Tiffany to enter into strategic joint venture with Damas Jewellery
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Sat January 21, 2012 11:29 am

UAE. Tiffany & Co. (NYSE: TIF) announced Thursday it has signed a memorandum of understanding to enter into a strategic joint venture with Damas Jewellery, a company incorporated under the laws of Dubai, related to the operation of TIFFANY & CO. retail stores in the United Arab Emirates.

Frederic Cumenal, executive vice president, said, “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. 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.”

Under the memorandum of understanding 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.

The joint venture is expected to begin operating in the second quarter of 2012.

Prior to establishing the joint venture, Tiffany sold merchandise, on a wholesalebasis, to Damas which operated the TIFFANY & CO. stores. Both Tiffany and Damas are contributing capital to the joint venture. 

Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific, Japan and Europe and engages in direct selling through Internet, catalog and business gift operations.

For additional information, please visit www.tiffany.com

RELATED ARTICLES

Damas to establish joint venture with Tiffany & Co.

For more Luxury Goods articles, click here.

 

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: July 22, 2016
INTERNATIONAL. Just 10% of insurers have strategic plans in place for the arrival of driverless vehicles; It will be up to 20 years before they become mainstream.
date:Posted: July 22, 2016
INTERNATIONAL. The botched coup was nothing but, as he put it, "a gift from God" to purge what is left of Turkey's democracy and cleanse the army and judiciary in order to ensure the total subordination of all institutions to his whims.
date:Posted: July 22, 2016
INTERNATIONAL. 90% of non-tech companies face increased competition from digital adopters; 67% plan acquisitions to upgrade their digital capabilities.
INTERNATIONAL. The botched coup was nothing but, as he put it, "a gift from God" to purge what is left of Turkey's democracy and cleanse the army and judiciary in order to ensure the total subordination of all institutions to his whims.
dhgate