Italian luxury-goods maker Prada Group said Wednesday it has formed a joint venture company with United Arab Emirates-based luxury retailer Al Tayer Insignia LLC to expand its retail presence across the Middle East, where Prada doesn’t have any directly operated stores.
After terminating its relationship with the Saks Fifth Avenue in the UAE early last year, the Italian fashion label briefly exited the market, much to the shock of its local fans.
The label partnered now with a new partner, Al Tayer Insignia, to develop the brand across the region, along with another offshoot Miu Miu.
“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,†according to the press release.
Al Tayer Insignia is part of the Al Tayer Group and operates more than 35 global luxury brands in the region including Bvlgari, Boucheron, Bottega Veneta, Dolce & Gabbana, Giorgio Armani, Gucci and Yves Saint Laurent.
The retail network plan for Prada and Miu Miu brands will include UAE, Bahrain, Kingdom of Saudi Arabia, Kuwait and Oman.
