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PR Newswire
23-12-2013, 04:10 PM
First JV but with 20 years contract? It is always good to do one step at a time...
Tiffany to pay S$570m in damages to Swatch
ZURICH/NEW YORK — Tiffany & Co yesterday (Dec 22) said a Dutch arbitration court ruled that it must pay Swatch 402 million Swiss francs (S$568.48 million) in damages over their failed joint venture to produce and market watches, and the New York-based jeweller slashed its profit outlook for the year.
Swatch, the world’s largest watchmaker, and Tiffany, a New York-based jeweller, had struck an agreement in 2007 to develop watches under the Tiffany brand together.
The arrangement, intended to last for 20 years and give Tiffany a much bigger place in the luxury watch market, never turned into big business for either company, and the deal ended in acrimony in 2011.
The companies sued one another in arbitration court in the Netherlands, where their Tiffany Watch Co joint venture was domiciled. The case went to arbitration last year
...
http://www.todayonline.com/world/america...ges-swatch
Tiffany to pay S$570m in damages to Swatch
ZURICH/NEW YORK — Tiffany & Co yesterday (Dec 22) said a Dutch arbitration court ruled that it must pay Swatch 402 million Swiss francs (S$568.48 million) in damages over their failed joint venture to produce and market watches, and the New York-based jeweller slashed its profit outlook for the year.
Swatch, the world’s largest watchmaker, and Tiffany, a New York-based jeweller, had struck an agreement in 2007 to develop watches under the Tiffany brand together.
The arrangement, intended to last for 20 years and give Tiffany a much bigger place in the luxury watch market, never turned into big business for either company, and the deal ended in acrimony in 2011.
The companies sued one another in arbitration court in the Netherlands, where their Tiffany Watch Co joint venture was domiciled. The case went to arbitration last year
...
http://www.todayonline.com/world/america...ges-swatch
“夏则资皮，冬则资纱，旱则资船，水则资车” - 范蠡