STYLE
05/24/2012 09:32 am ET

Elsa Peretti For Tiffany Might Be A Thing Of The Past (PHOTOS)

Remember those Elsa Peretti for Tiffany heart and bean necklaces from the early 2000s? We had one. All our friends had one. Stores made cheap knockoffs. Emma Watson wore one. They were the rage.

But the days of stylized starfish jewelry might be behind us, if Tiffany's recent bid to purchase the rights to Peretti's intellectual property falls through. Women's Wear Daily reports that Peretti is considering ending her licensing agreement with the esteemed jewelry company, according to a filing with the Securities and Exchange Commission on Wednesday.

Peretti, 72, whose stylized pendants have dangled from the necks of Keira Knightley and Renee Zellweger in "Bridget Jones" has licensed her intellectual property to Tiffany since 1974. Her designs are still hot; Peretti's jewelry accounted for 10 percent of Tiffany & Co.'s net sales in 2009, 2010 and 2011, Forbes reports. The Italian designer, of course, receives royalties for her jewelry sales.

But a new bid might jeopardize Peretti and Tiffany's decades-long partnership. Tiffany, which reported an Q1 uptick in sales today, says it has made an offer to buy Peretti's intellectual rights, but if the deal doesn't work out, the parties may part ways, as evidenced by Peretti's filing.

If Peretti does terminate her deal with Tiffany, Tiffany would retain all rights under the agreement for six months, after which it would have an additional year to sell Peretti-designed products on hand or on order.

Click over to WWD to read more about the Tiffany & Co./Peretti bids.

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