Tiffany authorises repurchase

Tiffany authorises repurchase

Investor also increases his stake; now owns 10.71 million Tiffany shares

Tiffany & Co. said that it has authorised the additional repurchase of its shares and has also extended the deadlines for repurchasing. The shares are valued at $500 million of the common stock.

With the increase, Tiffany will be able to repurchase up to $637 million of its shares through January 31, 2011. Also Tiffany's staunch investor Nelson Peltz has increased his stake to 7.9% and now owns 10.71 million Tiffany shares. According to Michael J. Kowalski, chairman and chief executive officer at Tiffany & Co., “This new authorisation clearly expresses our board's confidence in Tiffany's business and growth potential, and enables us to continue to opportunistically repurchase shares and return excess capital to stockholders.”

Tiffany had made such an increase in August 2006, when it authorised the repurchase of up to $813 million stock through December 31, 2009. Tiffany is now planning to open a boutique in Tokyo's Matsuzakaya Ginza department store and another in Fukuoka's Hakata Daimaru department store by March 1, 2008.

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