Poltrona Frau and Mubadala announce the signature of a Joint Venture Agreement for the United Arab Emirates
A significant partnership for the development of retail and contract business in the Emirates.
The JV will also consider the eventual development of the concept for the first design hotel of Poltrona Frau Group.
Milan, 23rd April 2007 – Poltrona Frau S.p.A. and Mubadala Development Company PJSC announce the signature of a Joint Venture Agreement for the establishment of PF Emirates, an equal partnership that will act as the exclusive vehicle in the United Arab Emirates for the development of the Poltrona Frau Group brands both in the retail and the contract business.
Poltrona Frau Group is an international leader in the high-end sector of the furniture market with four renowned brands, Poltrona Frau, Cassina, Cappellini and Alias, and other important brands such as Gebrüder Thonet Vienna, Gufram and Nemo.
Mubadala is a wholly-owned investment vehicle of the Government of Abu Dhabi with the mandate to generate sustainable economic benefits for Abu Dhabi through the development of, and investment in, business ventures relating to a wide range of sectors (including property development) in partnership with local, regional and international investors.
The Joint Venture will cover two main areas:
(1) retail. The partners have shared their intention to open the first flagship store of Poltrona Frau Group in Abu Dhabi, in a primary location that provides adequate visibility to the various Group brands and also acts as an effective communication tool for the benefit of the contract business;
(2) contract. The Joint Venture will also have the priority to furnish a number of world-class real estate developments in the Emirates with the exclusive products created by the world leader in luxury furniture. Even before its formal establishment, the partners already started their cooperation on a number of key projects.
In addition, the Joint Venture will consider the development in the Emirates of the concept for a “Luxury Design Hotel”, a 7 stars hotel that shall contribute to the development in the UAE of the culture of high-end international design and lifestyle. The concept will be entirely created by Poltrona Frau Group with its various brands and will be developed together with Mubadala.
“This agreement has been strongly inspired by Charme in its capacity of shareholder of Poltrona Frau Group. It is one of Charme’s priorities to support the international development of its portfolio companies through the activation of selected international contacts from its network. I am sure that Poltrona Frau Group will be able to create the highest value from this agreement” declares Matteo di Montezemolo, Vice Chairman of Poltrona Frau Group.
“It is with the greatest satisfaction that we announce the start of this new venture” adds Giuliano Mosconi, CEO of Poltrona Frau Group, “the Emirates represent a top priority market for the Group and the Joint Venture will be established with the most important and prestigious partner on that market”.
“We are delighted to have entered into a partnership with the Poltrona Frau Group” concludes H.E. Khaldoon Khalifa Al Mubarak, CEO and Managing Director of Mubadala. “Through this joint venture we hope to bring high end design and quality products to supplement the rapid growth of luxury developments in the region. This is another exciting venture for Mubadala that will complement our forthcoming real estate development portfolio”.