Platinum jewellery retailer Tiffany & Co has signed a memorandum of understanding with Damas Jewellery to help the New York firm expand in the United Arab Emirates (UAE).

The strategic joint venture will cover five Tiffany stores, three in Dubai and two in Abu Dhabi, as well as the potential for new outlets in the future.

Frederic Cumenal, executive vice-president at Tiffany, said the joint venture will enable the firm to better integrate its five existing stores in the UAE into its worldwide store network.

"We see very exciting opportunities to expand our sales throughout this important region," he added.

Representing Tiffany in the venture is Laurent Cathala, the firm's vice-president for emerging markets.

Tiffany will be responsible for merchandise assortment and pricing, advertising and promotional activities, staffing, store design and visual display and financial services, the retailer said.

Prior to the agreement, which will begin operating in the second quarter of 2012, Tiffany sold merchandise on a wholesale basis to Damas, which operated the New York retailer's five outlets in the UAE.

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Tiffany Set to Expand in United Arab Emirates (19/01/12)

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