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| Tiffany builds UAE business |
   
Posted Date: 23/01/2012
By Inside Retail
Tiffany & Co has signed a memorandum of understanding to enter into a joint venture with Dubai-based Damas Jewellery to operate Tiffany & Co stores in the United Arab Emirates.
Frederic Cumenal, executive vice president, said, the joint venture will enable the company to better integrate five existing Tiffany & C stores into its worldwide store network and enhance awareness of the brand in the Emirates.
"We see very exciting opportunities to expand our sales throughout this important region. Representing Tiffany in the venture is Laurent Cathala, Tiffany's vice president - emerging markets."
Under the memorandum of understanding which covers the five existing stores (three in Dubai and two in Abu Dhabi) as well as future store expansion, Tiffany will be responsible for merchandise assortment and pricing, advertising and promotional activities, staffing, store design and visual display and financial services. The joint venture is expected to begin operating in the second quarter of 2012.
Prior to establishing the joint venture, Tiffany sold merchandise, on a wholesale basis, to Damas which operated the Tiffany & Co stores. Both Tiffany and Damas are contributing capital to the joint venture. |
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