MILAN (Reuters Life!) - Italian luxury goods maker Salvatore Ferragamo, which has plans for a market listing, is to design the interior of penthouses in Dubai as part of an agreement with real estate firm Trident International Holdings.
The Florence-based company said on Tuesday it would design the interior of several luxury penthouses in the ‘Pentominium’ tower, to be completed in 2012.
More than 500 meters high with 120 floors and 120 penthouses, the tower is expected to be the highest residential building in the world.
“Ferragamo’s entry into the world of high-end residential luxury is an important step in the brand extension process and opens the road to other development opportunities,” Chief Executive Michele Norsa said in a statement.
No financial details were disclosed.
Ferragamo, for whom Claudia Schiffer has modeled, is best known for its scarves, ties and leather shoes and bags.
Trident International Holdings is based in the United Arab Emirates.
Other Italian designers have also branched out into property.
Earlier this year, Gianfranco Ferre and Galadari Investment Office said they would build a luxurious $1.2 billion tower of at least 60 floors in Dubai, part of a joint venture for the design and development of real estate.
Reporting by Marie-Louise Gumuchian, editing by Paul Casciato
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