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;
              -----------------------------------------------------
                  ACTION MARKS THE SECOND INCREASE OF THE YEAR
                  --------------------------------------------

New York,  N.Y.,  August 16, 2007 - Tiffany & Co. (NYSE:  TIF) 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  $0.12 per share per
quarter to a new rate of $0.15 per share per  quarter,  or $0.60 per share on an
annualized  basis. The dividend will be paid on October 10, 2007 to stockholders
of record on September 20, 2007.

Michael J. Kowalski,  chairman and chief executive officer,  said, "Three months
ago we announced a 20%  increase in the dividend  rate,  which  represented  the
fifth  consecutive  annual  increase.  After further  consideration of Tiffany's
performance,  financial  strength and long-term  potential for generating strong
earnings and cash flow, the Board  concluded that increasing the dividend payout
ratio was appropriate."

Company Description
- -------------------
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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