Swatch Group AG says it has won a contractual dispute with Tiffany & Co.

The Swiss watchmaker says the Netherlands Arbitration Institute has ordered Tiffany to pay Swatch $449 million (402 million Swiss francs) in compensation.

Tiffany couldn't immediately be reached for comment late Sunday.

The dispute arose in 2011 when Swatch cancelled its co-operation with Tiffany, accusing the New York-based jeweler of breach of contract.