The Italian house has signed a joint venture deal with UAE’s Al Tayer to distribute its luxury brands across the Gulf, namely in Bahrain, Kingdom of Saudi Arabia, Kuwait, Oman and the United Arab Emirates. The fashion house known for its high-end shoes, bags and clothing said Wednesday the deal would roll out Prada and Miu Miu stores in Bahrain, Saudi Arabia, Kuwait, Oman and the UAE. 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's market knowledge and expertise.
According to CB Richard Ellis last report, Dubai is a more attractive market for luxury retailers than the established fashion capitals of London, Paris, and New York. The annual survey titled 'How Global is the Business of Retail?' found that Dubai now attracts 82 per cent of luxury brands, just behind Hong Kong in first position (84 per cent), said a CBRE statement. This figure is considerably higher than the percentage of global retailers across all sectors in Dubai (56 per cent) and reflects the emirate's growing status as a high-end fashion destination, it added.
Michael Leighton, senior retail consultant, CB Richard Ellis Middle East, said the report reflects the continuing love affair with luxury fashion for local residents and visitors to Dubai. 'Not only are consumers in this part of the world becoming wealthier, they also like the status that luxury brands bring and are more attuned to the latest fashion trends which enter the market,' he stated.
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.
Al Tayer Insignia claims to be the largest luxury retailer in the Middle East, with brands such as Gucci, Dolce & Gabbana and Emilio Pucci in its franchise portfolio. It is the largest luxury retailer in the Middle East and 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 1,600 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.