Aptly, our first news post of 2013 pronounces the Middle East’s continued strategic plan to become a discerning player in the world’s luxury market. Just last month, Tiffany & Co. celebrated its 175th birthday with an exhibition in Dubai that saw the unveiling of the 128.54 Carat Tiffany Diamond, and now, the Qatar Investment Authority has raised its stake in the jewelry house to 7.8 percent from 5.2 percent.
The QIA is a sovereign wealth fund established in 2005 to diversify the state’s investments beyond its natural resources. Other assets include: the Harrods Group, which Qatar Holdings took control of in 2010 for USD$2.22 billion; a 26 percent stake in British food retailer, J. Sainsbury; a 12.8 percent stake in French media group Lagardère SCA; a 1.03 percent stake in LVMH Moet Hennessy Louis Vuitton; and the acquisition of Valentino for USD$857.6 million.
Qatar’s interest in luxury goods was further established with the signing of an agreement with Italy’s Fondo Strategico Italiano to create a joint venture, IQ Made in Italy, which will invest in Italian brands across different sectors, including fashion and luxury.
