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Swatch to contest ruling in Tiffany case
The Swatch Group said it will appeal the Dutch court decision that voided the $449 million in damages Tiffany & Co. paid over the companies’ failed partnership.
Biel/Bienne, Switzerland--The Swatch Group said it will appeal the Dutch court decision that voided the $449 million in damages Tiffany & Co. paid over the companies’ failed partnership.
On Wednesday, the District Court of Amsterdam “set aside” the multi-million arbitration award issued in the case in December 2013.
In that ruling, which followed months of confidential arbitration, the court ordered Tiffany to pay about $449.5 million in damages plus interest and legal fees, which pushed the total amount Tiffany owed to more than $500 million. The court also threw out Tiffany’s $589 million counterclaim in the suit.
Tiffany paid out the damages in January 2014.
According to an 8-K filing, Tiffany petitioned to have the award annulled in March 2014, which doesn’t happen often. There are only “limited grounds” on which parties can ask the Dutch court to set aside arbitration awards, the filing states, and Tiffany sought an annulment on these grounds, though it did not elaborate on the specifics of its petition in the 8-K.
On Wednesday, the venerable New York-based retailer notched a seemingly unexpected victory in its watch battle with Swatch when the court decided in its favor.
The case, however, is not over, as Swatch immediately said it plans to appeal the decision.
“The setting aside has been undertaken on purely formal reasons, which are fully contested by The Swatch Group Ltd.,” the company said in a statement. “The arbitration award … was issued correctly and contains no formal error.”
Tiffany struck up a partnership with Swatch Group in December 2007 under which the Swiss watchmaker developed, produced and distributed Tiffany & Co. brand watches. The joint company was called Tiffany Watch Co. Ltd. and its timepieces were sold in stores worldwide, including independent retailers.
In September 2011, Swatch Group announced publicly that it was terminating the partnership because of Tiffany’s “systematic efforts to block and delay development of the business.” Swatch filed a claim for lost profits that December and Tiffany fired back with a counterclaim in March 2012.
Tiffany said in its 8-K that the appeal will not be resolved for at least 18 months. It could result in the court finding that Swatch breached the contract, that Tiffany breached the contract or that neither party was at fault.
If Tiffany is found at fault again, the 8-K states that the retailer could end up paying more than it
did in the original court ruling.
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