Giorgio Armani and Saudi Rubaiyat establish a joint venture to sell Armani products

RIYADH: Italian luxury fashion house Giorgio Armani and Saudi Arabian retailer Al Rubaiyat Company for Industry and Trade Holding Ltd are to establish a joint venture to sell the former’s products, according to a statement.

This comes as the Kingdom’s General Authority for Competition has announced that it has no objection to completing the process of economic concentration between both firms.

Founded in 1975, Giorgio Armani is one of Italy’s two largest fashion houses, with annual sales of over $4 billion from its clothing, accessories, and interiors.

Saudi-based Al Rubaiyat Company for Industry and Trade Holdings Ltd works in the retail sale of luxury products segment.