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The Swiss watchmaker Swatch Group has terminated its contract with American jeweler Tiffany & Co.
Swatch says it is unhappy with what it calls Tiffany & Co.’s systematic behavior to prevent and delay the development of business between the two giants.
A partnership between the two companies was established in 2008.
Swatch produced watches branded with the Tiffany & Co. logo.
The collaboration was seen as historic as it allowed the American jeweler to make a return to the watch market.
Swatch and Tiffany & Co. are each seeking damages and compensation for a loss of long-term revenue.