31 May 2021
Officine Panerai
Contract / Agreement
PANERAI PARTNERS WITH ALMALKI GROUP
Riyadh, June 1, 2021: Panerai and AlMalki Group are delighted to announce their new partnership in Saudi Arabia. Effective June 1st 2021, Al Malki Group will be the new authorized partner of the Florentine brand in the Kingdom. The Panerai boutique in Mode, Al Faisaliah Mall Riyadh will operate as usual while the Jeddah boutique will be temporarily closed, accommodating clients through remote sales with next day delivery. “AlMalki Group is an essential partner, key to our continued growth. This new partnership strengthens our position in the Saudi Market and we are looking forward to the positive future ahead,” explained Gaby Bitarian, Brand Director, Panerai MEI. The AlMalki’s are curators of exclusivity and sustainability. Over the past 65 years, the group has preserved its heritage and values while naturally cultivating innovation and best in class standards to nurture its domestic markets. The group is also the preferred partner of Richemont Group in Saudi Arabia with a joint venture established in 2017. “It is an honor for us to acompany the development of Panerai. The AlMalki Group is confident of the success of this new partnership which shows the strong belief that both Richemont and AlMalki Group have in the strength of the Saudi economy,” shared Faysal AlMalki, AMG, CEO. Founded in Florence in 1860 as a workshop, shop and school of watch-making, for many decades Panerai supplied the Italian Navy in general, and its specialist diving corps in particular, with precision instruments. The designs developed by Panerai in that time, including the Luminor and Radiomir, were covered by the Military Secrets Act for many years and were launched on the international market only after the brand was acquired by the Richemont Group in 1997. Today Panerai develops and crafts its movements and watches at its Neuchâtel manufacture. The latter are a seamless melding of Italian design flair and history with Swiss horological expertise. Panerai watches are sold across the world through an exclusive network of distributors and Panerai boutiques. www.panerai.com www.facebook.com/paneraiofficial www.twitter.com/paneraiofficial www.instagram.com/panerai
Saudi Arabia · 31 May 2021