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TIFFANY & CO. (TIF)
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Tiffany & Co. : Tiffany Set to Expand in United Arab Emirates

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01/19/2012 | 04:05pm CET

Tiffany & Co. (NYSE: TIF) today announced that it has signed a memorandum of understanding to enter into a strategic joint venture with Damas Jewellery, a company incorporated under the laws of Dubai, related to the operation of TIFFANY & CO. retail stores in the United Arab Emirates.

Frederic Cumenal, executive vice president, said, "We are very pleased to extend our relationship with Damas Jewellery through this joint venture, which will enable us to better integrate five existing TIFFANY & CO. stores into our worldwide store network and enhance awareness of our brand in the United Arab Emirates. We see very exciting opportunities to expand our sales throughout this important region. Representing Tiffany in the venture is Laurent Cathala, Tiffany's vice president - emerging markets."

Under the memorandum of understanding which covers five TIFFANY & CO. stores (three in Dubai and two in Abu Dhabi) as well as future store expansion, Tiffany will be responsible for merchandise assortment and pricing, advertising and promotional activities, staffing, store design and visual display and financial services. The joint venture is expected to begin operating in the second quarter of 2012.

Prior to establishing the joint venture, Tiffany sold merchandise, on a wholesale basis, to Damas which operated the TIFFANY & CO. stores. Both Tiffany and Damas are contributing capital to the joint venture.

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, catalog and business gift operations. For additional information, please visit www.tiffany.com or call our shareholder information line at 800-TIF-0110.

This document contains certain "forward-looking" statements concerning the Company's objectives and expectations. Actual results might differ materially from those projected in the forward-looking statements. Information concerning risk factors that could cause actual results to differ materially is set forth in the Company's 2010 Annual Report on Form 10-K and in other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

Tiffany & Co.
Mark L. Aaron, 212-230-5301
[email protected]
or
Linda Buckley, 212-277-5900
[email protected]


© Business Wire 2012
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EBIT 2018 781 M
Net income 2018 498 M
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Yield 2018 1,94%
P/E ratio 2018 23,98
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EV / Sales 2018 2,88x
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Number of Analysts 26
Average target price 97,4 $
Spread / Average Target 2,0%
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NameTitle
Alessandro Bogliolo Chief Executive Officer & Director
Roger N. Farah Chairman
John S. Petterson Senior VP-Global Operations & Customer Services
Mark J. Erceg Chief Financial Officer & Executive Vice President
Rose Marie Bravo Independent Director
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