Exhibit 99.1

                                  TIFFANY & CO.
                                  NEWS RELEASE

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


                 TIFFANY TO SELL ITS LITTLE SWITZERLAND BUSINESS
                 -----------------------------------------------

New York,  NY, August 2, 2007 -- Tiffany & Co. (NYSE - TIF) today  reported that
one of its  subsidiaries  has entered into an agreement with NXP Corporation for
NXP to  purchase  100% of the stock of Little  Switzerland,  Inc.  NXP  operates
retail  stores under the brands  "Jewels" and "Azura by Jewels" in the Caribbean
offering branded jewelry and watches.

The loss related to this transaction is expected to reduce  Tiffany's  after-tax
earnings in the second quarter ended July 31, 2007 by approximately $0.15 -$0.18
per diluted share.  The Company  expects to complete the transaction on or about
August 31, 2007.

Earlier this year,  the Company had disclosed  that it had hired  Evercore Group
L.L.C. to assist management in exploring various strategic  alternatives related
to Little Switzerland.

The Company  expects to report its second quarter results on August 30, 2007. At
that time,  the Company will  discuss the  post-sale  beneficial  effect of this
transaction on its future financial results.

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 tradenames other
than TIFFANY & CO. For additional  information,  please visit www.tiffany.com or
call our shareholder information line at 800-TIF-0110.

This document  contains  certain  "forward-looking"  statements  concerning  the
Company's  objectives and expectations with respect to earnings.  Actual results
might differ materially from those projected in the forward-looking  statements.
Information  concerning  risk factors that could cause actual  results to differ
materially is set forth in the Company's  2006 Annual Report on Form 10-K and in
other reports filed with the  Securities  and Exchange  Commission.  The Company
undertakes no obligation to update or revise any  forward-looking  statements to
reflect subsequent events or circumstances.

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