Tiffany & Co restructures operations management in UAE
Transfer of operational, jewellery merchandising, sales and marketing management
Tiffany & Co. announced it has signed a joint venture agreement with Damas Jewellery. The company is incorporated under the laws of Dubai, relating to the operation of its U.A.E-based 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.
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. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110.