Exhibit 99.1


     Tiffany & Co.  Announces  Intent to  Acquire  Outstanding  Shares of Little
Switzerland, Inc.

     New York, NY, August 12, 2002 - Tiffany & Co. (NYSE: TIF),  announced today
that its wholly-owned subsidiary,  TSAC Corp., has entered into a stock purchase
agreement  with  Seymour  Holtzman  and  certain  of his  affiliates,  including
Jewelcor  Management,  Inc.,  to purchase  their  shares of the common  stock of
Little Switzerland, Inc. (OTCBB: LSVI.OB), representing approximately 12% of the
outstanding  Little  Switzerland  common  stock,  at $2.40  per  share.  Tiffany
currently   beneficially  owns   approximately   45%  of  Little   Switzerland's
outstanding  common stock. The stock purchase  agreement  contemplates that TSAC
Corp.  promptly  will commence a cash tender offer to acquire the balance of the
outstanding shares of Little  Switzerland's common stock at $2.40 per share. The
stock  purchase  agreement  will  be  subject  to  conditions  identical  to the
conditions of the tender offer, including the minimum tender and majority of the
minority conditions described below.

     The purchase price of $2.40 per share  represents a 73 percent premium over
the  closing  price of $1.39 on August  12,  2002.  Neither  the stock  purchase
agreement  nor the tender  offer is  conditioned  on Tiffany & Co. or any of its
subsidiaries  obtaining  any  financing or the approval of Little  Switzerland's
Board of  Directors.  The stock  purchase  agreement  and the tender  offer are,
however,  subject to the  tender of a  sufficient  number of Little  Switzerland
shares 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.  In  addition,  the stock
purchase  agreement and the tender offer are subject to the tender of at least a
majority  of  the  outstanding  Little  Switzerland  shares,   excluding  shares
beneficially owned by Tiffany, Mr. Holtzman or any of Mr. Holtzman's affiliates.

     Tiffany & Co.  expects to commence the tender offer on or soon after August
15,  2002.  Tiffany  anticipates  causing  TSAC Corp.  to acquire any shares not
purchased  under the stock purchase  agreement and in the tender offer through a
"short  form"  merger at the same cash price per share as the tender  offer,  so
long as the tender offer is successful  and Tiffany & Co.  beneficially  owns at
least 90% of the outstanding shares of Little Switzerland Common Stock after its
completion,  including  the  shares  purchased  pursuant  to the stock  purchase
agreement.  Lehman Brothers Inc. acted as financial advisor to Tiffany & Co. and
will be acting as Dealer Manager for the tender offer.

     If the tender offer is successful,  Tiffany & Co. intends to operate Little
Switzerland as a separate business unit under the trade name LITTLE SWITZERLAND.

     Little Switzerland,  headquartered in St. Thomas, U.S. Virgin Islands, is a
specialty  retailer of luxury items,  operating  retail stores  primarily in the
Caribbean and Alaska. This transaction is expected to result in minimal, if any,
dilution to Tiffany's earnings in 2002 and 2003.

     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.  INTENDS TO FILE 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  WHEN THESE  DOCUMENTS  BECOME
AVAILABLE  AND THE  RELATED  SOLICITATION/RECOMMENDATION  STATEMENT  THAT LITTLE
SWITZERLAND  IS  REQUIRED  TO FILE WITH THE SEC  BECAUSE  THESE  DOCUMENTS  WILL
CONTAIN  IMPORTANT  INFORMATION  RELATING TO THE OFFER.  THESE DOCUMENTS WILL BE
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.