Hogan Lovells’ Dubai office has advised YSL on the acquisition of a stake in its Gulf business through a joint venture with Al Tayer Group, one of Dubai’s leading business groups.
YSL has been operating in the UAE for almost a decade as part of a franchise arrangement with Al Tayer Insignia, the largest luxury retailer in the Middle East. YSL acquired a significant interest in a joint venture company, into which the YSL franchise business in the UAE has been transferred. This was a significant transaction for YSL that cements its position in the UAE retail market.
Hogan Lovells’ team was led by Imtiaz Shah (Partner and Head of the UAE Corporate Practice), supported by Erin Kiem (Senior Associate, Dubai) and Mona Lemp (Associate, Dubai).
Commenting on the transaction, Imtiaz Shah said:
“We are delighted to have acted for such a first class brand in this strategic transaction that will see YSL strengthen and enhance its presence in the region. This deal illustrates a growing trend in the Gulf for luxury brands to move away from an agency model to a joint venture model.”
Hogan Lovells has a strong track record of assisting global luxury goods brands with their Middle Eastern operations, including most recently a similar transaction for Gucci.
