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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 28, 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). Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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

10/24/02

666,302(1)

$2.40

7,487,013(1)

D (1)

Common Stock, $0.01 par value per share

10/25/02

35,000(1)

$2.40

7,522,013(1)

D (1)

Common Stock, $0.01 par value per share

10/24/02

666,302(1)

$2.40

14,897,013(2)

I/D (2)

See note (2)

Common Stock, $0.01 par value per share

10/25/02

35,000(1)

$2.40

14,932,013(2)

I/D (2)

See note (2)

Common Stock, $0.01 par value per share

10/24/02

666,302 (1)

$2.40

14,897,013(3)

I (3)

See note (3)

Common Stock, $0.01 par value per share

10/25/02

35,000(1)

$2.40

14,932,013(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

Page 3

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) TSAC Corp., a group member, is a direct wholly-owned subsidiary of Tiffany & Co. International and an indirect wholly-owned subsidiary of Tiffany & Co. TSAC Corp. owns directly 6,820,711 shares of the Common Stock, $0.01 par value per share, of Little Switzerland, Inc. (the “Common Stock”) pursuant to previous transactions. On October 24, 2002, TSAC Corp. acquired an additional 666,302 shares of the Common Stock and, on October 25, 2002, TSAC Corp. acquired an additional 35,000 shares of the Common Stock pursuant to a tender offer by TSAC Corp. for all of the outstanding shares of the Common Stock at a price of $2.40 per share. As of October 24, 2002, TSAC Corp. owned directly 7,487,013 shares of the Common Stock. As of October 25, 2002, TSAC Corp. owned directly 7,522,013 shares of the Common Stock.

(2) Tiffany & Co. International owns directly 7,410,000 shares of the Common Stock pursuant to a previous transaction. Tiffany & Co. International has an indirect beneficial ownership interest in 6,820,711 shares of the Common Stock owned directly by Tiffany & Co. International's direct wholly-owned subsidiary, TSAC Corp., pursuant to previous transactions. Pursuant to the transactions described in Note 1 above, Tiffany & Co. International acquired an additional indirect beneficial ownership interest in 701,302 shares of the Common Stock (666,302 shares on October 24, 2002 and 35,000 shares on October 25, 2002) owned directly by Tiffany & Co. International's direct wholly-owned subsidiary, TSAC Corp. As of October 24, 2002, Tiffany & Co. International owned directly 7,410,000 shares of the Common Stock and had an indirect beneficial ownership interest in 7,487,013 shares of the Common Stock. As of October 25, 2002, Tiffany & Co. International owns directly 7,410,000 shares of the Common Stock and has an indirect beneficial ownership interest in 7,522,013 shares of the Common Stock.

(3) Tiffany & Co. does not directly own any shares of the Common Stock. Tiffany & Co. has an indirect beneficial ownership interest in 14,230,711 shares of the Common Stock from previous transactions (7,410,000 shares owned directly by Tiffany & Co.'s direct wholly-owned subsidiary, Tiffany & Co. International, and 6,820,711 shares owned directly by Tiffany & Co.'s indirect wholly-owned subsidiary, TSAC Corp.). Pursuant to the transactions described in Note 1 above, Tiffany & Co. acquired an additional indirect beneficial interest in 701,302 shares of the Common Stock (666,302 shares on October 24, 2002 and 35,000 shares on October 25, 2002) owned directly by Tiffany & Co.'s indirect wholly-owned subsidiary, TSAC Corp. As of October 24, 2002, Tiffany & Co. had an indirect beneficial ownership interest in 14,897,013 shares of the Common Stock. As of October 25, 2002, Tiffany & Co. has an indirect beneficial ownership interest in 14,932,013 shares of the Common Stock.

TIFFANY & CO. By: /s/ PATRICK B. DORSEY Name: Patrick B. Dorsey Title: Senior Vice President, Secretary and General Counsel		October 28, 2002
**Signature of Reporting Person		Date

Joint Filer Information:
Name: Tiffany & Co. International		Name: TSAC Corp.
Address: 600 Madison Avenue, Eighth Floor New York, NY 10022		Address: 600 Madison Avenue, Eighth Floor New York, NY 10022
I.R.S. Number: 06-1121421		I.R.S. Number: 30-0088950
Designated Filer: Tiffany & Co.		Designated Filer: Tiffany & Co.
Issuer & Ticker Symbol: Little Switzerland, Inc. OTCBB: LSVI.OB		Issuer & Ticker Symbol: Little Switzerland, Inc. OTCBB: LSVI.OB
Date of Event Requiring Statement: October 24, 2002 and October 25, 2002		Date of Event Requiring Statement: October 24, 2002 and October 25, 2002
Signature: /s/ PATRICK B. DORSEY Patrick B. Dorsey Vice President and Secretary		Signature: /s/ PATRICK B. DORSEY Patrick B. Dorsey Secretary and Treasurer

**		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.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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LITTLE SWITZERLAND INC/DE 4