Dubai: Burberry Group plc, the global luxury company, on Tuesday said it has formed a joint venture covering parts of the Middle East with its longstanding franchise, The Jashanmal Group.
The joint venture has created a new company, Burberry Middle East, headquartered in Dubai. Burberry Middle East will manage all Burberry retail and wholesale distribution within the UAE markets including Dubai and Abu Dhabi, as well as Qatar, Oman and Kuwait under a 15-year agreement.
Angela Ahrendts, chief executive of Burberry, said: "Jashanmal has been a wonderful trusted partner in the Middle East and has built a very successful Burberry business for over 10 years. We are excited by this new joint venture with them, giving us the opportunity for an even stronger collaboration in this high growth, under-penetrated market. Jashanmal has proven expertise having operated significant retail, wholesale and distribution businesses in the Middle East for many years."
The joint venture will enable Burberry and Jashanmal to capitalise more quickly on opportunities in parts of the Middle East while increasing investment in this region.
Gangu Batra, Group President of Jashanmal, said: "Burberry is an iconic brand with a unique heritage in the luxury sector."
Burberry Middle East recently opened its largest store in The Dubai Mall.
