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Tiffany set to expand in UAE
Forms a joint venture with Damas
By: Diamond World News Service
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Jan 25 2012 4:01PM
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Reference: 6669  

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In a move to strengthen its retail presence in the UAE, Tiffany & Co. has joined hands with Dubai-based Damas Jewellery. Previously, Damas held a distribution agreement for Tiffany & Co., under which it operated all of the latter’s stores in the UAE, this new initiative is being looked upon as a step forward for Tiffany.

Under the new memorandum of understanding between the two entities, which covers all existing five Tiffany stores in the UAE, and future stores, Tiffany & Co. will manage the business operations including merchandising, promotions, pricing, store design, staffing and financial services.

The two entities will contribute capital to the joint venture, reports add.

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