The partnership will be headquartered in Dubai and will take Derivision’s longstanding relationship with Yateem and Hassan Opticals to a new level of collaboration.
Dubai, April 18, 2013: Derivision based in Dubai; a leading eyewear distributor in the Middle East owned by Hassan’s Optical Company has announced a joint venture agreement with Yateem Group, at a press conference held on 18th April 2013 at Pavilion Downtown, Dubai.
This association between the two businesses will consolidate Derivision’s position as a strong luxury eyewear distributor catering to the needs of the retailers.
The joint venture will enable the two retail power houses Hassan’s and Yateem’s to capitalise on opportunities of growth in the region with their 130 plus stores through De Rigo brands.
Commenting on this strategic partnership, Mr. M.S. Reddy, General Manager, Derivision, said: “We are pleased to announce our association with Yateem Group and our extraordinary relationship with De Rigo will make their resources directly accessible to the Middle East region enabling us to serve the needs of this emerging market in a more focussed and efficient manner with the aim of increasing customer experience in the luxury and lifestyle brands.”
Mr Ali Yateem, Vice Chairman of Yateem Group said: “We are extremely proud to announce this new agreement. Through this partnership we are delighted to take a significant step regionally and consolidate our market presence with De Rigo brands.”
Speaking on the occasion, Michele Aracri, Managing Director of the De Rigo Group says: “This will be a very important milestone for us. Our strong relationship with Yateem and Hassan’s Opticals will strategically step up our distribution base in the Middle East market broadening our potential across the region with our exceptional offering of leading international brands, leading to a potential investment of De Rigo in the company by July 31st 2013.”
The joint venture was announced at the Dubai party for the 30th anniversary of Police. The event was graced by Mr. Hassan Saadat (Chairman of Hassan’s Group), Mr Kian Saadat (CEO of Hassan’s Group), Mr. Ali Yateem (Vice Chairman of Yateem Group), Mr. Ahmad Yateem (Managing Director of Yateem Group), Mr. Mathew (General Manager of Yateem Group), Mr. Ennio De Rigo (Chairman and CEO of De Rigo Group); Mr. Michele Aracri (Managing Director of the De Rigo Group), and Mr. M.S. Reddy (General Manager, Derivision).
The party also saw an attendance on over 250 people from the optical industry. The unique aspect of the party was the presence of important heads of other brand owners. Mr Kian Saadat, in his address, welcomed and thanked them personally for their presence. The party concentrated on the formal JV announcement, unveiling of the new police 30th anniversary eye wear with special performances and a fashion show.