Gucci, one of the world's luxury fashion brands, is pleased to announce its direct entry into the United Arab Emirates, through the signing of a memorandum of understanding for the establishment of a joint venture with Al Tayer Insignia, the largest luxury retailer in the Middle East.
The joint venture will be headquartered in Dubai and will take the brand's longstanding relationship with Al Tayer Insignia to a new level of collaboration.
As a result of a multiyear franchise relationship with Al Tayer Group spanning over a decade, Gucci currently counts six points of sale in the UAE. With one store located in Abu Dhabi, at Marina Mall; three stores are spread across key locations in Dubai - Mall of the Emirates, The Boulevard at Jumeirah Emirates Towers and The Dubai Mall. Gucci also has a presence in Harvey Nichols - Dubai and Bloomingdale's - Dubai with corners in these two department stores.
Part of Al Tayer Group, a UAE-based diversified business conglomerate, Al Tayer Insignia represents over 35 of the world's most renowned luxury brands and operates nearly 80 stores in the region. The company currently employs over 1600 people and has continued to experience healthy growth over the past few years. Headquartered in the UAE, it also has operations in Bahrain, the Kingdom of Saudi Arabia, Lebanon and Qatar.
Patrizio di Marco, President and CEO of Gucci, said: "We are extremely proud to announce this new agreement with our long standing partner in the Middle East. This is a dynamic region of the world, where Gucci products have been appreciated for many years thanks to the brand's unique balance of luxury heritage and fashion authority."
Di Marco continued, "The decision to establish this venture in such an important market is consistent with Gucci's stated objective to further reinforce its direct retail network, which today numbers 317 stores worldwide. Gucci was born as a retail entity when Guccio Gucci founded the company in Florence 90 years ago in 1921. Today, in the year of our 90th anniversary, we intend to continue increasing our retail presence around the world, in order to convey the values of outstanding quality, unique craftsmanship and commitment to made in Italy, which are a fundamental part of Gucci's DNA. "
"Having introduced the brand in the UAE in 1999, it gives us immense pleasure to see the phenomenal success of Gucci in the market. We are enthusiastic about this strategic development in our relationship," said Khalid Al Tayer, Chief Operating Officer, Al Tayer Group.
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