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Good news for all ye Tiffany & Co. heart- and/or bean-shaped accessories fans: The company has re-upped it's license with Elsa Peretti for another 20 years.
Back in May, the Italian designer announced that she was planning to "retire" from her 35+ years of working with the jewelers. Tiffany, however, was keen on keeping Perreti around, since her designs account for 10% of the company's net sales. Reps told WWD that Tiffany made "a firm offer" to the designer "in an amount that is based upon the value of the Peretti intellectual property to Tiffany," which we now know amounts to $47.3 million straight up, plus a basic royalty of $450,000 a year and 5% of net sales. Firm indeed.
· Tiffany & Co. Renews Elsa Peretti License [WWD]
· Uh Oh: Is This the End of Elsa Peretti for Tiffany & Co.? [Racked]