3m to keep her bestselling Starfish and Open Heart necklaces
Last year, Elsa Peretti, the designer behind some of tiffany and Co.’s most iconic pieces, tried to sever her licensing agreement with the jeweller and take her designs with [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] her.
But the jewellery giant and 72 year old Italian designer have renewed their 40 year long partnership with a deal that will pay the designer $47.3 million over the next 20 years.
Tiffany Open Heart, Starfish or Bean necklace as a mark of life’s milestones and the new deal puts an end to speculation that her iconic designs would soon cease to be available.
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The jewellery designer has always received a royalty [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] for Tiffany’s use of her intellectual property, as she is responsible for some of the brands most celebrated pieces.
A tiffany spokesman told WWD: ‘Elsa’s
designs are as timeless as they can be. It was our intention to make
sure that her designs remain at tiffany for a long period of time.’
Breakfast at Tiffany’s: Hundreds of Holly Golightly fans have been able to buy a little piece of the movie’s magic thanks to Ms Peretti’s designs
Last year, the company said in a statement: ‘Tiffany has made a firm offer to Ms Peretti in an amount that is based upon the value of the Peretti intellectual property to Tiffany.’
If the deal was severed, however, tiffany said its financial results might be ‘adversely affected.’
Initially, Ms Peretti wanted tiffany to purchase her intellectual property rights so she could ‘retire’ from her post.
Deal breaker: tiffany will pay [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] Ms Peretti $47.3m to ensure her designs remain with the retailer
But the two parties [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] were unable to come to an agreement, the spokesman said.
But seven months later, according to the deal dated December 27, Ms Peretti will retain her intellectual property, but tiffany will pay the designer $47.3 million to ensure that her designs remain with the retailer for another 20 years.
Tiffany will also pay Ms Peretti a royalty of $450,000 ‘per fiscal year during the term,’ which would earn the designer another $9 million.
Under the new contract, any heir, estate, trustee or permitted successor of Ms Peretti will be bound by the terms of the tiffany deal.
It is thanks to Ms Peretti’s designs that hundreds of thousands of Holly Golightly fans [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] have been able to buy a little piece of Breakfast at Tiffany’s.
Her iconic and simple pieces can retail for $185 in sterling silver.
If Ms Peretti had terminated the licensing agreement with Tiffany, the company would only retain its rights to her designs for another six months.
After the six month period, tiffany would have one year to sell any Ms Peretti designed products on hand or on order, much to the dismay of young girls everywhere.
[عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا] [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الرابط للتسجيل اضغط هنا]