x Abu Dhabi, UAETuesday 16 January 2018

Luxury brand Prada heading for the Gulf

Prada, the luxury fashion house, is to launch stores across the Gulf in a tie-up with the UAE's Al Tayer

Prada, the Italian fashion house, has signed a joint venture deal with Emirates-based retailer Al Tayer to sell its brands across the Gulf.

The luxury goods-maker said the joint venture (JV) will be headquartered in Dubai and will roll out Prada and Miu Miu stores across the region, with a focus on Bahrain, Saudi Arabia, Oman, Kuwait and the UAE

"Prada was seeking direct ownership through a joint venture partner and we are happy to be their partner of choice," said Khalid al Tayer, chief operating officer at Al Tayer Group. "We will consider all malls that have key global luxury brands in each of the territories that we are looking at with this JV."

This will include stores in malls across Abu Dhabi and Dubai, Mr Al Tayer said, but that exact details of store openings had yet to be determined.

In March, Prada, which also owns Church's and Car Shoe, said it aimed to expand its retail network worldwide, which is currently made up of 326 stores in 70 countries.

The family-run fashion house is set to list on the Hong Kong Stock Exchange later this year, with China now the brand's biggest market, contributing to an increase in sales of 31 per cent in 2010 to €2.05 billion.

Prada will sit under Al Tayer Insignia, the company's luxury subsidiary, which distributes over 35 of the world's most renowned luxury brands and operates over 80 stores in the Middle East.