Cartier lawsuit accuses Tiffany of stealing luxury jewelry trade secrets -Breaking
© Reuters. Tiffany & Co. jewelry is displayed in a store in Paris, France, November 25, 2019. REUTERS/Gonzalo Fuentes/File Photo
NEW YORK (Reuters), – Cartier sues Tiffany & Co (NYSE:) Monday accusing its luxury competitor of taking trade secrets regarding its premium jewelry from an employee that it lured in December.
A New York State Court in Manhattan filed a complaint alleging that Tiffany employed an inept junior manager to help her learn about Cartier’s High Jewelry collection. Pieces typically sell for $50,000-$10 million.
Cartier SA in Switzerland called Tiffany’s hire of Megan Marino an attempt to revitalize its high-end jewelry business after several departures. This was a reflection of Tiffany’s “disturbing cultural of misappropriating competitor information.”
Court papers show that Tiffany fired Marino after firing her in just five weeks.
Marino stated that Tiffany was more interested in him being a source for information than a manager of High Jewelry.
Tiffany also was accused by Cartier of hiring a former Cartier executive to help with the Blue Book project, a high-end jewelery project. This was despite Tiffany’s 6-month non-compete agreement.
Tiffany and its parent LVMH Moet Hennessy Louis Vuitton SE(OTC:), did not respond immediately to inquiries for comment.
Plaintiffs seek an injunction to require Tiffany to return stolen trade secrets and pay unspecified damages.
Richemont stated that there was a strong demand for watches and jewelry following the coronavirus outbreak, which prompted a drop in quarterly sales of 32%.
Sales at Richemont’s jewelry brands Cartier, Buccellati and Van Cleef & Arpels rose 38%.
Cartier v Tiffany and Co. New York State Supreme Court. New York County.
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