Italian fashion house Prada said on Wednesday it will open stores across the Middle East as part of a joint venture with Emirates luxury retailer Al Tayer Insignia to develop a new retail network.
"The joint venture company, headquartered in Dubai, will oversee the roll out of Prada and Miu Miu stores across the region, leveraging on Al Tayer Insignia's market knowledge and expertise," a joint company statement said.
The new retail network will see stores opened in Bahrain, the Kingdom of Saudi Arabia, Kuwait, Oman and the United Arab Emirates, it said.
"This agreement underlines Prada Group's development strategy, which aims to seize opportunities in high potential markets worldwide, focusing on the retail distribution channel," it added.
Giant luxury retailer Al Tayer Insignia called the venture a "strategic development" and a "significant milestone" in its drive to become the "ideal partner for leading luxury brands in the Middle East."
The retailer currently distributes over 35 of the world's "most renowned luxury brands" and operates over 80 stores in the region, the statement said.
The Prada Group, which includes the Prada, Miu Miu, Church's and Car Shoe brands is 95 percent controlled by the Prada family and executives.