Tiffany & Co. has taken control of its destiny in the United Arab Emirates by restructuring its joint agreement with retailer Damas Jewellery.
Damas, based in the U.A.E., is an international jewelry and watch retailer. Under the new partnership agreement between the two companies, all of operational, merchandising and sales, and marketing management for the five Tiffany & Co. stores in the U.A.E. will be transferred from Damas to Tiffany. Previously, Tiffany sold its merchandise, on a wholesale basis, to Damas which operated the Tiffany & Co. stores.
The move was reportedly related to Damas’ delisting from Nasdaq Dubai after shareholders agreed to a buyout bid from a consortium of private investors.
Under the new 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,” said Laurent Cathala, Tiffany's VP of Emerging Markets. “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.”
Tiffany also announced the appointment of Stephane de Palmas as general manager of the new U.A.E. retail operation. The 46-year-old luxury retail veteran will be responsible for the overall management of the Tiffany & Co. stores in Dubai and Abu Dhabi.
Damas, based in the U.A.E., is an international jewelry and watch retailer. Under the new partnership agreement between the two companies, all of operational, merchandising and sales, and marketing management for the five Tiffany & Co. stores in the U.A.E. will be transferred from Damas to Tiffany. Previously, Tiffany sold its merchandise, on a wholesale basis, to Damas which operated the Tiffany & Co. stores.
The move was reportedly related to Damas’ delisting from Nasdaq Dubai after shareholders agreed to a buyout bid from a consortium of private investors.
Under the new 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,” said Laurent Cathala, Tiffany's VP of Emerging Markets. “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.”
Tiffany also announced the appointment of Stephane de Palmas as general manager of the new U.A.E. retail operation. The 46-year-old luxury retail veteran will be responsible for the overall management of the Tiffany & Co. stores in Dubai and Abu Dhabi.