Laurent Cathala

Tiffany & Co. has taken a major step to controlling its destiny in the United Arab Emirates by restructuring its joint venture agreement with retailer Damas Jewellery. Damas, based in the U.A.E., is an international jewelry and watch retailer. Under the new partnership agreement between the two companies, all of the operational, merchandising and sales, and marketing management for the five Tiffany & Co. stores in the U.A.E. will be transferred from Damas to Tiffany. Previously, Tiffany sold its merchandise on a wholesale basis to Damas, which operated the Tiffany & Co. stores.