Today the Swatch Group terminated their contract with Tiffany & Co. as a result of what they felt was a breach of contract. Swatch claims that Tiffany & Co. has made premeditated efforts to block and delay the development of their business. Tiffany Watch Co. Ltd. will be permitted to withdraw from their current business situation over the course of two years following effective termination of the cooperation contracts.
In the Spring of 2008, the Swatch Group founded Tiffany Watch Co, Ltd., which was responsible for the development, production, and distribution of Tiffany & Co. branded watches. Swatch Group and Tiffany Watch Co. Ltd. will press claims for damages against Tiffany & Co., New York, as a means of compensation for the loss of future business.