World's Premier Jeweler and America's House of Design Poised for Further Growth in Emerging Markets
UAE, Dubai (June 21, 2011) -- Tiffany & Co., the world's premier jeweler and America's house of design, today opened its regional headquarters in Dubai, UAE. The new headquarters will oversee business development in the Middle East, Gulf Countries, East & Central Europe, Africa, Turkey and India, placing emerging markets at the centre of Tiffany's globalization strategy.
"This occasion marks an important milestone for Tiffany & Co. in the Middle East," said Laurent Cathala, Tiffany vice president of emerging markets. "While we have enjoyed a presence here for the past 15 years, our new regional operation will be responsible for strengthening our brand representation and service levels to support the increasing purchasing power and discerning tastes of our regional customer."
Recognizing the fast growth potential of the region, Tiffany says its expansion plan will cater to the increased demand for luxury goods in emerging markets, which, according to consultancy firm Bain & Company, will be a key contributor to the anticipated eight per cent growth in worldwide luxury sales during 2011.
Since 1837, the masterpieces of Tiffany & Co. have defined style and celebrated the world's great love stories. With its timeless design, legendary style and a business philosophy anchored in celebrating life's most important moments, Tiffany & Co. has remained a symbol of elegance, exclusivity and sophistication for close to 175 years. Its breadth and depth of jewelry designs, coupled with an unparalleled tradition of excellence in silversmithing, has introduced endless possibilities to the world of luxury retail.
It is this specific product focus combined with Tiffany's strategic geographic network that has helped the company to outperform nearly all other luxury retailers during the past three years. Worldwide, Tiffany & Co. reported higher than expected net sales and earnings growth in its first quarter ended April 30, 2011, increasing 20 per cent and 26 per cent respectively.
Tiffany's Dubai headquarters will become the fourth international representative office for the luxury jeweler outside of America and was chosen as much for its geographic location and pro-business environment as for its status as the region's fashion hub.
Dubai now shares with London the top position as the most targeted retail destination in the world, drawing 56 per cent of all international retail brands, according to property advisor CB Richard Ellis. The UAE has also emerged as the world's second most attractive international market for retail expansion.
Over the next five years Tiffany & Co. plans to more than double its network of boutiques in emerging markets. It currently has 35 stores in 15 countries throughout the region. Last week Tiffany & Co. opened its first freestanding boutique in Beirut, in association with Antoine Hakim SAL, its business partner in Lebanon. Tiffany also plans to open another boutique in Astana, Khazakhstan before the end of the year.
"Tiffany & Co. has carefully managed its global growth by opening five to seven locations per year. Our decision to establish regional headquarters in Dubai to represent our emerging markets is the result of years of thoughtful planning. While there continues to be strong demand for Tiffany & Co. jewelry and merchandise throughout the region, we will continue to assess the market opportunities to ensure our future here is as bright and sustainable as possible," said Cathala.
According to Cathala, Tiffany's Solitaire Diamond Ring collection will enjoy a particularly bright future in the region as more boutiques are chosen to stock the highly sought-after gem. He added: "Throughout history no single jewelry design has enjoyed such profound influence or universal popularity as the Tiffany® Setting, the patented six-prong setting for Tiffany's brilliant-cut diamonds. A symbol of true love and commitment, the Tiffany Setting, in its famous Tiffany Blue Box®, is widely recognized as the quintessential ring of a marriage proposal."
Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific, Japan and Europe and engages in direct selling through Internet, catalogue and business gift operations. For additional information, please visit www.press.tiffany.com.
-Ends-
Tiffany & Co. Regional Headquarter Office
Ghada El-Kari
M. +971 56 1703872
Dubai, United Arab Emirates
ghada.el-kari@tiffany.com
Mojo PR
Lubna Al Zakwani
M. +971 50 544 7224
Dubai, United Arab Emirates
lubna@mojo-me.com
Tiffany & Co., Tiffany and T&CO. are trademarks of Tiffany (NJ) LLC, Tiffany and Company and their affiliates.
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© Press Release 2011
