Gucci (Milan) has signed a memorandum of understanding to form a joint venture with luxury retailer Al Tayer Insignia (Dubai), reports Women’s Wear Daily. The agreement is expected to be finalized over the next few months and will allow Gucci to directly enter the United Arab Emirates.
The luxury brand currently operates in the UAE through a store in Abu Dhabi, at Marina Mall, and three boutiques are at the Mall of the Emirates, at The Boulevard at Jumeirah Emirates Towers and at The Dubai Mall in Dubai. Gucci is also sold at Harvey Nichols’s and Bloomingdale’s Dubai stores.
Al Tayer Insignia is part of Al Tayer Group, a UAE-based diversified business conglomerate, with more than 35 international luxury brands and nearly 80 stores in the region, including Bloomingdale’s and Harvey Nichols. The company has been Gucci’s franchisee in the region for more than a decade, according to WWD.