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Publish Date : 03-Jan-2013

Tiffany & Co and jewelry designer Elsa Peretti have reached a new 20-year license agreement, removing a cloud of doubt hanging over a collection that accounts for about 10 per cent of the upscale jeweler\'s global sales.

Ms Peretti, who has been designing high-end jewelry exclusively for Tiffany since 1974, in May was considering ending her agreement with Tiffany and tried to sell the jeweler her intellectual property, but the parties could not agree on a price.

According to terms of their new deal, reached last week and disclosed in a regulatory filing on Wednesday, Tiffany will make a one-time US$47 million payment to Ms Peretti, in addition to royalties for Tiffany\'s use of her intellectual property rights.

Tiffany is required to devote space in its stores and part of its advertising budget to Ms Peretti\'s jewelry.

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