Prada Group announces joint venture with UAE based Al Tayer Insignia
- United Arab Emirates: Wednesday, April 27 - 2011 at 16:03
- PRESS RELEASE
Prada Group is pleased to announce the signing of a joint venture agreement with UAE based Al Tayer Insignia LLC for the development of a retail network for Prada and Miu Miu brands across the Middle East countries, namely in Bahrain, Kingdom of Saudi Arabia, Kuwait, Oman and the United Arab Emirates.
This agreement underlines Prada Group's development strategy, which aims to seize opportunities in high potential markets worldwide, focusing on the retail distribution channel. It is as part of this strategy that a consistent rollout of Prada and Miu Miu stores is being planned in various markets across the Middle East.
A strategic development in Al Tayer Insignia's business portfolio, this joint venture represents another significant milestone for Al Tayer Group and cements Al Tayer Group's position as the ideal partner for leading luxury brands in the Middle East.
The Prada Group is one of the world's most prestigious fashion and luxury goods groups, operating actively with the Prada, Miu Miu, Church's and Car Shoe brands to produce and market high-quality handbags, leather goods, footwear, clothing and accessories. The Group also operates in the eyewear and fragrances sectors through license agreements
Al Tayer Insignia is the largest luxury retailer in the Middle East. It is part of Al Tayer Group, a UAE-based diversified business conglomerate. Al Tayer Insignia distributes over 35 of the world's most renowned luxury brands and operates over 80 stores in the region. The company currently employs over 1600 people and has continued to experience healthy growth over the past few years. Headquartered in the UAE, it also has operations in Bahrain, the Kingdom of Saudi Arabia, Lebanon and Qatar.
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