Damas, Tiffany & Company sign MoU
Dubai, January 19, 2012
Damas recently signed a memorandum of understanding (MoU) to establish a joint venture with Tiffany & Company; to operate the latter’s retail stores in the UAE.
The proposed joint venture will be governed by a board of directors representing both companies and will be initially headed by the chairman of Damas International, Ibrahim Belselah, a statement from the jewellery company said.
“The joint venture between Damas and Tiffany & Company will demonstrate the confidence that it has placed in Damas; this being the first partnership venture of Tiffany & Company in the world,” Belselah said.
Anan Fakhreddin, CEO of Damas International, said: “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 & Company 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 & Company to reach our customers within a short time frame.”
Prior to establishing the joint venture, Tiffany’s business was operated under a distribution agreement with Damas, which operated all stores in the UAE. There are currently 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, the statement said.
Tiffany & Company was founded in 1837 in New York, USA. The company has about 230 stores worldwide, it said. – TradeArabia News Service