Exhibit 99.1

                                  TIFFANY & CO.
                                  NEWS RELEASE

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

                         TIFFANY TERMINATES POISON PILL
                         ------------------------------

New York, N.Y.,  January 20, 2006 - Tiffany & Co. (NYSE:  TIF) reported that its
board of directors has unanimously voted to amend its stockholder rights plan to
accelerate the final  expiration date of the purchase rights issued  thereunder.
This  amendment  has the  effect of  terminating  the plan,  which is  typically
referred to as a "poison pill."

Under the terms of the  amendment,  the purchase  rights expired at the close of
business on January 19, 2006,  rather than on September 17, 2008, as provided in
the most  recent  amended  and  restated  version of the rights  agreement  that
evidences the plan.

The board also  adopted a policy that would  generally  require it to submit the
adoption or extension  of any future  stockholder  rights plan to a  stockholder
vote,  but  reserved to itself the option of  adopting a poison  pill  without a
stockholder  vote if exigent  circumstances  and the  exercise of its  fiduciary
responsibilities  so warrant.  If a stockholder rights plan were adopted without
first submitting such matter to a stockholder vote, the plan would expire on the
first  anniversary  of its  effective  date if not approved by the  stockholders
prior to that time.

Michael J. Kowalski,  chairman and chief  executive  officer,  stated that "this
step was not taken  with  reference  to any  proposed  or  expected  acquisition
transaction."  Rather,  he said,  "the board of  directors  acted with an eye to
evolving principles of corporate governance and stockholder relations."

Tiffany & Co.  operates  jewelry and specialty  retail  stores and  manufactures
products  through its  subsidiary  corporations.  Its  principal  subsidiary  is
Tiffany  and  Company.  The Company  operates  TIFFANY & CO.  retail  stores and
boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling
through Internet, catalog and business gift operations. Other operations include
consolidated  results from  ventures  operated  under  trademarks or trade names
other   than   TIFFANY  &  CO.  For   additional   information,   please   visit
www.tiffany.com or call our shareholder information line at 800-TIF-0110.

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