Real estate and the world of high fashion established a new precedent in the world of modern architectural splendour when Gianfranco Ferré S.p.A, the renowned Italian fashion house, entered into a world-wide joint venture with Dubai-based GIO Developments, part of Galadari Investment Office (GIO) in Milan today.
An exclusive development deal has been signed naming GIO Developments the world-wide partner for all Gianfranco Ferré real estate projects. GIO Developments is fully responsible for real estate, construction, management and operations, whilst Gianfranco Ferré will oversee all aspects of content, design and style.
The first project of the Gianfranco Ferré for GIO joint venture will be erected in Dubai and named Gianfranco Ferré Stresa. It will go on stream combining residential, commercial and hospitality spaces so that the mixed-use development will complement itself. The project is worth more than USD$1.2 billion and is packaged to introduce the world to genuine ‘concrete couture’, according to industry experts.
“Dubai is a reality where across the board development is in top gear and it is well in the front when it comes to economic development and social, cultural and financial activity. Dubai has also become one of the most important tourist destinations on the map and has an extremely international ambience and a strong desire to pursue excellence,” said Michela Piva, CEO of Gianfranco Ferré S.p.A.
“The city today represents the essence of the new Middle East, attracting world-wide innovative real estate projects which create the buzz and the beat. The synergy between the construction sector and Dubai’s rightful claim to being an unchallenged international business hub makes it a vitally important country for the international expansion of the Gianfranco Ferré business.”
“Gianfranco Ferré shares with GIO and with its Chairman, Mr. Rashid Abdul Wahab Galadari, the same concepts and sensibilities for the luxury end of the market and Gianfranco Ferré Stresa will stand as the perfect embodiment of this shared vision,” she added.
This partnership steers away from the conventional route of collaborating with fashion houses to provide existing ‘home collections’ and offers instead a fully integrated option with bespoke elements designed specifically by the fashion house of Gianfranco Ferré for GIO projects around the world. “We will not only stand out in the projects we create, we will become outstanding,” added Michela Piva.
“This union with a luxury fashion house is the first of its kind and is a logical progression for GIO in terms of both its geographical positioning and design-led vision,” said Rashid Abdul Wahab Galadari, Chairman of GIO. “The architect of fashion, Gianfranco Ferré, was renowned for his clean lines, originality and inventiveness and we are more than confident that Gianfranco Ferré Stresa will encompass these attributes and fittingly represent the House of Gianfranco Ferré.
“Other developers may have taken an existing line and added it to their portfolio---with Gianfranco Ferré for GIO we’ve gone that one step further and created a new entity---a world-class brand we can call our own. We are, indeed, raising the stakes in the real estate industry and anticipate that this new label will rapidly gain credibility globally and set a whole new trend in high-end residential good living and stunningly functional work places,” he added.
When asked about selecting the name Gianfranco Ferré Stresa, Tonino Perna, President of Gianfranco Ferré S.p.A said, “The name was chosen with a gentle touch of nostalgia. It is the town where Mr. Gianfranco Ferré had his personal ‘summer’ residence, shall we appropriately say an inspiring oasis away from the madding crowd where he most liked to spend his free time. Today, Dubai is seen as the ultimate destination both for work and play and the name is therefore, a great tribute to the city’s energy and vigor and also recognition of our late founder and his genius.”
Gianfranco Ferré already has a strong presence in the region with stores in Dubai, Beirut and Istanbul and will continue its tangible but carefully planned expansion in the Middle East through new openings in Manama (Bahrain), Doha (Qatar), and Dubai before the end of this year, together with new openings in Saudi Arabia and Kuwait.
© 2008 Al Bawaba (www.albawaba.com)
