Derivision Announces Joint Venture With Yateem Group
DUBAI, April 30, 2013 /PRNewswire/ –
- This association between the two businesses will consolidate Derivision's position as a strong 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.
The UAE is an ideal place for global luxury brands to grow their businesses, with the
country having the largest luxury market within the Gulf region, according to an industry
specialist. In line with the same and supporting the government’s vision of promoting UAE
as the ultimate destination for high-end luxury shopping; 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.
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. The
association between the two groups will consolidate Derivision’s position as a strong
luxury eyewear distributor.
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 usto serve the needs of this emerging market in a more focussed and
efficient manner with the aim of increasing customer experience in theluxury and lifestyle
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
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
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).
About Hassan’s Optician Co:
In 1951, Hassan’s Optician Company, led by Mr. Hasan Sadat opened in Kuwait,
signifying the start of a business empire. The company has predominantly been a retailer
operating in Kuwait for last 50+ years. It is the first company in Kuwait to operate in
branded eyewear and ophthalmic frames.
Having established its presence with 36 fine optical showrooms in Kuwait, the company
today has the biggest share of the optics business in Kuwait and branches on several
With an outstanding vision, the Group embarked into distribution of luxury eyewear
from De Rigo since 2005. Today, the company distributes the entire portfolio of De Rigo
through its distribution office ‘Derivision’. Hassan’s Group vast empire comprises of
varied business segments including retail and distribution of luxury eyewear, jewellery,
hearing aids, etc.
About Yateem Group:
Yateem Optician the retail wing of Yateem Group has been in the vision care industry
for over a century now. Spread across the Middle East with over 80 state-of-the-art
showrooms, they cater to a diverse clientele. Experienced optometrists, availability of
quality ophthalmic lenses and a plethora of international eyewear brands make them one of
the most preferred optical outlets in the region.
Be it eye testing, consultation for vision-correction or finding frames that suit your
tastes and personality, the staff at Yateem lends you the best service and assistance. All
their showrooms are equipped with computerized ophthalmic devices on par with
international standards. Bringing together matchless experience and expertise, Yateem
provides world-class eye care services.
About De Rigo:
De Rigo is a world leader in the design, manufacturing and distribution of high-end
eyewear and sunglasses and one of the most important players in the optical retail
business with its own chains such as General Optica (Spain), Mais Optica (Portugal), Opmar
Optik (Turkey) and its partnerships with Boots Opticians (UK) and Sewon (Corea).
Thanks to an extensive wholesale distribution network managed by De Rigo Vision SpA,
the Group’s products are distributed in approximately 80 countries in Europe, Asia and the
Americas, through 13 subsidiary companies with 18 business divisions and over 100
independent distributors. The Group is active in all the major markets of the world with
its own brands Lozza, Police and Sting and with the licensed brands Blumarine, Carolina
Herrera, Chopard, Ermenegildo Zegna, Escada, Fila, Furla, Givenchy, Lanvin, Loewe, Tous.
Since its formation in 2004, as a regional distributor of De Rigo Vision SpA, Italy,
Derivision FZCO has firmly established itself as one of the leading companies in the
Middle East in the branded eyewear industry. The prestigious portfolio includes some of
the most iconic and market leading global luxury brands including Chopard, Escada, Police,
Lanvin, Givenchy and Ermenegildo Zegna.
Operating out of its head office and regional distribution center located in the Dubai
Airport Free Zone (DAFZA), the company is geographically and strategically well positioned
to provide its regional partners with prompt service, efficient delivery and pro-active
For further information, please contact: Suchita Tuli Buz PR P.O. Box 126093, Dubai, UAE Tel: +971-4-3589789 Email: firstname.lastname@example.org
SOURCE Buz Management & Marketing Consulting