Hogan Lovells acts for Yves Saint Laurent on Middle East JV deal
Hogan Lovells has advised Yves Saint Laurent (YSL) on the acquisition of a stake in its Middle East business through a joint venture with Middle East holding company Al Tayer Group. The luxury fashion brand bought a 51% stake in the company, understood to be worth $15m (£10m), with Al Tayer holding the remaining 49%. The deal means YSL will get a share of overall profit and Al Tayer will no longer have exclusive rights to distribute the brand in the UAE.
May 09, 2013 at 07:03 PM
2 minute read
Hogan Lovells has advised Yves Saint Laurent (YSL) on the acquisition of a stake in its Middle East business through a joint venture with Middle East holding company Al Tayer Group.
The luxury fashion brand bought a 51% stake in the company, understood to be worth $15m (£10m), with Al Tayer holding the remaining 49%. The deal means YSL will get a share of overall profit and Al Tayer will no longer have exclusive rights to distribute the brand in the UAE.
YSL has operated in the region since 2003 via a franchise deal with Al Tayer's luxury retail subsidiary Al Tayer Insignia.
The Hogan Lovells team was led by UAE corporate head Imtiaz Shah, while Al Tayer used in-house lawyers.
Shah said: "Everyone is doing this in the luxury goods sector at the moment. Companies are getting squeezed in their home markets so they are expanding in growing markets like Saudi Arabia and Qatar.
"The risk appetite has also changed and more international companies are buying up business in the Middle East."
Hogan Lovells has worked with PPR, the French luxury goods group that owns the YSL and Gucci brands, for five years since the client was passed on from the firm's Milan and Rome offices in 2007.
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