Tuesday, September 13, 2011

Swatch Group Breaks Ties with Tiffany & Co.

Tiffany & Co's unremarkable watch designs failed to impress Swatch Group who eventually gave the company the boot.  In 2007, Swatch Group founded Tiffany & Co. Ltd, which was was responsible for the development, production and distribution of Tiffany & Co. branded Watches; however the resulting collections were bland and unassuming lacking a certain charm and color.  Where was the Tiffany & Co. which created exquisite jewelry designs dripping with gems and swirling with color?  Where was the Tiffany & Co. who created tender dragon fly broaches with elegant wings and tender craftsmanship? Where was the company who supplied magnificent jewelry to renowned New York Vanderbilts and Astors and whose creations are displayed in museums?   It seems Tiffany & Co. Ltd watches were left out of the creative company loop, and all that remained was a kind of apologetic collection of watches.  Tiffany & Co. can go two ways at this stage, either admitting the company is not ready for the extremely competitive and highly critical watch market and close the watch shop or revamp its collections and create unique  timepieces which actually represent Tiffany & Co. quality.

As per the original statement by Swatch Group, see below, both Swatch Group and Tiffany & Co, were highly optimistic about there vision of a long term alliance.  This partnership failed to such an extent that "Swatch Group and Tiffany Watch Co. LTD will press claims for damages against Tiffany & Co., New York, in compensation for the loss of planned long-term future business."  It seems to me, Swatch Group expected "more" from Tiffany & Co. - A "more" Tiffany & Co did not provide.  Tiffany & Co's watches are not bad watches.  They may suit the taste of some, and the watches would be quite fitting on the sales floors of less prestigious companies, but being Tiffany & Co. (established in 1837), the watches do not live up to the brand.  If their watch brand means to excel, I think they should look to Louis Vuitton,  Harry Winston, Cartier and Van Cleef & Arpels - companies which have made waves in the world of watches.

Original Statement at Partnership Commencement:

In December 2007 Swatch Group and Tiffany & Co. announced a strategic alliance to further the development, production and worldwide distribution of Tiffany & Co. brand watches. Under the agreement, the new watch company, known as Tiffany Watch Co. Ltd and wholly owned by Swatch Group, will design and manufacture in Switzerland a complete range of high-end luxury watches.
The enormous prestige of the Tiffany & Co. brand and the Swatch Group’s watchmaking expertise and experience in the luxury segment form a powerful platform on which to build one of the world’s top luxury watchmakers.
Tiffany Watch Co. Ltd is a Swiss company. Its products are designed and manufactured in Switzerland and distributed selectively through Swatch Group and Tiffany & Co. retail distribution networks, including monobrand Tiffany & Co. watch boutiques in certain markets outside the United States. (Source:  Swatch Group. com)

1 comment:

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