Exhibit 99.1
                                  TIFFANY & CO.
                                  NEWS RELEASE

Fifth Avenue & 57th Street                                    Contacts:
New York, N.Y. 10022                                          ---------
                                                              James N. Fernandez
                                                              (212)230-5315
                                                              Mark L. Aaron
                                                              (212)230-5301


              TIFFANY ANNOUNCES 25% INCREASE IN QUARTERLY DIVIDEND
              ----------------------------------------------------

New York, N.Y., May 18, 2006 - Tiffany & Co. (NYSE: TIF) today reported that its
Board of Directors has declared a 25% increase in the quarterly dividend rate on
its  Common  Stock.  This  action  increases  the rate from  $0.08 per share per
quarter to a new rate of $0.10 per share per  quarter,  or $0.40 per share on an
annualized  basis. The dividend will be paid on July 10, 2006 to stockholders of
record on June 20, 2006.

Michael  J.  Kowalski,  chairman  and chief  executive  officer,  announced  the
increase  at the  Company's  Annual  Meeting  of  Stockholders.  He said,  "This
increase reflects Tiffany's strong financial position and the Board's confidence
in our  growth  potential.  It marks the  fourth  consecutive  year of  dividend
increases, and means that the rate has more than doubled during that period."

Company Description
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Tiffany & Co.  operates  jewelry and specialty  retail  stores and  manufactures
products  through its  subsidiary  corporations.  Its  principal  subsidiary  is
Tiffany  and  Company.  The Company  operates  TIFFANY & CO.  retail  stores and
boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling
through Internet, catalog and business gift operations. Other operations include
consolidated  results from  ventures  operated  under  trademarks or trade names
other   than   TIFFANY  &  CO.  For   additional   information,   please   visit
www.tiffany.com or call our shareholder information line at 800-TIF-0110.

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