The Swatch Group Ltd. and Tiffany & Co. decided to form an alliance meant to continue the production and distribution around the world of brand watches developed by Tiffany & Co.
The chairman and chief executive of the company, Michael J. Kowalski, mentioned that the alliance will help Tiffany & Co. to establish itself among the famous line of luxury watch brands that are created and distributed by the Swatch Group. He mentioned that together with Nick Hayek Jr. they started a discussion about the possible partnership of the two companies more than a year ago.
Swatch Group CEO and president of the group management board, Nick Hayek Jr., looks forward to establish a long-term and successful relationship, stating that Tiffany & Co. represents a true luxury brand, having a rich history in the field of watches.
Both companies will work together on design, engineering, manufacturing, as well as marketing, distribution and service. Mr. Hayek expressed his expectations to strengthen the position of the luxury watch brand among some of the most popular watch brands worldwide.
The chairman and co-founder of The Swatch Group Ltd., Nicolas G. Hayek, outlined that the agreement between the two companies is a very important strategic move, which allows using the manufacturing and distribution resources at maximum, implying no financial capital transactions.
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