Saint Laurent, formerly Yves Saint Laurent) has announced a joint venture with Al Tayer Insignia to open a flagship location in Abu-Dhabi this year. Current Saint Laurent has 5 franchise agreements in place with Al Tayer Insignia, either as shops within department stores or stand-alone locations. The joint partnership will allow Saint Laurent to create a stronger brand message in the region.
The Middle East has been a strong market for luxury goods with a high degree of brand loyalty. According to a EuroMonitor research, luxury goods sales are estimated at $1.9 billion US, and forecasted to grow 42% to $2.7 billion by 2017. Dubai and Abu-Dhabi, two of the regions wealthiest cities, contribute to 80% of the country's income. Most of the global growth in the Middle East has come through franchise and partnership agreements - Al Tayer Insignia operates more than 35 luxury brands and 80 stores in the region, including Harvey Nichols according to WWD.
Over the past years, Saint Laurent has established a strong presence in the region and we feel that it is now time to enhance it even more in order to offer our customers a renewed experience with the Saint Laurent brand. - Paul Deneve, CEO YSL