(Alliance News) - Gismondi 1754 Spa announced Monday that it has signed a five-year franchise agreement -- with an option to renew between the parties upon expiration -- with Qatar's Al Mana family for the distribution of the Italian brand's jewelry in the Gulf Cooperation Council area, which now includes Qatar, Bahrain, Kuwait, Saudi Arabia, Oman and the United Arab Emirates.

The trading company born from the agreement is named "Gismondi Jewellery Qatar" and will be engaged in business development for both the retail and wholesale channels, with a program of new openings with Gismondi 1754-branded stores throughout the GCC area, the first of which, scheduled for June 2023, will be in Doha, the capital of Qatar.

Next, in temporal order, will follow openings in Riyadh and Jeddah in Saudi Arabia, and then those in Kuwait, Oman and the United Arab Emirates.

The Al Mana family ties its history to the Qatari business world with Al Mana Group, a company founded in the 1950s and now one of the country's most important businesses, with interests in multiple sectors, including luxury goods.

Gismondi 1754 trades in the green by 2.0 percent at EUR7.50 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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