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Corporate News: Tiffany Buys Lambertson Truex Trademark

[Tiffany] & Co. said Friday that it is buying the trademark of U.S. handbag maker Lambertson Truex, as the high-end jeweler explores the development of a collection of handbags and other leather products.

Tiffany spokesman Mark Aaron declined to provide the terms of the deal and said it was too early to talk about the number of bags and other accessories the designers would produce or the prices or brand names those products might carry. Under terms of the deal, Tiffany didn't purchase the Lambertson Truex boutique in New York or its existing inventory of products, he said. Co-designers Richard Lambertson and John Truex were Tiffany employees as of Friday, he said.

Known for its blue boxes, the 172-year-old Tiffany in recent years has explored the idea of following broader luxury brands, such as Hermes, by expanding the product line to include items like high-end purses, ties and scarves. The New York company suffered a precipitous decline in sales recently. In its quarter ended Jan. 31, its U.S. comparable-store sales plunged 33%.

Product diversification is "an idea that we always look long and hard at," said Tiffany CEO Michael Kowalski, in an April 10 interview. But he said the appeal of high-end purses had waned sharply in the recession.

Lambertson Truex, whose bags are sold at upscale department stores, filed for Chapter 11 bankruptcy protection in March. News of the acquisition was reported earlier by Women's Wear Daily.

22-May-09

Tiffany & Co, tiffany, jeweler

Tiffany & Co. said Friday that it is buying the trademark of U.S. handbag maker Lambertson Truex, as the high-end jeweler explores the development of a collection of handbags and other leather products.