DUBAI – Hogan Lovells has advised Ahmed Seddiqi & Sons. (“Seddiqi”), UAE’s leading retailer of luxury watches & jewellery, on its joint venture with WatchBox, the world’s leading platform for the buying, selling, and trading of pre-owned luxury watches. Headquartered in the United States, Watchbox also has offices in Hong Kong, Switzerland, Singapore, South Africa, and now, the Middle East.
The joint venture will establish a retail outlet in Dubai, fully integrated into WatchBox's platforms, that will allow regional clients to sell into and access WatchBox's extensive pre-owned inventory.
The joint venture will also allow WatchBox the benefit of using Seddiqi's certified service and repair facility in Dubai, which will be used not just for the benefit of the joint venture but for some other Watchbox operations globally.
Ahmed Seddiqi & Sons is recognized as a pioneer amongst the leading retailers in the Middle East, with an extensive portfolio of over 60 luxury timepieces and jewellery brands, and this joint venture represents their first entry into the fast growing pre-owned luxury watch sector.
The Hogan Lovells team was led by Kelly Tubman Hardy (Partner, Baltimore / Washington D.C.) and Imtiaz Shah (Partner, Dubai), with support from Erin Kiem (Senior Associate, Dubai). The Hogan Lovells team worked closely with Seddiqi’s in-house legal and commercial teams.
Hogan Lovells has a strong track record of assisting global retail clients which include luxury goods brands with their Middle Eastern operations, including similar transactions. We were approached by Seddiqi to advise them given our market leading position in these types of transactions.
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