Corporate Governance

A Dutch arbitration panel has ordered Tiffany & Co. to pay Swatch damages of about $449.5 million plus interest in a breach of contract case dating back to 2011. The dispute stems from Swatch’s claim that Tiffany failed to honor its obligation to develop and sell Swatch watches under the Tiffany name and split the profits.

The amount is 8.8% of the total damages sought by Swatch. Tiffany will also have to pay about $8.8 million in fees, expenses and other arbitration costs. One arbitrator on the three-arbitrator panel did not rule in favor of Swatch.

Only two-thirds of Americans are all or almost finished with their holiday shopping as of Dec. 23. Of the 24 retailers surveyed by America’s Research Group and Inmar, only three retained 70% or more of their customer base, with Walmart topping the list at 88.1%, followed closely by Dollar Tree at 80.4%, and Target at 72.1%.

A 1,500-store market potential and an untapped online opportunity await Michaels Stores in 2014 as the retailer’s private equity owners look to sell a portion of their stake and return the nation’s largest arts and crafts retailer to public ownership.
 

As Seen On TV — a multichannel distributor of products in such areas as kitchen, outdoor, electronics and clothing — is planning to acquire Infusion Brands International, the marketer behind the renowned "Dual" brand and the strategic partner of Ronco Holdings.

Southern Wine & Spirits has enhanced its forecasting and replenishment capabilities with the appointment of Mel Velez as VP of demand planning and logistics.

The company said the addition of Velez to an already industry leading supply chain management team will further enhance its ability to deliver excellence in service to divisional and retail customers, as well as to continue to enhance and expand partnerships with suppliers across the Southern enterprise. He will report to Phil Morsing, VP of supply chain operations.

With 3,500 locations currently installed at retail and another 1,000 on the way in 2014, SoloHealth Stations are giving new meaning to affordable health care.

Electrolux plans to expand its North American headquarters, their second expansion at this location in three years, and will be adding 810 new local jobs as a result.

The new jobs are in the areas of research and development, marketing, design, engineering, supply chain, finance, IT and executive management, and will be added by the end of 2017.

Holiday shoppers who order by 10 a.m. Christmas Eve can still receive same day delivery from online luxury goods retailer Net-A-Porter in the greater New York City area.

The retailer was offering customers shopping from, or sending gifts to New York City, and select areas of Bergen and Westchester counties on Tuesday, December 24th, the opportunity to receive merchandise the same day as long as orders were submitted by 10 a.m.

Site search specialist SLI Systems has elected New Zealand marketer and social media executive Andy Lark as a non-executive independent director.

"We are very pleased to add Andy's wealth of global brand, e-commerce and marketing experience to the SLI Board," said SLI Systems Chairman Greg Cross. "With his direct experience of building and funding businesses, he is conversant with the challenges unique to a fast-growing technology company like SLI Systems."

The heartwarming story of a pit bull rescued from a life of torment as a bait dog earned the Pet Rescue Center in Mission Viejo, Calif., a $100,000 grant from the Petco Foundation and Ellen DeGeneres and her natural pet food company Halo.

The rescue group was chosen from among 4,500 submissions and awarded a check during the "Ellen" show on Dec. 23. Thirty-three other animal welfare groups split $500,000 as part of the Petco Foundation’s Holiday Wishes Grant Campaign.