SecuringIndustry.com - Selling 'Tiffany' rings could cost Costco dearly tiffany and co paris

Selling 'Tiffany' rings could cost Costco dearly

US wholesaler Costco is facing a $19.4m bill for damages after jewellery brand Tiffany won a ruling in a trademark infringement suit.

The latest round in the long-running dispute - which dates back to 2013 - has gone to the jewellery company and updates a ruling in October 2016 that awarded Tiffany $5.5m in compensatory damages and $8.25m in punitive damages. The updated decision by Judge Laura Taylor Swain in the US District Court for the Southern District of New York has now increased the compensatory portion of the award to $11.1m.

The case centred on the term 'Tiffany', and whether it should be considered a generic description for a type of diamond setting commonly used for engagement rings and popularised by the jewelry company, or an enforceable trademark.

Costco - which says it will appeal the latest decision - has claimed it had made only around $781,000 in profit from the sale of around 2,500 rings, and had offered to pay that amount in reparation after being found guilty of wilfully infringing Tiffany's trademarks in 2015.

In addition to the higher damages, the latest verdict also permanently bars Costco from selling anything that Tiffany did not make as 'Tiffany' products, unless it uses modifiers such as 'Tiffany setting' or Tiffany style'.

"We brought this case because we felt a responsibility to protect the value of our customers' purchases and to ensure that Costco's customers were not misled," said Tiffany in a statement.


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tiffany and co paris

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128ct diamond on display at new Tiffany & Co. store in Paris

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To celebrate its new Champs-Elysées store, which opened Tueday, the jeweler has brought its iconic Tiffany Diamond from New York to Paris. Gemstone enthusiasts will be able to admire the yellow diamond in the French capital for a limited time.

Usually displayed on the main floor of Tiffany & Co's Fifth Avenue store in New York, the world's most famous yellow diamond has arrived in Paris for the grand opening of the new flagship store on the Champs-Elysées.

It was in Paris that the legendary diamond was cut into its current cushion shape, weighing 128.54 carats, in 1878. Though it has been displayed to the public in a number of exhibits around the world, the Tiffany Diamond has only been worn by two women: Mary Whitehouse and Audrey Hepburn.

The new Tiffany & Co Champs-Elysées store covers a surface area of 900 square meters and spans across three floors. Parisians can stop by to browse the brand's famous engagement rings or admire its other fine jewelry collections, including the Keys and Atlas lines. The location also includes private rooms for the jeweler's VIP customers.



Tiffany & Co. boosts presence in Paris, Milan and Moscow

Tiffany & Co. is busy expanding in Europe this summer, with a spate of new store openings between Paris, Milan and Moscow. On 30th June, the renowned New York jeweller will open two stores inside Terminal 2E at Paris' Charles de Gaulle airport, extending over 85 and 75 m2 respectively. The stores are operated by Tiffany's distributor SDA (Société de Distribution Aéroportuaire), a joint venture between Lagardère Travel Retail and the ADP group.


One of Tiffany's new stores at Charles de Gaulle airport, Paris - Tiffany & co

"These openings emphasise the importance of the French market for our brand, and boost our growth strategy. We already operate five stores in France, four of them in Paris and one in Nice," said Fabrice Gautron, General Manager of Tiffany & Co. France & Benelux, speaking to FashionNetwork.com.

"We are relative newcomers in France, having opened our first Parisian boutique in 1999. Until then, we were active on this market through purchasing offices, but after the opening of our flagship store on the Champs-Elysées in 2014, the brand's visibility has grown," added Gautron.

Another Tiffany & Co. flagship will open on 4th July in Milan, a store extending over nearly 1,200 m2 on two floors, under the arcade running along one side of Piazza Duomo, right in the heart of the city. It will be Tiffany's tenth store in Italy and the third in Milan, after the one in Via della Spiga and the retail corner at the Excelsior concept store.

Finally, at the end of August, the US jeweller is planning another opening in Moscow, where it is already present at GUM department store. The new 3,400 m2 flagship is located inside a historic commercial arcade on the very central Petrovka Street. Speaking about the Russian market, Tiffany & Co.’s France General Manager Fabrice Gautron noted how the country’s economy is recovering, as is also confirmed by the "increasing number of Russian tourists [that] are flocking to France, up 30% compared to last year.”

Tiffany & Co. was founded in 1837 and, as of 30th April 2017, it operates 310 stores worldwide: 124 in America, 84 in the Asia-Pacific region, 54 in Japan, 43 in Europe and 5 in the UAEs.
 

Translated by Nicola Mira

Copyright © 2017 FashionNetwork.com All rights reserved.

Jewellery, Retail






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SecuringIndustry.com - Selling 'Tiffany' rings could cost Costco dearly tiffany and co paris

Selling 'Tiffany' rings could cost Costco dearly

US wholesaler Costco is facing a $19.4m bill for damages after jewellery brand Tiffany won a ruling in a trademark infringement suit.

The latest round in the long-running dispute - which dates back to 2013 - has gone to the jewellery company and updates a ruling in October 2016 that awarded Tiffany $5.5m in compensatory damages and $8.25m in punitive damages. The updated decision by Judge Laura Taylor Swain in the US District Court for the Southern District of New York has now increased the compensatory portion of the award to $11.1m.

The case centred on the term 'Tiffany', and whether it should be considered a generic description for a type of diamond setting commonly used for engagement rings and popularised by the jewelry company, or an enforceable trademark.

Costco - which says it will appeal the latest decision - has claimed it had made only around $781,000 in profit from the sale of around 2,500 rings, and had offered to pay that amount in reparation after being found guilty of wilfully infringing Tiffany's trademarks in 2015.

In addition to the higher damages, the latest verdict also permanently bars Costco from selling anything that Tiffany did not make as 'Tiffany' products, unless it uses modifiers such as 'Tiffany setting' or Tiffany style'.

"We brought this case because we felt a responsibility to protect the value of our customers' purchases and to ensure that Costco's customers were not misled," said Tiffany in a statement.


Related articles:




     Want our news sent directly to your inbox?




© SecuringIndustry.com


comments powered by Disqus

tiffany and co paris

tiffany replika
suímh siopa tiffany
tiffany japan
tiffany timantteja pihalla

128ct diamond on display at new Tiffany & Co. store in Paris

AFP Relax