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 CHANGE IN DIVIDEND POLICY:
                  --------------------------------------------
                    QUARTERLY PAYMENT TO INCREASE 18 PERCENT;
                    -----------------------------------------
                      COMPANY WILL RESUME SHARE REPURCHASES
                      -------------------------------------

New York, January 21, 2010 - The Board of Directors of Tiffany & Co. (NYSE: TIF)
today  approved a change in the Company's  dividend  policy  whereby the regular
quarterly  dividend rate will be increased,  effective  with the next payment in
April,  to 20 cents per share on its Common  Stock from the current 17 cents per
share, an increase of 18%.

The Company also announced that it will resume repurchasing its shares of Common
Stock on the open  market.  Repurchases  have  been  suspended  since  the third
quarter of 2008.  There remains $402 million  available for repurchases  under a
currently authorized program that expires in January 2011.

Michael J. Kowalski,  chairman and chief executive officer,  said "Last week, we
were pleased to report a better-than-expected  17% increase in Holiday sales and
we raised our outlook for 2009  earnings.  Both of these  actions  today reflect
Tiffany's strong balance sheet liquidity,  as well as the Board's  confidence in
our long-term ability to generate solid growth in earnings and cash flow."

Company  Description  Tiffany & Co.  operates  jewelry  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.   For  additional
information,  please visit  www.tiffany.com or call our shareholder  information
line at 800-TIF-0110.



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