Tiffany confirms final split from Swatch

Tiffany & Co. and Swatch Group have officially severed ties after a protracted legal battle, leaving the American jeweler free to seek new opportunities for its line of branded watches. On October 11th, Tiffany told the Securities & Exchange Commission that its relationship with the Swatch Group automatically terminated on the first of October, leaving it in control of its timepiece collection. Tiffany & Co. and Swatch Group joined forces in 2007, with Tiffany stating the deal would make them a leading name in watches. However, the agreement fell apart in less than two years, leading to a lengthy fight in court. Initially, Swatch sued for $4 billion in lost revenue and Tiffany countersued for $600 million, claiming breach of contract. The companies then took the case to a European court, participating in a confidential arbitration in the Netherlands.