Tiffany & Co. has signed a memorandum of understanding with Damas Jewellery, to expand its retail stores in the UAE.
As part of the agreement, the firm will open three shops in Dubai and two in Abu Dhabi, as well as a 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.
No plans have been announced yet regarding the interiors in the UAE. The joint venture is expected to begin operating in the second quarter of 2012.
“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 UAE,” said Frederic Cumenal, executive vice president, Tiffany.
“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.”
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.