The group added that it would file for damages against the US firm, "in compensation for the loss of planned long-term future business." "Today Swatch Group terminated its cooperation contracts with Tiffany & Co," said the Biel-based group in a statement. "This action became necessary following Tiffany & Co's systematic efforts to block and delay development of the business," it added. Swatch founded Tiffany Watch Co. Ltd in 2008 to develop, produce and distribute Tiffany-branded watches under a partnership agreement with the US jeweller. With the termination of the agreement, Tiffany Watch will begin winding down its business over two years.