Whiteflash-Diamond Playground

From JCK - The Swatch Group, the world’s largest watchmaker, and Tiffany & Co., one of the globe’s leading luxury retailers, announced Dec. 2 that they have formed a new watch company to “further the development, production and worldwide distribution of Tiffany brand watches.” The strategic alliance, in discussion for over a year, is for 20 years, and can be extended another 10 if certain conditions are met. The agreement is “a path-breaking strategic move,” said Nicolas G. Hayek, Sr., chairman and co-founder of The Swatch Group. Swatch and Tiffany are “again setting trends. It allows without any financial capital transaction the maximum utilization of manufacturing and distribution resources of both partners.” “The Swatch Group is the best conceivable strategic partner for Tiffany’s long-planned re-entry into watch distribution,” said Michael J. Kowalski, Tiffany chairman and chief executive officer. “It’s the leader in the high-end watch business with unparalleled distribution capabilities and experience in the luxury segment of the watch business.” (full story)