January 7, 1999 at 12:00 AM EST
NEW YORK, January 7, 1999 - Tiffany & Co. (NYSE - TIF) confirmed that it has filed today a registration statement with the Securities and Exchange Commission relating to a proposed underwritten secondary offering of Tiffany's Common Stock by Mitsukoshi, Ltd. Mitsukoshi proposes to sell 3,880,000 shares in the offering and, if the underwriters' over-allotment option is exercised, up to an additional 390,000 shares. The offering, which is subject to market conditions, is expected to take place before the end of February 1999. The offering will be lead by Merrill Lynch & Co. with ING Baring Furman Selz LLC as co-manager.

Tiffany is a 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.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.