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Exhibit 25.1
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2)           |__|
___________________________
THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A.
(Exact name of trustee as specified in its charter)
(Jurisdiction of incorporation if not a U.S. national bank)
95-3571558
(I.R.S. employer identification no.)
400 South Hope Street
Suite 500
Los Angeles, California
(Address of principal executive offices)


90071
(Zip code)
___________________________
TIFFANY & CO.
(Exact name of obligor as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
13-3228013
(I.R.S. employer
identification no.)

727 Fifth Avenue
New York, New York
(Address of principal executive offices)

10022
(Zip code)
___________________________
Senior Debt Securities
(Title of the indenture securities)
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7425952_1




1.    General information. Furnish the following information as to the trustee:
(a)
Name and address of each examining or supervising authority to which it is subject.
                                Name
                       Address
Comptroller of the Currency
United States Department of the
Treasury
Washington, DC 20219
 
 
             Federal Reserve Bank
San Francisco, CA 94105
 
 
             Federal Deposit Insurance Corporation
Washington, DC 20429

(b)
Whether it is authorized to exercise corporate trust powers.
Yes.
2.
Affiliations with Obligor.
If the obligor is an affiliate of the trustee, describe each such affiliation.
None.
16.
List of Exhibits.
Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a‑29 under the Trust Indenture Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).
1.
A copy of the articles of association of The Bank of New York Mellon Trust Company, N.A., formerly known as The Bank of New York Trust Company, N.A. (Exhibit 1 to Form T-1 filed with Registration Statement No. 333-121948 and Exhibit 1 to Form T-1 filed with Registration Statement No. 333-152875).
2.
A copy of certificate of authority of the trustee to commence business. (Exhibit 2 to Form T-1 filed with Registration Statement No. 333-121948).
3.
A copy of the authorization of the trustee to exercise corporate trust powers (Exhibit 3 to Form T-1 filed with Registration Statement No. 333-152875).

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4.
A copy of the existing by-laws of the trustee (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-162713).
6.
The consent of the trustee required by Section 321(b) of the Act (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-152875).
7.
A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.




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SIGNATURE
Pursuant to the requirements of the Act, the Trustee, The Bank of New York Mellon Trust Company, N.A., a banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Los Angeles, and State of California, on the 15th day of August, 2017.
 
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
 
By: /s/ Valere Boyd  
 
Name:Valere Boyd
 
Title: Vice President






























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EXHIBIT 7

Consolidated Report of Condition of
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
of 400 South Hope Street, Suite 500, Los Angeles, CA 90071

At the close of business June 30, 2017, published in accordance with Federal regulatory authority instructions.

ASSETS
 
Dollar amounts
in thousands
Cash and balances due from
depository institutions:
 
 
Noninterest-bearing balances
and currency and coin
 
2,600
Interest-bearing balances
 
439,216
Securities:
 
 
Held-to-maturity securities
 
0
Available-for-sale securities
 
628,823
Federal funds sold and securities
purchased under agreements to resell:
 
 
Federal funds sold
 
0
Securities purchased under agreements to resell
 
0
Loans and lease financing receivables:
 
 
Loans and leases held for sale
 
0
Loans and leases,
held for investment
0
 
LESS: Allowance for loan and
lease losses
0
 
Loans and leases held for investment,
net of allowance
0
 
Trading assets
 
0
Premises and fixed assets (including
capitalized leases)
 
10,515
Other real estate owned
 
0
Investments in unconsolidated
subsidiaries and associated
companies
 
0
Direct and indirect investments in real estate ventures
 
0
Intangible assets:
 
 
Goodwill
 
856,313
Other intangible assets
 
37,583
Other assets
 
130,153
Total assets
 
2,105,203




7426432_1                        1


LIABILITIES
 
 
Deposits:
 
 
In domestic offices
 
649
Noninterest-bearing
649
 
Interest-bearing
0
 
Not applicable
 
 
Federal funds purchased and securities
sold under agreements to repurchase:
 
 
Federal funds purchased
 
0
Securities sold under agreements to repurchase
 
0
Trading liabilities
 
0
Other borrowed money:
 
 
(includes mortgage indebtedness
and obligations under capitalized
leases)
 
0
Not applicable
 
 
Not applicable
 
 
Subordinated notes and debentures
 
0
Other liabilities
 
296,346
Total liabilities
 
296,995
Not applicable
 
 
 
 
 
EQUITY CAPITAL
 
 
Perpetual preferred stock and related surplus
 
0
Common stock
 
1,000
Surplus (exclude all surplus related to preferred stock)
 
1,123,023
Not available
 
 
Retained earnings
 
685,564
Accumulated other comprehensive income
 
(1,379)
Other equity capital components
 
0
Not available
 
 
Total bank equity capital
 
1,808,208
Noncontrolling (minority) interests in consolidated subsidiaries
 
0
Total equity capital
 
1,808,208
Total liabilities and equity capital
 
2,105,203

I, Matthew J. McNulty, CFO of the above-named bank do hereby declare that the Reports of Condition and Income (including the supporting schedules) for this report date have been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and are true to the best of my knowledge and belief.

Matthew J. McNulty     )    CFO

We, the undersigned directors (trustees), attest to the correctness of the Report of Condition (including the supporting schedules) for this report date and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.
Antonio I. Portuondo, President
)
 
William D. Lindelof, Director
)
Directors (Trustees)
Alphonse J. Briand, Director
)
 

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