Tiffany & Co. is hoping to broaden its reach in the United Arab Emirates.
The New York-based jeweler said today that it signed a memorandum of understanding to enter into a partnership with Dubai-headquartered Damas Jewellery, a move that will permit it to further develop its brand within the region.
“We are very pleased to extend our relationship with Damas Jewellery through this joint venture, which will enable us to better integrate five existing Tiffany & Co. stores into our worldwide store network and enhance awareness of our brand in the United Arab Emirates,” said executive vice president Frederic Cumenal. “We see very exciting opportunities to expand our sales throughout this important region.”
The venture, which is expected to start up during the second quarter of this year, will cover three Tiffany stores in Dubai and two stores in Abu Dhabi, as well as any future store expansion. The luxe jeweler will be responsible for merchandise assortment, pricing, advertising, promotional activities, staffing, store design, visual display and financial services.
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Prior to this deal, Tiffany sold merchandise on a wholesale basis to Damas, which operated Tiffany’s stores. Both Tiffany and Damas are contributing capital to the joint venture.