SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 11, 2002
TIFFANY & CO.
(Exact name of Registrant as specified in its charter)
Delaware 1-9494 13-3228013
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification Number)
727 Fifth Avenue, New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 755-8000
Item 5. Other Events.
On October 11, 2002, Registrant issued the following press release
announcing that it has purchased the building housing its London store; major
renovation will reconfigure and expand selling space.
New York, NY, October 11, 2002 - Tiffany & Co. (NYSE: TIF) announced today that
it has purchased through a subsidiary the building housing its flagship European
store at 25/25A Old Bond Street in London, as well as the adjacent building at
15 Albermarle Street, for a total cost of (pound)27.4 million.
Tiffany opened its London store in 1986 and substantially expanded it to its
current 15,200 gross square feet in 1991. A further renovation and
reconfiguration is scheduled to commence in early 2003 and be completed in the
second half of 2004. Construction will occur in several phases in order to allow
the store to continue to operate with minimal disruption to the business.
James E. Quinn, vice chairman, said, "We are very excited to have this
opportunity to purchase these two buildings and to rationalize our retail space.
London represents an important and extremely successful market for Tiffany and
our location on Old Bond Street has become the center of one of the best retail
addresses. We also operate smaller shops in Harrods and in the Royal Exchange in
the City."
He added, "Ownership gives us the opportunity to make these capital
improvements, which will support Tiffany's long-term growth in London by
enhancing our ability to best serve our customers. We will create a more
spacious environment with expanded selling and customer circulation space on the
ground level and first floors, yet our plans are premised upon maintaining the
historical design integrity of the building's exterior. The interior design will
take its inspiration from the Company's famed flagship New York store, featuring
luxurious finishes that reflect Tiffany's timeless design while incorporating
elegant open floors that showcase our product collections."
Keith Williams of Jones Lang LaSalle in London represented Tiffany as its real
estate agent and Andrew Osborne of Jones Lang LaSalle in New York served as
Tiffany's advisor in this transaction.
Tiffany & Co. is the internationally renowned jeweler and specialty retailer.
Sales are made primarily through company-operated TIFFANY & CO. stores and
boutiques in the Americas, Asia-Pacific and Europe. Direct Marketing includes
Tiffany's Business Sales division, catalog and Internet sales. Additional
information can be found on Tiffany's web site, www.tiffany.com, and on its
shareholder information line (800) TIF-0110.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TIFFANY & CO.
BY: /s/ Patrick B. Dorsey
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Patrick B. Dorsey
Senior Vice President, Secretary
and General Counsel
Date: October 11, 2002