Gucci to expand in the UAE
Italian luxury fashion brand Gucci has announced its 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, a luxury retailer in the Middle East.
The joint venture will be headquartered in Dubai. As a result of a multiyear franchise relationship with Al Tayer Group spanning over a decade, Gucci already has six points of sale in the UAE.
Al Tayer Insignia represents over 35 luxury brands and operates nearly 80 stores in the region. 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 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.”
Mr 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.”
