With the appetite for luxury brands in Dubai and surrounding countries stronger than ever, Italian fashion house Prada has announced their new game plan for a strong retail presence in the region. Last Wednesday, Prada confirmed it will open stores across the Middle East as part of a joint venture with Emirates luxury retailer Al Tayer Insignia to develop a new retail network.
“The joint venture company, headquartered in Dubai, will oversee the roll out of Prada and Miu Miu stores across the region, leveraging on Al Tayer Insignia’s market knowledge and expertise,” a joint company statement said.
The new retail network will see stores opened in Bahrain, the Kingdom of Saudi Arabia, Kuwait, Oman and the United Arab Emirates, it said.
Giant luxury retailer Al Tayer Insignia called the venture a “strategic development” and a “significant milestone” in its drive to become the “ideal partner for leading luxury brands in the Middle East.”
The joint venture is a shrewd decision on both sides; Al Tayer Insignia is a very established retailer, currently distributing over 35 of the world’s most renowned luxury brands including Gucci, Dolce & Gabbana, Armani, Boucheron, Coach and Emilio Pucci in its franchise portfolio. Al Tayer also operates its own chain of Areej perfumeries in the region and the conglomerate is one of Dubai’s major trading houses with its origins in car dealerships, real estate, retail, real estate and engineering.