PARIS — Swatch Group is lending its muscle to Tiffany & Co. in the New York jeweler’s bid to grow its watch business worldwide.
The Swiss watch firm and Tiffany on Monday said they had sealed a 20-year strategic alliance that foresees the creation of a new Swiss-based company to manufacture, design and market luxury watches under the Tiffany name.
Swatch Group, whose stable of brands include Breguet, Blancpain, Omega and Swatch, will own the new watch company. Tiffany will hold one of the five seats on the company’s board, through which it will participate in before-tax profits and offer input on design and marketing.
For complete coverage, see Tuesday’s issue of WWD.