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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(h) of the Investment Company Act of 1940

o	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Name and Address of Reporting
Person*

Issuer Name and Ticker or Trading
Symbol

I.R.S. Identification Number of Reporting
Person, if an entity (Voluntary)

TIFFANY&CO.

(Last) (First) (Middle)

LITTLE SWITZERLAND, INC. (OTCBB: LSVI.OB)

13-3228013

600 Madison Avenue, Eighth Floor

(Street)

Statement for Month/Day/Year

If Amendment, Date of Original (Month/Day/Year)

October 15, 2002

Relationship of Reporting Person(s)
to Issuer (Check All Applicable)

Individual or Joint/Group Filing
(Check Applicable Line)

New York, New York, 10022

(City) (State) (Zip)

Director

10% Owner

Form Filed by One Reporting Person

Officer (give title below)

Form Filed by More than One Reporting Person

Other (specify below)

Reminder:		Report on a separate line for each class of securities beneficially owned directly or indirectly.

*		If the form is filed by more than one reporting person, see instruction 4(b)(v).

Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

Title of Security
(Instr. 3)

Transaction
Date
(Month/Day/Year)

2A.

Deemed Execution
Date, if any
(Month/Day/Year)

Transaction
Code
(Instr. 8)

Securities Acquired (A) or
Disposed of (D)
(Instr. 3, 4 and 5)

Amount of Sec-
urities Beneficially
Owned Following
Reported Trans-
action(s)
(Instr. 3 and 4)

Ownership
Form:
Direct (D) or
Indirect (I)
(Instr. 4)

Nature of
Indirect
Beneficial
Ownership
(Instr. 4)

Code

Amount

(A)
or
(D)

Price

Common Stock, $0.01 par value per share

10/11/02

6,425,452(1)

$2.40

13,835,452(2)

I/D(2)

See note (2)

Common Stock, $0.01 par value per share

10/11/02

6,425,452(1)

$2.40

13,835,452(3)

I(3)

See note (3)

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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

Title of Derivative
Security
(Instr. 3)

Conversion or Exercise
Price of Derivative
Security

Transaction
Date
(Month/Day/Year)

3A.

Deemed Execution
Date, if any
(Month/Day/Year)

Transaction
Code
(Instr. 8)

Number of Derivative Securities
Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

Code

(A)

(D)

N/A

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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned — Continued
(e.g., puts, calls, warrants, options, convertible securities)

Date Exercisable and
Expiration Date
(Month/Day/Year)

Title and Amount
of Underlying Securities
(Instr. 3 and 4)

Price of Derivative
Security
(Instr. 5)

Number of Derivative Securities
Beneficially Owned Following
Reported Transaction(s)
(Instr. 4)

10.

Ownership Form of
Derivative Security:
Direct (D) or
Indirect (I)
(Instr. 4)

11.

Nature of
Indirect
Beneficial
Ownership
(Instr. 4)

Date
Exercisable

Expiration
Date

Title

Amount or
Number of
Shares

Explanation of Responses:

(1) On October 11, 2002, TSAC Corp., a direct wholly-owned subsidiary of Tiffany&Co. International, Inc. and an indirect wholly-owned subsidiary of Tiffany&Co., acquired 4,456,760 shares of the Common Stock, $0.01 par value per share, of Little Switzerland, Inc. pursuant to a tender offer by TSAC Corp. for all of the outstanding shares of Little Switzerland, Inc. Common Stock at a price of $2.40 per share. Also on October 11, 2002, TSAC Corp. acquired 1,968,692 shares of the Common Stock, $0.01 par value per share, of Little Switzerland, Inc. at a price of $2.40 per share pursuant to a Stock Purchase Agreement with Seymour Holtzman, Steven Holtzman and Jewelcor Management, Inc. As of October 11, 2002, TSAC Corp. owns directly 6,425,452 shares of the Common Stock, $0.01 par value per share, of Little Switzerland, Inc.

(2) Tiffany&Co. International owns directly 7,410,000 shares of the Common Stock, $0.01 par value per share, of Little Switzerland, Inc. pursuant to a previous transaction. Pursuant to the transactions described in Note 1 above, on October 11, 2002, Tiffany&Co. International acquired an indirect beneficial ownership interest in 6,425,452 shares of the Common Stock, $0.01 par value per share, of Little Switzerland, Inc. directly owned by Tiffany&Co. International's direct wholly-owned subsidiary, TSAC Corp.

(3) Tiffany&Co. does not directly own any shares of the Common Stock, $0.01 par value per share, of Little Switzerland, Inc. Tiffany&Co. has an indirect beneficial ownership interest in 7,410,000 shares of the Common Stock, $0.01 par value per share, of Little Switzerland, Inc. owned by Tiffany&Co.'s direct wholly-owned subsidiary, Tiffany&Co. International, pursuant to a previous transaction. Pursuant to the transactions described in Note 1 above, on October 11, 2002, Tiffany&Co. acquired an indirect beneficial interest in 6,425,452 shares of the Common Stock, $0.01 par value per share, of Little Switzerland, Inc. directly owned by Tiffany&Co's indirect wholly-owned subsidiary, TSAC Corp. As of October 11, 2002 Tiffany&Co. has an indirect beneficial ownership interest in 13,835,452 shares of the Common Stock, $0.01 par value per share, of Little Switzerland, Inc.

Joint Filer Information:Name: Tiffany&Co. International Address: 600 Madison Avenue, Eighth Floor New York, NY 10022 I.R.S. Number: 06-112-1421 Designated Filer: Tiffany&Co. Issuer&Ticker Symbol: Little Switzerland, Inc. OTCBB: LSVI.OB Date of Event Requiring Statement: October 11, 2002 Signature: /s/ PATRICK B. DORSEY Patrick B. Dorsey Vice President and Secretary

/s/ PATRICK B. DORSEY		October 15, 2002
**Signature of Reporting Person		Date

**		Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:		File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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LITTLE SWITZERLAND INC/DE 4