Jewelry retailer Tiffany & Co. fired back at The Swatch Group Ltd. Monday after Swatch said it was terminating its partnership with Tiffany due to alleged breach of contract.

In a statement, Tiffany, commonly known as “Tiffany’s,” said “it has become increasingly clear that Swatch is unwilling to honor the terms of our agreement, make the necessary commitments and work cooperatively to develop the business for Tiffany & Co. watches in the luxury space.”

Tiffany added that its current estimates see no “meaningful increase” in sales of its watches, or royalty income from the products.

The companies began a working relationship in 2007.

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