Press Release

The Swatch Group Ltd. and Tiffany & Co. announce strategic alliance

Biel/Bienne (Switzerland) and New York, N.Y.(USA), December 2, 2007

The Swatch Group Ltd. (SWX: UHR.VX / UHRN.VX) and Tiffany & Co. (NYSE: TIF) today announced a strategic alliance to further the development, production and worldwide distribution of TIFFANY & CO. brand watches.

Michael J. Kowalski, chairman and chief executive officer of Tiffany & Co., stated “This alliance will place TIFFANY & CO. within the distinguished collection of luxury watch brands manufactured and distributed by the Swatch Group. Nick Hayek Jr. and I began discussing possible collaboration between our two companies over a year ago and I am delighted that these discussions have led to this historic agreement. Swatch Group is the best conceivable strategic partner for Tiffany’s long-planned re-entry into watch distribution. It is the leader in the high-end watch business with unparalleled distribution capabilities and experience in the luxury segment of the watch business.”

Nick Hayek Jr., chief executive officer and president of the group management board of The Swatch Group Ltd., affirmed the prospects for a long-term, successful partnership, noting that “TIFFANY & CO. is a true luxury brand with a long-standing heritage in watches. The two companies will collaborate on design, engineering, manufacturing, marketing, distribution and service. In consequence, we fully expect to see TIFFANY & CO. strengthen its position among the best known and most respected watch brands worldwide.”

Nicolas G. Hayek, chairman and co-founder of The Swatch Group Ltd., said that "this agreement is a pathbreaking strategic move. The Swatch Group Ltd. and Tiffany & Co. are again setting trends. It allows without any financial capital transaction the maximum utilization of manufacturing and distribution resources of both partners."

Upcoming press conference The two companies will host a press conference in Tiffany’s flagship New York store at 727 Fifth Avenue on Wednesday, December 5th at 11:00 a.m. to provide additional details about this arrangement. Participating in person will be Nick Hayek Jr. and Michael J. Kowalski, and, via videolink, Nicolas G. Hayek.

Contacts: Swatch Group Media:
Béatrice Howald, Spokesperson
Tel. +41 32 343 68 33
fax +41 32 343 69 22

Swatch Group Investors:
Edgar Geiser, CFO Thomas Du"rr, Corporate Treasurer
Tel. +41 32 343 68 11
fax +41 32 343 69 16

Tiffany Media:
Linda Buckley, Vice President – Media Relations
Tel. +1 212 277 5900

Tiffany Investors:
Mark L. Aaron, Vice President – Investor Relations
Tel. +1 212 230 5301
Fax +1 212 230 5341


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