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
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