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In October 2007 Tiffany & Co. signed an agreement
to make an unsecured loan to Target of US $5 million
repayable after 5 years.
This was signed in conjunction with a 10 year
exclusive marketing agreement, under which Tiffany
has the right of first refusal on Target’s
diamond output at market price, and will then
sell, on Target’s behalf, the diamonds it
does not wish to keep for its own use.
During 2008 and 2009, the Tiffany Group has extended
further US$ 6.5 million in loans and prepayments.
Target is delighted to have Tiffany, arguably
the world’s most prestigious diamond retailer,
as a strategic partner. |
