Browse
related articles
The first quarter of 2009 saw Damas post satisfactory results and the group is now looking to explore the Indian market with a partner who has in-depth local market expertise. Driven by strong performance in both global and regional markets, Damas continues to deliver substantially across the various segments of operation despite the challenging economic times.
Giving details about the investment in India, Dutta said:
"We will be partnering with the well known Gitanjali jewellery group in India with Damas holding about 51% stake. The transaction value for Damas will be around Dh136m (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. The critical engine for fruitful growth in India will be value, trust, services, reliability, designs, innovativeness etc. Damas is already known in many parts of the world as an authentic and trustworthy retailer of jewellery which offers great value to its customers."
Meanwhile, the group constantly strives to create value not only for its business partners, but also its shareholders by having a progressive approach. Exercising extra precautionary measures in view of the worldwide economic slowdown, the Group continues to manage its business responsibly and simultaneously looks for growth opportunities in secure markets.
Dutta pointed out: "Damas views the Asian sub-continent, particularly India, as an engine of growth that will help in both our strategic principles as well as long-term shareholders values. Damas has great faith in its own ability and that of its partner in India to open new vistas and avenues for shopping and jewellery. As one of the leading gold jewellery markets of the world, Indian shoppers are especially appreciative of new and innovative styles in jewellery. And as we at Damas have much confidence in India's growth potential, we are confident about making a mark in that market. However, as of now we do not have any immediate plans to do any listing in India's stock markets."
Posted by Rima Ali Al Mashni
