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In late July, the Swatch Group announced the acquisition of a major stake in the Rivoli Group--a leading private retail company of luxury goods in the Gulf Cooperation Council (GCC). The Dubai-headquartered Rivoli Group, operates more than 245 retail stores, and hold a diverse portfolio of international luxury brands, as well as a wide-reaching network of retail locations in the United Arab Emirates, Oman, Bahrain, and Qatar. Rivoli is a portfolio company of Dubai International Capital, who obtained an important stake in September 2007.
The Swatch Group, the world's largest watch conglomerate, emphasized in their press release that their partnership with the Rivoli Group will enable Rivoli to expand its presence within the Far East, principally Saudi Arabia and India, while allowing the Swatch Group to dramatically improve its market share in a rapidly booming region of luxury consumption.
Nayla Hayek, Member Board of Directors of the Swatch Group stated: "Our investment in Rivoli cements the long-term partnership we have shared for over two decades and will be not only beneficial to both parties but also to the consumer in the region. Our association with Rivoli Group has broadened strongly throughout this period to include the representation and retail of the spectrum of our watch brands in the UAE. The GCC region is one which possesses high growth potential and with this partnership we plan not only to tap into the opportunities that the region offer but also to increase the service to the consumer."
Ramesh Prabhakar, Rivoli Group Managing Partner, had this to say about the relationship: "This investment serves to further strengthen our ties with Swatch Group whom we have worked alongside over the years. We are delighted that the Swatch Group has chosen to be a part of Rivoli’s success story and this partnership will enable us to expand our retail network and enter new and important markets where the demand for luxury watches remains high. Swatch Group will assist us in achieving even greater success and we look forward to a fruitful and long-term relationship."
