So-called “Tiffany” engagement rings on sale at discount warehouse retailer Costco (NASDAQ:COST) are not real, insists Tiffany & Company (NYSE:TIF).
The iconic jewelry maker is suing the discount chain in a New York federal court, accusing Costco of trademark violation, unfair competition, fraudulent marketing and counterfeiting. The suit claims that Costco deliberately misled it customers into believing the rings were made by Tiffany even though they were not, the Associated Press noted.
Tiffany says that it investigated Costco based on a customer tip and found that the retailer had been selling “Tiffany” rings for years, despite the fact that the rings were not made or endorsed by Tiffany.
Shares of Tiffany rose fractionally in Friday morning trading, while Costco slipped slightly.