TSAC CORP. Extends Tender Offer for Little Switzerland, Inc.

      New York, NY, September 12, 2002 - Tiffany & Co. (NYSE: TIF) announced
today that its wholly-owned subsidiary, TSAC Corp., has extended its tender
offer for all of the shares of Little Switzerland, Inc. (OTCBB: LSVI.OB) until
5:00 p.m., New York City time, on September 27, 2002.  The offer period is
being extended at the request of Little Switzerland in order to provide Little
Switzerland additional time to comply with its Securities and Exchange
Commission filing requirements.  Approximately 921,000 shares (approximately 6%
of the outstanding shares) have been tendered to date.  The shares tendered to
date, when added to the shares already held by Tiffany and the shares to be
purchased from Seymour Holtzman and certain of his affiliates, including
Jewelcor Management, Inc., pursuant to a separate stock purchase agreement,
represent approximately 61% of the total outstanding shares.

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Tiffany & Co. is the internationally renowned jeweler and specialty retailer.
Sales are made primarily through company-operated TIFFANY & CO. stores and
boutiques in the Americas, Asia-Pacific and Europe.  Direct Marketing includes
Tiffany Business Sales division, catalog and Internet sales.  Additional
information can be found on Tiffany's Web site, www.tiffany.com, and on its
shareholder information line (800) TIF-0110.

This press release contains certain "forward-looking" statements concerning
expectations, anticipations, beliefs, hopes, intentions, or strategies for the
future.  Readers are cautioned not to place undue reliance on forward-looking
statements.  All such forward-looking statements are based upon information
available to Tiffany & Co. on the date this release is issued.  Tiffany & Co.
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Forward-looking statements involve risks and uncertainties that could cause
actual events or results to differ materially from the events or results
described in the forward-looking statements.

THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN
OFFER TO SELL SHARES OF LITTLE SWITZERLAND. TIFFANY & CO. HAS FILED AN OFFER TO
PURCHASE AND A LETTER OF TRANSMITTAL WITH THE SECURITIES AND EXCHANGE
COMMISSION ("SEC") RELATING TO ITS OFFER TO PURCHASE ALL OUTSTANDING SHARES OF
COMMON STOCK OF LITTLE SWITZERLAND.  BEFORE ANY DECISION IS MADE WITH RESPECT
TO THE OFFER, ALL STOCKHOLDERS OF LITTLE SWITZERLAND ARE STRONGLY ADVISED TO
READ THE OFFER TO PURCHASE AND LETTER OF TRANSMITTAL FILED WITH THE SEC AND THE
RELATED SOLICITATION/RECOMMENDATION STATEMENT THAT LITTLE SWITZERLAND HAS FILED
WITH THE SEC BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION RELATING TO
THE OFFER.  THESE DOCUMENTS ARE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT
HTTP://WWW.SEC.GOV, OR BY CONTACTING MORROW & CO., INC. AT 1-800-607-0088.