UAE. Damas, the Middle East’s leading international jewellery and watch retailer, has announced that it has recently signed a memorandum of understanding (MoU) to establish a joint venture with Tiffany & Co., the world’s premier jeweler, to operate Tiffany & Co. retail stores in the UAE.
The proposed joint venture will be governed by a board of directors representing both Damas and Tiffany & Co. and will be initially headed by the Chairman of Damas International Limited, Ibrahim Belselah. Under the terms of the MoU, which covers all Tiffany & Co. stores in the UAE, Tiffany & Co. will manage the business operations in the UAE.
Belselah said, “The joint venture between Damas and Tiffany & Co. will demonstrate the confidence that Tiffany & Co. has placed in Damas; this being the first partnership venture of Tiffany & Co. in the world”.
Anan Fakhreddin, Chief Executive Officer of Damas International Limited, added: “The MoU is the start of a great partnership as both companies with an outstanding heritage in the jewellery business would be working together to grow the business and achieve new heights. Damas will add value to Tiffany & Co. in this region via its excellent customer service and network, being a homegrown UAE company with deep consumer insight. Furthermore, the partnership will also facilitate the latest innovations from Tiffany & Co. to reach our customers within a short time frame.”
Prior to establishing the joint venture, Tiffany & Co. business was operated under a distribution agreement with Damas, which operated all Tiffany & Co. stores in the UAE. Tiffany & Co. currently operates five stores in the UAE which are located in Dubai Mall, Mall of the Emirates, and Atlantis The Palm resort, in addition to the Marina Mall and Abu Dhabi Mall stores in Abu Dhabi.
Damas was founded in 1907 and currently operates around 300 stores distributed across 12 countries, most of which are located in the GCC region. Tiffany & Co. was founded in 1837 in New York, USA. The company has about 230 stores worldwide.
Headquartered in Dubai, United Arab Emirates, Damas is the Middle East’s leading international jewellery and watch retailer. Founded in 1907, the company today operates more than 300 stores distributed across 12 countries, most of which are located in the GCC region.
The company has grown from a UAE-based retailer into a global brand name, and is also the retailer for a large portfolio of renowned global luxury brands including Tiffany & Co., Roberto Coin, Paspaley, Mikimoto, Carrera y Carrera, Girard Perregaux, Vacheron Constantin, among many others. Damas’ popular in-house brands include Farfasha, Gehna, Hayati, Fulla, Legacy, and many more.
An ongoing commitment to setting benchmark standards in quality, craftsmanship and customer service have enabled Damas to win many prestigious awards including the exclusive De Beers Award 2000, 2004 and 2007 for jewellery design. Damas contributes to the communities in which it operates and is a proud Middle Eastern brand with a long history of success.
The company is listed on Nasdaq Dubai (former Dubai International Financial Exchange) as Damas International Limited under the ticker “Damas.”