Tiffany & Co. announced that it has signed a memorandum of understanding with Damas Jewellery in order to expand Tiffany's presence in the United Arab Emirates.
Under the memorandum of understanding which covers five stores—three in Dubai and two in Abu Dhabi—as well as future store expansion, Tiffany will be responsible for merchandise assortment and pricing, advertising and promotional activities, staffing, store design and visual display, and financial services.
The joint venture is expected to begin operating in the second quarter of 2012. Prior to establishing the partnership, Tiffany sold merchandise on a wholesale basis to Damas, which operated the U.A.E. Tiffany stores.