BERLIN (AP) — Swatch Group AG says it has won a contractual dispute with Tiffany & Co.
The Swiss watchmaker says the Netherlands Arbitration Institute has ordered Tiffany to pay Swatch 402 million Swiss francs ($449 million) in compensation.
Tiffany confirmed the amount in a statement Sunday, saying it was also required to pay more than $9 million for Swatch's legal fees and the cost of arbitration.
Tiffany's chief executive, Michael J. Kowalski, said "we were shocked and extremely disappointed with the decision." He says the company has "sufficient financial resources" to pay the full amount and he doesn't believe the award "will impact our ability to realize our existing business plans."
The dispute arose in 2011 when Swatch canceled its cooperation with Tiffany, accusing the New York-based jeweler of breach of contract.