WASHINGTON (dpa-AFX) - Tiffany & Co. (TIF), a jewelry store operator, Thursday said it has signed a memorandum of understanding, or MOU to enter into a strategic joint venture with Damas Jewellery related to the operation of TIFFANY & CO. retail stores in the United Arab Emirates. Prior to the joint venture, Tiffany sold merchandise on a wholesale basis to Damas, which operated the TIFFANY & CO. stores. Under the MOU which covers five TIFFANY & CO. stores as well as future expansion, Tiffany will be responsible for merchandise assortment and pricing, advertising and promotional activities, staffing, store design and visual display and financial services. Both Tiffany and Damas Jewellery are contributing capital to the joint venture. The venture is expected to begin operating in the second quarter of 2012.
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