Gucci, Al Tayer Insignia in joint venture
Luxury brand announces direct entry into the UAE market to build on its six points of sale
Dubai: Gucci, the luxury fashion brand, has announced its direct entry into the UAE 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.
As a result of a franchise relationship with Al Tayer Group spanning over a decade, Gucci currently has six points of sale in the UAE. With one store located in Abu Dhabi, at Marina Mall; three stores 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 the Al Tayer Group, a UAE-based diversified business conglomerate, Al Tayer Insignia represents over 35 of the world’s luxury brands and operates nearly 80 stores in the region.
The company currently employs over 1,600 people and has continued to experience healthy growth over the past few years. Headquartered in the UAE, it also has operations in Bahrain, 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, where Gucci products have been appreciated for many years. 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.”
Khalid Al Tayer, Chief Operating Officer, Al Tayer Group, said: “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.”
Founded in Florence in 1921, Gucci designs, manufactures and distributes products such as leather goods (handbags, small leather goods and luggage), shoes, ready-to-wear, silks, timepieces and fine jewellery.
Eyewear and fragrances are manufactured and distributed under licence. Gucci products are sold exclusively through a network of directly operated boutiques and a small number of selected department and speciality stores.