Tiffany & Company
This has been a bad month for the famed jeweler, Tiffany & Company. Now I don’t mean that they’ve had bad sales, or maybe some break-in but it has just been a bad month in regards to their reputation as reflected in some court cases and various scandals.
Ingrid Lederhaas-Okun sentenced to 1 year in jail
First the scandal, former Tiffany executive Ingrid Lederhaas-Okun has been sentence to one year in jail for stealing approximately $1 million in jewelry from Tiffany. Apparently, she had been “checking out” jewelry but neglected to return it. Instead she sold the pieces to a Manhattan retailer for about $1.3 million. She only checked out pieces under $10,000 because these didn’t show up on the Tiffany radar. For an executive with Tiffany she was pretty dumb to think no one would notice eventually.
Although these earrings explain why someone would steal from Tiffany, beautiful!
On the side of things not going well for Tiffany, a Dutch arbitrator has ruled in favor of Swatch in a case involving a failed watch venture. Tiffany has been ordered to pay $449.5 million to Swatch, 2/3 of the arbitration fees and all legal fees. This puts Tiffany out a small fortune. Add this to the $1 million in lost jewelry and Tiffany has had a pretty terrible month.
Swatch Relogios watch with diamonds
To top everything off all this bad news has affected Tiffany’s bottom line, less cash but on the plus side it cancels the contract between Tiffany and Swatch. Since Tiffany plans to move forward with its watch endeavor at least now they won’t have to hassle with a partner. Tiffany insists that all is well and while they are disappointed with the recent turn of events they are still moving along. This is what you expect from a 150+ year old company.
This too shall pass because Tiffany & Company is iconic