Tiffany & Co, one of the largest jewellers in the world, plans to increase its Middle Eastern sales fivefold over the next three years as it invests in new stores, advertising and products.
The jeweller, based in New York, joins a host of local players that are investing in the sector as confidence grows with strong consumer spending.
"The region is important for the company on different levels," said Laurent Cathala, the vice president of emerging markets for Tiffany.
"The economy is good. Our presence has been limited here … but the brand has been really appreciated."
Globally, Tiffany's sales rose 18 per cent to US$3.6 billion (Dh13.22bn) in the year ending on January 31, and net profit increased 19 per cent to $439 million, compared with 2010.
Mr Cathala said the company aims to increase sales in the region by "five to six" times but declined to disclose a sales figure in the region last year.
He added that Tiffany would spend "millions" of dirhams on advertising this year.
The New York luxury brand is celebrating its 175th anniversary and yesterday launched a new precious metal in celebration.
Called Rubedo, the metal is a mix of copper, gold and silver and will be used in a variety of pieces, including necklaces, rings and pendants.
A strong player in the engagement rings sector globally, Tiffany also hopes to expand this aspect of the business in the Emirates.
The market for luxury jewellery in the UAE has been growing strongly in recent years and jewellers are investing in major store expansions. Euromonitor, a research consultancy, estimates that spending on luxury jewellery and timepieces in the UAE increased from $509m in 2010 to nearly $600m last year.
Meanwhile, Dubai traded more than $40bn of diamonds last year, a record, according to the Dubai Multi Commodities Centre.
Malabar Gold & Diamonds, a jeweller based in Dubai with huge operations in South India, announced last month it would tap investors for $700m to embark on a global expansion aimed at making it the world's largest jeweller.
Pure Gold Jewellers, headquartered in Dubai, plans to invest Dh1bn in new stores and factories during the next five years, and the company has entered into talks with a number of Islamic banks to help to finance the expansion.
Joyalukkas, also based in Dubai, said last month that it was confident of raising $100m in a syndicated loan to expand its network of stores. With five stores in the UAE and 15 in the rest of the Middle East, Tiffany is not out to compete with the big-volume jewellers, but offer products in a higher price bracket.
It is set to renovate and upgrade some stores, while closing others to open in more favourable locations.
In the UAE, it signed a joint venture with Damas International to help operate in the country and act as a shareholder.
Damas last week received a joint buyout bid from Mannai Corporation, a Qatari conglomerate, and EFG-Hermes, an Egyptian investment bank, valuing Damas at $445m.
Tiffany opened an office in Dubai last year, which now serves as the jeweller's fourth international headquarters after other regional offices in London, Tokyo and Hong Kong, plus its flagship shop on Fifth Avenue in Manhattan.
Tiffany & Co was founded in 1837 in New York, and the company has about 230 stores worldwide.
rjones@thenational.ae
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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match info
Southampton 0
Arsenal 2 (Nketiah 20', Willock 87')
Red card: Jack Stephens (Southampton)
Man of the match: Rob Holding (Arsenal)
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
UAE currency: the story behind the money in your pockets
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Company%20Profile
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