Renowned fashion brand Prada has inked a joint venture agreement with Al Tayer Insignia LLC to distribute its Prada and Miu Miu brands in five middle-east countries.
Prada, an Italy based fashion house is well-known for its cutting-edge bags and colorful Miu Miu dresses.
Al Tayer, a United Arab Emirates (UAE) based company is a subsidiary of Al Tayer group, a distributor of luxury goods in the Middle East
The joint venture to be based in Dubai, will distribute Prada products in UAE, Saudi Arabia, Oman, Bahrain and Kuwait.
The joint venture will handle the development of a network of shops of Prada and Miu Miu in the five countries.
Last month, Prada had applied to carry out a listing in the Hong Kong exchange, thereby valuing the company at around €8 billion or US $11 billion.
Fibre2fashion News Desk - India
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