Chalhoub Group has signed an exclusive partnership with French jewellery brand Korloff to relaunch its retail presence in the UAE, Qatar and Bahrain, in line with their new global brand identity
Insights from the Chalhoub Group’s recently released “GCC Personal Luxury in 2021: A Story of Early Recovery and Growth” report indicates that the high jewellery and luxury watches segment in the GCC was worth US$3.9 billion in 2021 and growing at 16 percent vs 2019. Estimates indicate that the GCC high jewellery and luxury watches segment is set to grow up to 8 percent by 2023, indicating the significance of the market.
“We are delighted to partner with an iconic brand like Korloff Paris. This brand is a great addition to our portfolio of luxury retail brands and will help us develop our expertise further. The high jewellery and luxury watches segment is an industry that we have worked hard to enter, and Korloff Paris will help us continue to develop our expertise in the field,” commented Michael Chalhoub, President of Joint Ventures and Strategy, Growth, Innovation & Investment for Chalhoub Group. “Korloff’s potential for growth in the Middle East is undeniable. With our deep knowledge of the consumer in the GCC, we are confident that our teams and the strategic roadmap we’ve created for the brand will help unlock that potential. We are extremely enthusiastic to support Korloff with their brand building efforts and to accompany them in their transformation,” he added.
Bassam Azakir, Korloff Paris CEO added: “We consider this a strategic collaboration for Korloff to introduce its new brand platform in the UAE, Qatar and Bahrain with Chalhoub Group. This marks a new milestone in our expansion in the Middle East by bringing modern and creative Parisian-inspired jewellery to the region. It presents a significant growth potential for a brand like Korloff in the GCC where luxury consumers are turning towards premium offerings.”
The story of Korloff began with the most enigmatic diamond in the world, a unique 200-carat rough black diamond, cut into an 88-carat brilliant jewel. 40 years later, as one of the last independent French jeweller-diamantaires and member of the Comité Vendôme, the Black Korloff remains the symbol and the source of inspiration of the House. Korloff’s know-how in diamond cuts is evident with its two registered proprietary cuts: the octagonal Korloff Cut 73 and the Korloff Cut 88, a brilliant cut with 88 facets (well beyond the standard 57 facets).
The brand will join the newly formed “Jewellery, Watches, and Eyewear” division of Chalhoub Group, under the leadership of Eric Vergnes, the recently recruited Vice-President, reporting directly to Michael Chalhoub, President of Joint Ventures and Strategy, Growth, Innovation & Investment for Chalhoub Group.
Korloff Paris will be available in top luxury malls across the UAE, Qatar and Bahrain.
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