Swatch wins compensation from Tiffany's over contract tiff

Swiss watchmaker Swatch Group said Sunday it has won a lawsuit against US jewellery group Tiffany & Co over a failed joint venture to jointly design and market luxury watches.

Tiffany was required to pay Swatch 402 million Swiss francs (327 million euros, $449 million) under the ruling by the Netherlands Arbitration Institute, it said in a statement.

The case stemmed from a 2007-2011 cooperation deal that Swatch said Tiffany had systematically obstructed.

Swatch Group had sought 3.8 billion Swiss francs from its erstwhile partner, while Tiffany had demanded 541.9 million Swiss francs from Swatch.

Swatch said the Netherlands Arbitration Institute had rejected Tiffany's counter-suit.