Tiffany and Swatch have formally terminated their agreement to make Tiffany-branded watches, the retailer announced in an 8K filed Oct. 10 with the Securities and Exchange Commission.
“The Swatch Parties [have indicated] that the Swatch Parties view the Agreements as having been terminated as of October 1,” the filing said.
Tiffany plans to manufacture Tiffany & Co. brand watches through alternate agreements, it added.
The Tiffany-Swatch agreement was announced with great fanfare in 2007, with Swatch CEO Nicholas Hayek Jr. declaring that Tiffany would “become one of the most important watchmakers in the world.”
But within four years, the deal fell apart, with Swatch and Tiffany now battling each other in a confidential arbitration in the Netherlands. The panel has not yet issued a decision in the arbitration, Tiffany said.
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