The Chalhoub Group has partnered with luxury jewellery brand Korloff Paris.
The partnership will assist Korloff Paris in reinventing its brand image and creating its new global identity.
“We are delighted to partner with an iconic brand like Korloff Paris,” said Michael Chalhoub, president of joint ventures and strategy, growth, innovation and investment at the Chalhoub Group.
“This brand is a great addition to our portfolio of luxury retail brands and will help us develop our expertise further.”
Korloff Paris will relaunch its retail presence in the UAE, Qatar and Bahrain, with stores in the countries’ popular luxury malls.
“We consider this a strategic collaboration for Korloff Paris to introduce its new brand platform in the UAE, Qatar and Bahrain with the Chalhoub Group,” said Bassam Azakir, CEO of Korloff Paris.
“This marks a new milestone in our expansion in the Middle East by bringing modern and creative Parisian-inspired jewellery to the region.
“It presents a significant growth potential for a brand like Korloff in the [Gulf Cooperation Council] where luxury consumers are turning towards premium offerings.”
The jewellery brand will fall under The Chalhoub Group’s newest category, Jewellery, Watches and Eyewear, led by Eric Vergnes, vice president at the Chalhoub Group.
The partnership comes after the Chalhoub Group’s GCC Personal Luxury in 2021: A Store of Early Recovery and Growth report found rebounds in the region’s luxury market.
The report valued last year’s luxury market at $9.7 billion, a 23 per cent increase from its $7.9 billion value in 2019 and a 42.6 per cent increase from its $6.8 billion value in 2020.
High-end jewellery and luxury watches were valued at $3.9 billion last year, a 16 per cent growth from 2019, after recording a 19 per cent decline in 2020 amid the Covid-19 pandemic.
The report estimates the jewellery and watches market will grow 8 per cent by the end of next year.
The luxury goods market is estimated to reach $11 billion by the end of next year, at a compound annual growth rate of seven per cent.
“The high jewellery and luxury watches segment is an industry that we have worked hard to enter, and Korloff Paris will help us continue to develop our expertise in the field,” Mr Chalhoub said.
“Korloff’s potential for growth in the Middle East is undeniable. With our deep knowledge of the consumer in the [Gulf Cooperation Council], we are confident that our teams and the strategic roadmap we’ve created for the brand will help unlock that potential.
“We are extremely enthusiastic to support Korloff with their brand building efforts and to accompany them in their transformation.”
