each brand into non-competing niches.
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    Re: Breakfast, lunch and dinner at Tiffany’s: Tiffany ordered to pay Swatch CHF402 in damages

    Does Swatch have a business model or what? They make money if the sell watches and they make money when they don't!


    I do know probably both "lost" in this but it is still funny how Swatch just rolls.

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