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Tiffany & Co. latest news:
Tiffany & Co pays record price for 'Breakfast at Tiffany's' screenplay
Tiffany & Co. purchased the screenplay for the Audrey Hepburn classic "Breakfast at Tiffany's" for £632,750, or about $847,000, at Christine's in London, a record for a film script. The screenplay, which includes annotations from the actress, was expected to sell for £60,000 to £90,000, or about $77,000 to $110,000, according to The New York Times. "Breakfast at Tiffany's is such a significant work in cinematic history, and we're proud to have secured this important script for our expansive archives as a way to celebrate Tiffany's popular culture legacy," said Chief Brand Officer Caroline Naggiar in a statement. Instinet analysts estimate that the purchase will add up to about 10 basis points of incremental sales, general and administrative (SG&A) expenses in the third quarter, as well as brand and marketing value. Tiffany shares are up 0.1% in Tuesday trading, and nearly 20% for the year so far. The S&P 500 index is up 13.1% for 2017 to date and the Dow Jones Industrial Average is up 14.1% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Tiffany names industry veteran Roger Farah chairman
Tiffany & Co. has named industry veteran Roger Farah as chairman, effective Oct. 2. Farah, 64, joined the upscale jeweler's board in March and had served in leadership roles at Ralph Lauren Corp., Venator Group Inc., among others.
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