Tiffany Announces Plans to Expand in UAE
January 23, 12
(IDEX Online News) –Tiffany & Co. has signed a memorandum of understanding (MoU) to enter into a strategic joint venture with Damas Jewellery that is expected to being 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.
Under the terms of the MoU, which covers five Tiffany & Co. 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.
"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.”