(MENAFN) Geneva-based jeweller De Grisogono plans to open its first subsidiary in Dubai with the support of the Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED), and Dubai-based M/Advocates of Law, according to the Emirates 24/7.
The company aims to boost its existence in Dubai and build a network of subsidiaries and representative offices in new markets.
Fahad Al Gergawi, Chief Executive Officer of Dubai FDI, said: "Dubai accounts for a major share of the local and regional luxury market today. The leadership in Dubai sees the brand-consciousness and appetite for luxury among residents and visitors as strong grounds to promote economic diversification and further infrastructure development, as reflected in initiatives such as the Dubai Design District."
Luxury goods market posts higher growth worldwide than global GDP growth in revenue. Average luxury retail revenue growth is expected to hit 5-6 percent in 2015.