Exhibit 99.1
                                 TIFFANY & CO.
                                  NEWS RELEASE


Fifth Avenue & 57th Street                                    Contacts:
New York, N.Y. 10022                                          ---------
                                                              Jame N. Fernandez
                                                              (212) 230-5315
                                                              Mark L. Aaron
                                                              (212) 230-5301

                  TIFFANY EXTENDS ITS STOCK REPURCHASE PROGRAM;
                AUTHORIZES ADDITIONAL $100 MILLION OF REPURCHASES

NEW YORK, November 20, 2003 - The Board of Directors of Tiffany & Co. (NYSE-TIF)
has extended the Company's stock repurchase  program until November 30, 2006 and
increased  the  remaining  authorization  by  $100  million.  As  increased  and
extended,  the program  authorizes up to $116.5  million of  repurchases  of the
Company's  outstanding Common Stock in addition to those which have already been
made.

To date under this program  which was initiated in September  2000,  the Company
has repurchased 3,253,800 shares at a total cost of $83.5 million.

Michael J. Kowalski,  chairman and chief  executive  officer,  said,  "Tiffany's
strong financial position gives us the ability to take this action. Based on our
confidence   in   Tiffany's   growth   prospects,   the  Board   believes   that
opportunistically  repurchasing  shares  from  time to  time  can  represent  an
excellent investment for the Company and further enhance long-term value for our
shareholders."

Tiffany & Co. is the  internationally  renowned jeweler and specialty  retailer.
Sales are made  primarily  through  company-operated  TIFFANY & CO.  stores  and
boutiques in the Americas,  Asia-Pacific and Europe.  Direct Marketing  includes
Tiffany's Business Sales division,  Internet and catalog sales. Specialty Retail
primarily includes the retail sales made in Little Switzerland,  Inc. stores and
also  includes  consolidated  results from other  ventures now operated or to be
operated  under  non-TIFFANY  &  CO.  trademarks  or  trade  names.   Additional
information  can be found on  Tiffany's  Web site,  www.tiffany.com,  and on its
shareholder information line 800-TIF-0110.

This press release contains certain "forward-looking" statements. Actual results
might differ materially from those projected in the forward-looking  statements.
Information  concerning  factors  that  could  cause  actual  results  to differ
materially are set forth in Tiffany's 2002 Annual Report and in Form 10-K,  10-Q
and 8-K Reports filed with the Securities and Exchange  Commission.  The Company
undertakes no obligation to update or revise any  forward-looking  statements to
reflect subsequent events or circumstances.

                                                     # # #