TIFFANY & CO. ANNOUNCES INTENTION TO REGISTER SHARES FOR SALE BY MITSUKOSHI, LTD.
Tiffany and Mitsukoshi have had a successful business relationship since 1972 and Mitsukoshi has been a significant stockholder of Tiffany since 1989. The companies expect to continue their excellent business relationship following the offering. Mitsukoshi intends to use the proceeds from the sale primarily for general corporate purposes, as well as for store renovation and expansion.
Tiffany is the internationally renowned jeweler and specialty retailer. Sales are made through TIFFANY & CO. stores and boutiques, and to select retailers and distributors, in the Americas, Asia-Pacific, Europe and the Middle East. Direct Marketing sales are made through Tiffany's Corporate and Catalog divisions.
Mitsukoshi, which traces its origins back to 1673, was incorporated in 1904 and ranks as one of the largest retail companies in Japan. It operates a chain of department stores in Tokyo and other major cities in Japan. For its fiscal year ended February 28, 1998, Mitsukoshi's sales were approximately U.S. $8.0 billion. Mitsukoshi's shares trade on the first section of the Tokyo Stock Exchange.