Derivision Announces Joint Venture With Yateem Group
DUBAI, April 30, 2013 /PRNewswire/ --
- This association between the two businesses will consolidate Derivision's position as a strong distributor catering to the needs of the retailers.
- The joint venture will enable the two retail power houses Hassan's and Yateem's to capitalise on opportunities of growth in the region with their 130 plus stores through De Rigo brands.
The UAE is an ideal place for global luxury brands to grow their businesses, with the country having the largest luxury market within the Gulf region, according to an industry specialist. In line with the same and supporting the government's vision of promoting UAE as the ultimate destination for high-end luxury shopping; Derivision based in Dubai; a leading eyewear distributor in the Middle East owned by Hassan's Optical Company has announced a joint venture agreement with Yateem Group, at a press conference held on 18th April 2013 at Pavilion Downtown, Dubai.
The partnership will be headquartered in Dubai and will take Derivision's longstanding relationship with Yateem and Hassan Opticals to a new level of collaboration. The association between the two groups will consolidate Derivision's position as a strong luxury eyewear distributor.
Commenting on this strategic partnership, Mr. M.S. Reddy, General Manager, Derivision, said: "We are pleased to announce our association with Yateem Group and our extraordinary relationship with De Rigo will make their resources directly accessible to the Middle East region enabling usto serve the needs of this emerging market in a more focussed and efficient manner with the aim of increasing customer experience in theluxury and lifestyle brands."
The joint venture will enable the two retail power houses Hassan's and Yateem's to capitalise on opportunities of growth in the region with their 130 plus stores through De Rigo brands.
Mr Ali Yateem, Vice Chairman of Yateem Group said: "We are extremely proud to announce this new agreement. Through this partnership we are delighted to take a significant step regionally and consolidate our market presence with De Rigo brands."
Speaking on the occasion, Michele Aracri, Managing Director of the De Rigo Group says: "This will be a very important milestone for us.Our strong relationship with Yateem and Hassan's Opticals will strategically step up our distribution base in the Middle East market broadening our potential across the region with our exceptional offering of leading international brands, leading to a potential investment of De Rigo in the company by July 31[st]2013."
The joint venture was announced at the Dubai party for the 30th anniversary of Police. The event was graced by Mr. Hassan Saadat (Chairman of Hassan's Group), Mr Kian Saadat (CEO of Hassan's Group), Mr. Ali Yateem (Vice Chairman of Yateem Group), Mr. Ahmad Yateem (Managing Director of Yateem Group), Mr. Mathew (General Manager of Yateem Group), Mr. Ennio De Rigo (Chairman and CEO of De Rigo Group); Mr. Michele Aracri (Managing Director of the De Rigo Group), and Mr. M.S. Reddy (General Manager, Derivision).
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Editor's Note
About Hassan's Optician Co:
In 1951, Hassan's Optician Company, led by Mr. Hasan Sadat opened in Kuwait, signifying the start of a business empire. The company has predominantly been a retailer operating in Kuwait for last 50+ years. It is the first company in Kuwait to operate in branded eyewear and ophthalmic frames.
Having established its presence with 36 fine optical showrooms in Kuwait, the company today has the biggest share of the optics business in Kuwait and branches on several continents.
With an outstanding vision, the Group embarked into distribution of luxury eyewear from De Rigo since 2005. Today, the company distributes the entire portfolio of De Rigo through its distribution office 'Derivision'. Hassan's Group vast empire comprises of varied business segments including retail and distribution of luxury eyewear, jewellery, hearing aids, etc.
About Yateem Group:
Yateem Optician the retail wing of Yateem Group has been in the vision care industry for over a century now. Spread across the Middle East with over 80 state-of-the-art showrooms, they cater to a diverse clientele. Experienced optometrists, availability of quality ophthalmic lenses and a plethora of international eyewear brands make them one of the most preferred optical outlets in the region.
Be it eye testing, consultation for vision-correction or finding frames that suit your tastes and personality, the staff at Yateem lends you the best service and assistance. All their showrooms are equipped with computerized ophthalmic devices on par with international standards. Bringing together matchless experience and expertise, Yateem provides world-class eye care services.
About De Rigo:
De Rigo is a world leader in the design, manufacturing and distribution of high-end eyewear and sunglasses and one of the most important players in the optical retail business with its own chains such as General Optica (Spain), Mais Optica (Portugal), Opmar Optik (Turkey) and its partnerships with Boots Opticians (UK) and Sewon (Corea).
Thanks to an extensive wholesale distribution network managed by De Rigo Vision SpA, the Group's products are distributed in approximately 80 countries in Europe, Asia and the Americas, through 13 subsidiary companies with 18 business divisions and over 100 independent distributors. The Group is active in all the major markets of the world with its own brands Lozza, Police and Sting and with the licensed brands Blumarine, Carolina Herrera, Chopard, Ermenegildo Zegna, Escada, Fila, Furla, Givenchy, Lanvin, Loewe, Tous.
About Derivision:
Since its formation in 2004, as a regional distributor of De Rigo Vision SpA, Italy, Derivision FZCO has firmly established itself as one of the leading companies in the Middle East in the branded eyewear industry. The prestigious portfolio includes some of the most iconic and market leading global luxury brands including Chopard, Escada, Police, Lanvin, Givenchy and Ermenegildo Zegna.
Operating out of its head office and regional distribution center located in the Dubai Airport Free Zone (DAFZA), the company is geographically and strategically well positioned to provide its regional partners with prompt service, efficient delivery and pro-active supply management.
For further information, please contact:
Suchita Tuli
Buz PR
P.O. Box 126093, Dubai, UAE
Tel: +971-4-3589789
Email: suchita@ibuz.ae
SOURCE Buz Management & Marketing Consulting
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