Swatch & Tiffany to sue one another over watches

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Swatch sues for money lost in abandoned brand partnership.

Swatch Group is suing Tiffany & Co. as the termination of the groups’ watchmaking contract last year turns sour.

Swatch had signed a deal to produce watches under the Tiffany brand, and had been doing so since 2007, but in September last year it ended the partnership, calling it “necessary action following Tiffany & Co.’s systematic efforts to block and delay development of the business”.

Tiffany has dismissed these claims and has said that it “honoured its obligations under the agreement”.

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The Swiss watch group is now suing the American jewellery brand for CHF3.8 billion (£2.65bn) – the money it claims it lost in developing the watch brand.

Tiffany, however, has filed a countersuit against Swatch for CHF542 million (£377.4m) for compensation. Swatch has said that it will “vigorously contest” this claim.

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