Swatch Group and Ice-Watch have drawn a close on a legal battle that has been raging between the two brands for more than seven years.
The legal dispute between the two watch companies began in 2006 when Ice-Watch registered its brand name as a trademark. Swatch Group opposed the registration of the trademark citing grounds of a "potential phonetic confusion".
Swatch Group and Ice-Watch went on to sign a co-existence agreement in May 2008 but this fell through when Ice-Watch took the case to the Commercial Court of Berne stating that the agreement "was subject to differing interpretations".
But back in Berne on Tuesday, Ice-Watch and Swatch Group reached a mutual accord on an agreement of co-existence, facilitated by the Swiss courts. The agreement, which Ice-Watch described as " a comprehensive accord that responds to the differences of opinion between the two parties", has now been signed by both parties.
The exact details of the agreement will be kept confidential, but Ice-Watch said that the agreement will allow it to focus on new projects including the development of a smart watch and the acquisition of a Swiss brand.
Ice-Watch chief executive Jean-Pierre Lutgen said: "I am very pleased with this agreement which strengthens the Ice-Watch brand and the concept, and puts a definitive end to the litigation. This proves that Ice-Watch is a mature and well-established company. It will allow us to focus our efforts on the development of the brand, and on a number of projects we have in the pipeline."
Swatch Group has released no official comment about the court case.