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Damas to open over 100 stores in India
- United Arab Emirates: Monday, July 06 - 2009 at 11:42
Damas International, a Dubai-based jeweller and watch retailer, has entered into a strategic alliance with India's Gitanjali Gems to open over 100 stores by 2014, P.K. Dutta, Group Chief Financial Officer Damas Jewellery revealed. 'We will be partnering with the well known Gitanjali jewellery group in India with Damas holding about 51% stake,' Dutta said in a statement. 'The transaction value for Damas will be around Dhs136 million (180 crores) to be infused in stages. We will open stores under our own brand name but we have not ruled out any opportunity to take over existing stores there, if feasible.'
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