Strategic alliance between Swatch Group and Tiffany & Co.

On 2 December Swatch Group Ltd. and Tiffany & Co. announced a new partnership to further enhance the development, production and worldwide distribution of Tiffany brand watches. "Tiffany & Co. is a true luxury brand with a long tradition in watchmaking," said Nick Hayek Jr., CEO and President of Swatch Group Ltd. "The two companies will collaborate on design, engineering, manufacturing, marketing, distribution and service. As a result, we are convinced that Tiffany & Co. will consolidate its position among the world's most renowned and respected watch brands. The initial duration of the agreement is 20 years, but the alliance can be extended further.