US-based Tiffany and Co announced on Monday it has signed a joint venture agreement with Dubai's Damas Jewellery relating to the operation of its UAE boutiques.
The partnership will see the transfer of operational, merchandising and sales and marketing management for the Tiffany & Co brand in the UAE from Damas Jewellery to Tiffany.
Until now, Tiffany has sold merchandise, on a wholesale basis, to Damas which operated the Tiffany & Co stores.
Under the joint venture, the new entity will be incorporated in the UAE as TCO Damas Associates.
"This restructuring of our retail presence in the UAE through this joint venture with Damas allows us, for the first time, to wholly manage Tiffany's operational activities," said Laurent Cathala, Tiffany's vice president of emerging markets.
"The agreement... underscores the importance of the UAE market to our global expansion strategy and highlights our optimism about the long-term growth potential we see throughout the Middle East," he added.
Tiffany also announced the appointment of Stephane de Palmas as general manager of the new UAE retail operation. He will be responsible for the overall management of the Tiffany & Co stores in Dubai and Abu Dhabi.
The JV signing follows a memorandum of understanding inked in January to establish a joint venture with Tiffany & Co.
Last year, Tiffany & Co opened a new regional headquarters in Dubai.
The Dubai base oversees its business development in the Middle East, Gulf Countries, East & Central Europe, Africa, Turkey and India, placing emerging markets at the centre of Tiffany's globalisation strategy.
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