MILAN, (Reuters) – Italian fashion house Prada, which is planning an initial public offering, has signed a joint venture deal to distribute its brands in the Middle East, Prada and its partner said on Wednesday.
Prada, known for its cutting-edge bags and colourful Miu Miu dresses, is linking up with United Arab Emirates (UAE) company Al Tayer Insignia LLC to distribute its Prada and Miu Miu brands in five countries in the region.
“The joint venture, with headquarters in Dubai, will handle the development of a network of Prada and Miu Miu shops in the whole region,” the partners said in a joint statement.
The venture plans to distribute Prada products in Bahrain, Saudi Arabia, Kuwait, Oman and the UAE, they said.
Al Tayer Insignia, part of UAE’s Al Tayer group, is the major distributor of luxury goods in the Middle East, they said.
Prada applied in March to carry out a listing in Hong Kong in a deal valuing the company at around 8 billion euros ($11 billion) and allowing it to draw Asian investors.