TSAC CORP. ACCEPTS FOR PAYMENT VALIDLY TENDERED SHARES OF LITTLE SWITZERLAND,
INC. AND ANNOUNCES START OF SUBSEQUENT OFFERING PERIOD AT $2.40 PER SHARE

New York, NY, October 9, 2002 - Tiffany & Co. (NYSE: TIF) announced today that
its wholly-owned subsidiary, TSAC Corp., had accepted for payment all shares of
Little Switzerland, Inc. (OTCBB: LSVI.OB) validly tendered and not withdrawn as
of October 8, 2002. The extended offer and withdrawal period of TSAC's tender
offer for all of the shares of Little Switzerland at a price of $2.40 per share
expired on Tuesday, October 8, 2002 at 5:00 p.m. New York City time.

Additionally, Tiffany announced that TSAC Corp. commenced a subsequent offering
period beginning at 5:00 p.m., New York City time, on Tuesday, October 8, 2002.
The subsequent offering period will expire at 5:00 p.m., New York City time, on
October 25, 2002.

TSAC Corp. accepted for payment approximately 4,456,760 shares of Little
Switzerland that had been validly tendered in the offer and extended offer
periods and not withdrawn as of October 8, 2002 (including approximately 6,621
shares that were guaranteed to be delivered), which, when added to the shares
already held by TSAC Corp. and its affiliates 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 81% of the issued and outstanding shares of Little Switzerland as
of October 8, 2002. TSAC Corp. intends to pay for the shares validly tendered by
October 8, 2002 on Friday, October 11, 2002.

During the subsequent offering period, Little Switzerland stockholders who did
not previously tender their shares may tender their shares by following the
directions in the Offer to Purchase and related Letter of Transmittal filed with
the SEC by Tiffany & Co., Tiffany & Co. International and TSAC Corp.

During the subsequent offering period, TSAC Corp. will accept and promptly pay
for all shares as they are tendered. TSAC Corp. will purchase the tendered
shares at a price of $2.40 per share. Shares that are tendered during the
subsequent offering period may not be withdrawn.

As was announced prior to the extended offer and withdrawal period, TSAC Corp.
has waived the requirement that a sufficient number of Little Switzerland shares
be tendered so that, upon the closing of the tender offer and the stock purchase
agreement, Tiffany would beneficially own at least 90% of the outstanding Little
Switzerland common stock on a fully-diluted basis.

The condition that at least a majority of the outstanding Little Switzerland
shares, excluding shares beneficially owned by TSAC Corp. or its affiliates and
Mr. Holtzman or any of Mr. Holtzman's affiliates be tendered, has been
satisfied. Furthermore, TSAC Corp. has obtained at least a majority of the
outstanding Little Switzerland shares, excluding shares beneficially owned by
TSAC Corp. or its affiliates, Mr. Holtzman or any of Mr. Holtzman's affiliates
and the management of Little Switzerland, Inc.

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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's 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.


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