Exhibit 10.154






May 27, 2008


Board of Directors
Tiffany & Co.
600 Madison Avenue
New York, NY 10022

Dear Directors:

We are  providing  this letter to you for  inclusion  as an exhibit to your Form
10-Q filing pursuant to Item 601 of Regulation S-K.

We have been provided a copy of the Company's  Quarterly Report on Form 10-Q for
the period ended April 30, 2008. Note 2 therein describes a change in accounting
principle for inventory costing from the LIFO method to the average cost method.
It should be  understood  that the  preferability  of one  acceptable  method of
accounting  over  another for  inventory  costing has not been  addressed in any
authoritative accounting literature,  and in expressing our concurrence below we
have  relied  on  management's  determination  that this  change  in  accounting
principle is preferable. Based on our reading of management's stated reasons and
justification for this change in accounting  principle in the Form 10-Q, and our
discussions  with  management as to their judgment  about the relevant  business
planning  factors  relating to the change,  we concur with  management that such
change represents, in the Company's circumstances,  the adoption of a preferable
accounting  principle in  conformity  with  Statement  of  Financial  Accounting
Standards No. 154, Accounting Changes and Error Corrections.

We have not audited any  financial  statements  of the Company as of any date or
for any period  subsequent  to January 31, 2008.  Accordingly,  our comments are
subject  to  change  upon  completion  of an audit of the  financial  statements
covering the period of the accounting change.

Very truly yours,

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP