UAE. Tiffany & Co. (NYSE: TIF) today announced it has signed a joint venture agreement with Damas Jewellery, a company incorporated under the laws of Dubai, relating to the operation of its U.A.E boutiques.
The partnership will see the transfer of operational, merchandising and sales & marketing management for the TIFFANY & CO. brand in the U.A.E. 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 U.A.E as TCO Damas Associates L.L.C.
“This restructuring of our retail presence in the U.A.E. through this joint venture with Damas allows us, for the first time, to wholly manage Tiffany’s operational activities. The agreement is a significant milestone during the 175th anniversary year of Tiffany & Co. It underscores the importance of the U.A.E. market to our global expansion strategy and highlights our optimism about the long-term growth potential we see throughout the Middle East,” said Mr. Laurent Cathala, Tiffany’s Vice President of Emerging Markets.
Tiffany also announced the appointment of Stephane de Palmas as General Manager of the new U.A.E. retail operation. Mr. de Palmas, 46, will be responsible for the overall management of the TIFFANY & CO. stores in Dubai and Abu Dhabi.
Mr. de Palmas brings to Tiffany & Co. more than 20 years of luxury retail experience, having led the business development of some of the world’s premium jewelers in some of the world’s top markets, including Van Cleef & Arpels and Cartier.
“We look forward to working with Stephane to strengthen our brand and product foothold in the U.A.E. His extensive luxury brand experience, combined with a proven track record of growing retail operations across multiple international markets, introduces a strong global perspective to our business development in emerging markets,” added Mr. Cathala.
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.
Photo: Stephane de Palmas, General Manager of the new U.A.E. retail operation.
For additional information, please visit www.tiffany.com