Yves Saint Laurent (YSL), one of the world's most prominent fashion houses, has announced plans for a joint venture company with Al Tayer Insignia, the largest luxury retailer in the Middle East.
The joint venture will be headquartered in Dubai and will help strengthen YSL's presence in the region, a statement said.
The joint venture will also open a flagship Abu Dhabi store at Sowwah Square during 2013, the statement added.
Since its entry into the UAE in 2003 through a multi-year franchise relationship with Al Tayer Insignia, Saint Laurent has expanded its presence to five points of sale in the country.
With stand alone stores in Marina Mall, Abu Dhabi and Mall of the Emirates in Dubai, the brand also has a presence in Harvey Nichols - Dubai and Bloomingdale's - Dubai.
Paul Deneve, CEO of Yves Saint Laurent, said: "We are delighted to take an important step further into the UAE market through this strengthened partnership with Al Tayer Insignia.
"Over the past years, Saint Laurent has established a strong presence in the region and we feel that it is now time to enhance it even more in order to offer our customers a renewed experience with the Saint Laurent brand."
Khalid Al Tayer, CEO - Retail, Al Tayer Group, added: "Saint Laurent is a favourite with the luxury connoisseur in the UAE. With this joint venture, we not only strengthen our relationship but create a platform for the brand to extend its presence in the market.
"We're committed to ensuring that customers in our market continue to experience the delightful world of Saint Laurent."
Part of Al Tayer Group, a UAE-based diversified business entity, Al Tayer Insignia represents over 30 of the world's most renowned luxury brands.
The company currently has operations in Bahrain, the Kingdom of Saudi Arabia, Kuwait and Qatar.