Mariella Burani Fashion Group (MBFG) signed an agreement with Damas Jewellery, the world's largest jewellery retailer with revenues of $ 1,2 billion and based in Dubai, for the establishment of a joint venture to further develop both Groups' presence in the fashion jewellery market worldwide.
Mr. Tawhid Abdullah, CEO of Damas Jewellery LLC, is a renowned international figure in fashion jewellery. He holds equity interests in Aston Martin and Saks (in the Middle East), and has received numerous awards, including 2006 UAE Entrepreneur of the Year.
The Joint Venture between MBFG and Damas will be based in Italy and controlled at 51% by Gioelli d'Italia S.r.l., a sub holding of Mariella Burani Fashion Group that already owns Facco Corporation Spa, Valente Gioiellieri Spa, Rosato Gioielli Srl and Calgaro Srl.
The partnership will have the objective of pursuing strategic acquisitions in the fashion jewellery market in Italy and world-wide and is expected, in the short term, to significantly accelerate the growth of MBFG's Fashion Jewellery Division.
Each partner will contribute his expertise to the joint venture; DAMAS provides extensive experience in jewellery retail with 326 jewellery stores world-wide (expected to exceed 400 stores in the next 12 months) and will coordinate logistics, distribution, and marketing for the venture.
Mariella Burani Fashion Group will help identify and pursue Fashion Jewellery businesses to participate in the venture that can benefit from the larger scale and synergies offered within the larger Fashion Jewellery division of MBFG.
Giovanni Burani, CEO of MBFG states: “The joint venture with Damas Jewellery is an important step in MBFG's strategy to concentrate on the faster growing and more profitable leather goods and jewellery markets and should provide an important boost to the Group's brands, particularly in the Middle East and India; we are confident in the strong potential for additional value creation in fashion jewellery and are pleased to work in partnership with such an internationally renowned Group”.
Mariella Burani Fashion Group
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