Luxury pen maker plans to cover new markets

Dubai Montegrappa, the Italian maker of luxury writing instruments with a regional office in Dubai, has confirmed plans to gain a broader presence in the other Gulf markets.

This will be done through new branch openings as well as participation in major industry events showcasing premium watches, jewellery and pens. A dedicated location has already opened in Qatar.

"Several markets in the region are witnessing an increasing demand for luxury products which reflects consumer confidence in this sector," said Giuseppe Aquila, CEO of the firm.

"This has encouraged Montegrappa to go ahead with expansion plans to cover new markets, to meet this demand and capitalise on the confidence in the luxury sector that's being witnessed in the region."

The size of the global market for luxury products is estimated to have touched ¤185 billion (Dh904 billion) compared with ¤172 billion the year earlier, according to some industry estimates.

Montegrappa, based in Bassano del Grappa in north-east Italy, is marking its 100th year. This will see it bring out limited editions of pens, watches and fragrances.

"The company will be announcing later on during 2012 the launch of operations in new markets," said Sany Nahhas, director of Montegrappa Middle East.