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When Tiffany & Co. decided to take its China strategy to the next level by establishing a wholly foreign-owned entity to support its retail operations, much of the heavy lifting for the financial and operational design fell to organizations under the direction of treasurer Michael Connolly. The team’s deep knowledge of the company’s strategic priorities made the choice easy, but it wasn’t the only criteria for involving the executive and his treasury. Besides his skill set in corporate finance and cash and risk management, Connolly also brought a substantial background in integrating tax principles that allowed him to shape a capitalization structure for the new Tiffany-China Co. with just the right mix of equity investment, inter-company loans and bank debt up front, including all tax rate considerations.

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