The beautiful heart pendants may be shattering!
Italian jeweler Elsa Peretti is on the verge of a breakup with Tiffany & Co after more than 30 years of partnership.
According to the SEC, Peretti filed paperwork to end the licensing agreement on Wednesday, but the retailer hopes to salvage the relationship by purchasing the rights to her intellectual property.
Why? Because Peretti-designed baubles account for 10% of Tiffany's net sales and they'd like to keep it that way.
However, if Elsa decides to end her deal with Tiffany, the luxury jewelry maker will keep the rights under agreement for six months.
After the six month period, Tiffany's will have an additional year to sell Peretti's designs that the company has on hand or on order.
Sheesh! What a heart breaker that might be! Hopefully they can come to an agreement soon!
[Image via Tiffany & Co.]
Tags: elsa peretti, end licensing agreement, heart pendants, jewelry, luxury, securities and exchange commission, tiffany and co