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 EXPANDS ITS SHARE REPURCHASE PROGRAM;
                  ---------------------------------------------
                  BOARD INCREASES AUTHORIZATION BY $700 MILLION
                  ---------------------------------------------

New York, N.Y.,  August 31, 2006 - Tiffany & Co. (NYSE: TIF) today reported that
its Board of Directors has extended the expiration date of the Company's current
share repurchase program and has authorized a substantial increase in the amount
of shares that may be repurchased.

The program has been extended and is now  scheduled to expire in December  2009.
In  addition,  the Board has  authorized  the  Company  to  repurchase  up to an
additional $700 million of the Company's common stock.

The current  repurchase program was authorized in March 2005 to repurchase up to
$400 million of the Company's  common stock and was scheduled to expire in March
2007. Through July 31, 2006, the Company had spent approximately $287 million to
repurchase 8,254,326 shares of its common stock at an average cost of $34.82 per
share.

The Board's  latest  action will  enable the  Company to  repurchase  up to $813
million of the  Company's  common  stock  from this date  forward.  Tiffany  had
approximately 138 million shares of common stock outstanding at July 31, 2006.

Michael J. Kowalski,  chairman and chief executive officer, said, "The Board has
confidence  in  Tiffany's  growth  potential  and ability to maintain  financial
strength,  and believes  this action  represents  an  appropriate  way to return
excess capital to shareholders."

Company Description
-------------------
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 tradenames 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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This document  contains  certain  "forward-looking"  statements  concerning  the
Company's  objectives and  expectations.  Actual results might differ materially
from those projected in the forward-looking  statements.  Information concerning
risk factors that could cause actual  results to differ  materially is set forth
in the Company's 2005 Annual Report on Form 10-K and in other 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.

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