Retail giant is looking to return to the international market, where it once boasted 400 stores in India
UAE retail giant Damas Jewellery is restructuring with eight store closures this year and nine stores opening across the GCC, according to its CEO.
Speaking to Arabian Business, Asil Attar said five out of the nine stores have already opened across the Gulf region, while four more are scheduled to open this year, adding that the company is also renovating a total of 22 shops over the course of 2019.
“We’re very privileged that we sit on a portfolio of over 200 stores throughout the GCC. For me, it’s not about closures more than rationalisation. So do we need certain stores in certain locations? Of course you have to do a portfolio review.
“But having said that, we’re quite successful in the majority of our stores. So there are very few that we have closed, but it’s more actually that we are opening stores. So in the pipeline this year, we will have opened  new locations across the GCC and these will be prime locations as we always have, but they will carry the new DNA and face of Damas, then we’re also renovating  of our existing stores to represent our new design philosophy,” Attar said.
The CEO said Damas, which once boasted significant presence outside the GCC, is looking to return to the Indian market.
“Damas at one point had a lot of international partners and 400 stores in India. Over the last few years, we clawed back and are now refocusing and re-engineering. When we’re in the position to, we will definitely be looking to go back to key markets because we are a powerful brand and have a great deal to offer,” she said.
Attar added that the restructuring of the firm is being done across the board.
“Any restructuring or turnaround means that you sometimes have to make tough decisions, crucial decisions and very quickly. So the restructuring that we’ve done is across the board, a total organisational reshape in all the different tiers; it’s consolidating divisions, it’s looking at calibre, it’s reassessing the dynamics of the business, the requirements, the efficiencies,” she said.