Tiffany and Swatch fall out
In 2007, their partnership was announced with the superlative nonsense typical of the luxury goods industry. Tiffany, the world's most famous jeweller, and Swatch, the maker of Omega and other fine Swiss watches, had "married" to make a range of "timepieces" including "a horological jewel with a curvaceous silhouette and a shower of diamonds that would have caught the eye of Audrey Hepburn in Breakfast at Tiffany's".
But now the pair are at daggers drawn over the total collapse of the relationship. Swatch sued first, seeking damages of Sfr3.8bn (£2.7bn) and declaring the partnership at an end. Tiffany had been too slow to make decisions and did not even display the £2,500-a-pop watches at its store on Fifth Avenue in Manhattan, it said.
Yesterday was Tiffany's turn, countersuing for Sfr541.9m amid claims that it was the injured party.
Swatch had vigorously rebutted the suit by lunchtime.
Some analysts have said the deal's collapse could weaken Tiffany and make it a bid target. That might be going too far, but we should expect a costly divorce for all sides.
- 1 Three of Pope Francis' relatives die in Argentina car crash, including two young great-nephews
- 5 Cilla Black defends Cliff Richard: 'I am positive that the allegations are without foundation'
Syria conflict: President Assad finally turns on Isis as government steps up campaign against militant strongholds
Michael Brown shooting: Amnesty International sends team within US for first time as National Guard deployed
Ice Bucket Challenge: Lady Gaga, Justin Bieber and Oprah – the most entertaining reactions so far
Iraq crisis: Islamic State's message to America - 'We will drown you all in blood'
Ferguson: In the heartlands of America, a descent into madness
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Ukip MEP calls for reintroduction of death penalty on fiftieth anniversary of last deaths
Russell Brand calls for Israel boycott: Comedian urges big businesses that 'facilitate the oppression of people in Gaza' to pull funding
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
World peace? These are the only 11 countries in the world that are actually free from conflict
iJobs Money & Business
£25000 - £30000 per annum + bonus+benefits+package: Harrington Starr: Junior D...
£600 - £800 per day: Harrington Starr: Java/Calypso Developer Java, Calypso, ...
£700 per day: Harrington Starr: Quantitative Developer C++, Python, STL, R, PD...
£30000 - £44000 per annum + Bonus+Benefits+Package: Harrington Starr: Web deve...