Tiffany opens regional base in Dubai
Dubai, June 21, 2011
Tiffany & Co, a leading jewellery brand, has opened its regional headquarters in Dubai, which will oversee business development in the Middle East, East and Central Europe, Africa, Turkey and India.
“This occasion marks an important milestone for Tiffany & Co in the Middle East,” said Laurent Cathala, Tiffany vice president of emerging markets.
“While we have enjoyed a presence here for the past 15 years, our new regional operation will be responsible for strengthening our brand representation and service levels to support the increasing purchasing power and discerning tastes of our regional customer.”
Tiffany said its expansion plan will cater to the increased demand for luxury goods in emerging markets, which, according to consultancy firm Bain & Company, will be a key contributor to the anticipated eight per cent growth in worldwide luxury sales during 2011.
Tiffany’s Dubai headquarters will become the fourth international representative office for the luxury jeweller outside of America. It shares with London the top position as the most targeted retail destination in the world, drawing 56 per cent of all international retail brands, according to property advisor CB Richard Ellis.
Over the next five years Tiffany & Co plans to more than double its network of boutiques in emerging markets. It currently has 35 stores in 15 countries throughout the region.
Tiffany & Co recently opened its first freestanding boutique in Beirut, in association with Antoine Hakim, its business partner in Lebanon. Tiffany also plans to open another boutique in Astana, Khazakhstan before the end of the year.
“Tiffany & Co has carefully managed its global growth by opening five to seven locations per year. Our decision to establish regional headquarters in Dubai to represent our emerging markets is the result of years of thoughtful planning,” said Cathala.
“While there continues to be strong demand for Tiffany & Co jewellery and merchandise throughout the region, we will continue to assess the market opportunities to ensure our future here is as bright and sustainable as possible,” said Cathala.
According to Cathala, Tiffany’s Solitaire diamond ring collection will enjoy a particularly bright future in the region as more boutiques are chosen to stock the highly sought-after gem.
“Throughout history no single jewelry design has enjoyed such profound influence or universal popularity as the Tiffany Setting, the patented six-prong setting for Tiffany’s brilliant-cut diamonds. A symbol of true love and commitment, the Tiffany Setting, in its famous Tiffany Blue Box, is widely recognized as the quintessential ring of a marriage proposal,” he added. – TradeArabia News Service