By Neeraj Gangal
Move is part of jewellery giant's mideast network expansion strategy.
Jewellery and watch retailer Damas International Limited (Damas) has opened nine different stores at Dubai Mall, it announced on Wednesday.This is a part of Damas' store network expansion strategy that aims to solidify its jewellery distribution network in the Middle East, a company press release said.
Tawhid Abdullah, chief executive officer and managing director, Damas said: “The distinctive formats of these stores are also in alignment of our strategy to increase our market share."
The new nine outlets cater to a wide range of customers of different nationalities and socio-economic backgrounds and introduce a new format - Damas Concept Shop. The Concept Shop houses Damas' own brands and will showcase Damas' diamond and gold new creations.
The other stores opened are - Damas 18K, Damas Les Exclusive, Paspaley Pearls, Tiffany & Co, Graff, Folli Follie and Leo Pizzo. The ninth store, Damas Italia, will open on January 10 and will house Italian brands such as IOSI, Porrati and Nouvelle Bague.
Speaking to Arabian Business late last year, deputy managing director Tamjid Abdullah said: “There has been a slight drop in the number of tourists but this has been compensated for by higher expenditure by the remaining tourists.”
Damas operates 467 stores in 18 countries around the world, as of June 30, 2008.
I wish the best for this luxury industry leaders as they do not see that the stores are empty and that they are unwilling to accept that we are in this deflationary environment.
this sounds like over expansion, especially in such a sensitive economic period. interestingly, as we have seen with real estate developers, you can bet that regional and local companies of other industries will pay dearly for poor planning and strategy. lack of depth, structure, and business sense will be much more apparent in bad times then good.
Wake up and smell the coffee Damas we are in a recession/depression daaaaaw!
The last sentence of your article reads as follows: "Damas operates 467 stores in 18 countries around the world, as of June 30, 2008." This seems like out-dated information in the current scenario. With these nine new stores in place, I would like to know the correct number of stores that Damas has of date, has and is closing down left-right & centre, so that consumers get the right picture. Market rumours are talking about as many as 100 stores over the next one year in various parts of the world. However, 30 are identified for immediate closure. A lot of people have lot their jobs and their families displayed due to that decision. The customers have a right to know the truth, instead of soft reports that continue to glorify business here & state of only marginal drops.
No doubt there are many big companies which are yet untouched by this recession period. But these companies have to realize that by opening new outlets in big malls will only add to their rapport and people who are adversely affected by this recession period will only read about such news and forget about it. End of the day they will have no returns on their investments.