PRADA re-enters the UAE through joint venture with Al Tayer
Italian luxury group PRADA has reached a joint venture agreement with UAE based Al Tayer Group, the leading luxury retailer in the Middle East. Through the new deal, PRADA will open several mono-brand stand alone stores for both Prada and Miu Miu brands in Dubai and Abu Dhabi within the end of 2012.
PRADA closed its only mono-brand store within Dubai’s Burjuman Mall more than 2 years ago, and has, since, explored, unsuccessfully, several options to re-enter the UAE market.
Apart from the UAE where Al Tayer operates the franchised stores of several key international luxury brands, including the Bloomingdale’s and Harvey Nichols department stores. Al Tayer also has smaller operations in Qatar, Bahrein, Oman and Saudi Arabia.