Gucci, the brand owned by french luxury goods group PPR, is to enter the United Arab Emirates after signing a joint venture with Middle Eastern luxury retailer Al Tayer Insignia.
Gucci has signed a memorandum of understanding with Al Tayer Insignia, with whom it has a longstanding franchise relationship.
Gucci already operates six points of sale in the UAE as part of a franchise deal with the Al Tayer Group which spans a decade. It has one franchise store in Abu Dhabi and five in key locations in Dubai.
The new joint venture provides Gucci’s first direct entry in to the region. Al Tayer Insignia operates 80 stores in the region.
Patrizio di Marco, president and chief executive 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.”
Gucci has 317 stores worldwide and wants to open more around the world.