Swatch Group and Tiffany Form New Watch Company

The Swatch Group and Tiffany & Co. have formed a watch company to "further the development, production, and worldwide distribution of Tiffany brand watches." The 20-year strategic alliance (renewable for another 10), in talks for over a year, was announced in December. This is "a path-breaking strategic move," said Nicolas G. Hayek Sr., Swatch Group chairman and cofounder. "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 reentry 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." Nicolas Hayek Jr., CEO and
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