Tiffany Sued by Cartier Over Luxury Jewelry Trade Secrets

Just yesterday Cartier filed a lawsuit in a New York state court in Manhattan where it accuses its luxury rival Tiffany & Co of stealing trade secrets. Back in December, Tiffany had hired an employee that previously worked under Cartier despite the non-compete agreement she had. The lawsuit interprets this as a move of Tiffany to learn more about the “High Jewellery” collection of Cartier which has pieces that cost from $50.000 up to $10 million. Tiffany denied all these allegations and said they will defend their selves, meanwhile Cartier asks for undisclosed damages as well as returning and not using their trade secrets.
The luxury branded jewelry market is highly competitive and these two companies represent major players. The pandemics slowed down the sales of luxury jewelry as well as watches but lately this market has reported increase of sales with more than 30 percent. This is what will make this case very interesting to follow as well as a potentially large sum asked as a damage by Cartier even though still not much of the evidence to prove the allegations has been revealed.