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Tiffany's to pay Swatch 327 million euros

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Tiffany's to pay Swatch 327 million euros

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New York-based jeweller Tiffany’s has slashed its profit outlook for this year following a court decision that it must pay watch company Swatch nearly 449 million dollars (327 million euros).

A Dutch court made the order over a failed joint venture to produce and market watches.

A deal between the two was signed in 2007 but, following disagreements, the companies sued each other and the case went to arbitration in 2012.

In a statement, Tiffany’s said it had the resources to pay, adding there would be no impact on short or long term plans.

Swiss based Swatch is the world’s largest watchmaker.