Tiffany & Co. is a holding company that operates through its subsidiary companies. The Company�s principal subsidiary, Tiffany and Company (Tiffany), is a jeweler and specialty retailer whose principal merchandise offering is jewelry. Through Tiffany and other subsidiaries, the Company is engaged in product design, manufacturing and retailing activities. Its segments include Americas, Asia-Pacific, Japan, Europe and Other. The Company�s principal product category is jewelry, which represented 91% of the Company�s net sales in 2011. The Company also sells timepieces, sterling silver goods (other than jewelry), china, crystal, stationery, fragrances, personal accessories and leather goods, which represented, in total, 8% of the Company�s net sales in 2011. Its remaining 1% of net sales were attributable to wholesale sales of diamonds and earnings received from third-party licensing agreements.