Tiffany & Co. Renews Deal with Elsa Peretti

Elsa Peretti has resigned with Tiffany & Co. a deal that will pay the designer $47.3 million over 20 years.

The deal not only marks a renewal of their relationship, which began in 1974, but it also puts an end to rumors that Tiffany and Peretti would soon part ways.

In May, Tiffany said the 72-year-old Italian designer had expressed interest in "retiring" from their relationship last year. Peretti created some of Tiffany's most known jewelry, including the open heart and bean pendants and the diamonds-by-the-yard necklace.

The designer's "retirement" had Tiffany concerned and with good reason. The Peretti-designed jewelry accounts for 10 percent of Tiffany's net sales. In 2011, Tiffany reported revenues of $3.64 billion reported WWD.

"Elsa's designs are as timeless as they can be," a Tiffany spokesman told WWD. "It was our intention to make sure that her designs remain at Tiffany for a long period of time."

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