Tiffany & Co. and Damas partnered for the purpose of operating Tiffany stores in the United Arab Emirates. The two companies signed a memorandum of understanding, which will be overseen by a board of directors representing both companies and be headed by Damas chairman, Ibrahim Belselah. The agreement covers all Tiffany stores in the UAE. Tiffany & Co. will manage the business operations in the UAE.
Anan Fakhreddin, the chief executive of Damas, stressed that the joint venture will allow both companies to grow their business in the region. Damas will add value to Tiffany & Co. through its customer network and consumer insight, while Tiffany will be able to bring its latest innovations to Damas’ customers within a short time frame, he explained.
Prior to the joint venture, Tiffany & Co. was operated under a distribution agreement with Damas, which operated all Tiffany & Co. stores in the UAE. Tiffany & Co. currently has five stores, including 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.
''The joint venture between Damas and Tiffany & Co. will demonstrate the confidence that Tiffany & Co. has placed in Damas; this being the first partnership venture of Tiffany & Co. in the world,'' Belselah said.
Damas has 300 stores across 12 countries, most of which are located in the GCC region. Tiffany & Co. has 230 stores worldwide.