Geneva-based brand De Grisogono, known for its jewellery and luxury watches, has opened its first-ever subsidiary in Dubai with the support of the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED), and Dubai-based M/Advocates of Law, an associate firm of Ali Ibrahim Advocates. The brand aims to leverage Dubai’s regional hub advantage and affinity for luxury to build a network of subsidiaries and representative offices in new markets. The brand is already well-represented in the Middle East retail market.
According to Fahad Al Gergawi, CEO of Dubai FDI, Dubai’s world-class infrastructure, tourism boom, thriving retail sector and high disposable incomes provide further opportunities for luxury brands to develop and expand to promising markets. “Dubai accounts for a major share of the local and regional luxury market today. The leadership in Dubai see the brand-consciousness and appetite for luxury among residents and visitors as strong grounds to promote economic diversification and further infrastructure development, as reflected in initiatives such as the Dubai Design District,” he observes.
“Dubai is in the heart of a very active and growing region – we are almost four hours away from Istanbul, Cairo or New Delhi. Moreover, the Dubai infrastructure in terms of free zones, airports and administrative services makes it a reliable location for us. That’s why it made absolute sense to open the first-ever subsidiary in Dubai given the constant growth in the region. New York, Hong Kong and Tokyo would be next in line for the company. The Dubai office will be looking after a wide variety of markets to the advantage of our partners and clientele,” says Omar Chaoui, managing director – Middle East & India region for De Grisogono.
“There is a clear trend among jewellers and watchmakers to bridge gaps by establishing a presence in high growth markets to provide support to existing distributors, better react to market trends and cater for clients’ needs. De Grisogono’s proactive strategy is consistent with this trend,” adds Yann Mrazek, managing partner of M/Advocates of Law.