Damas outlines plans in Saudi Arabia

Press release

Published April 28th, 2011 - 11:34 GMT

The news follows the recent announcement that Damas Jewellery has acquired 49% of the share capital of its existing joint venture operation in KSA, Damas KSA

Damas International Limited (Damas), the jewellery retailer in the Middle East, has yesterday, Wednesday, April 27, outlined its new directions and plans for growth in the Kingdom of Saudi Arabia during an evening event held in Jeddah.

Speaking on the sidelines of the event, Anan Fakhreddin, CEO of Damas International Limited, said: "We decided that it is now the right time for us to have full control of our operations in KSA. We have solid plans for this market and our direction is very clear, as we want consumers to know that this is the start of a new Damas in the Kingdom".

"We are improving the quality of our store experience, as our product lines are being improved and we will be offering world class service that the Damas brand is renowned for across the broader GCC market. Only a few days ago, we have also launched a new bridal jewellery festival that is exclusive to Saudi Arabia," he added.

The news follows the recent announcement that Damas Jewellery has acquired 49% of the share capital of its existing joint venture operation in KSA, Damas Saudi Arabia Company (Damas KSA). The Damas KSA stake acquired by Damas was purchased for an undisclosed sum and increases Damas' stake in Damas KSA to 98%, bringing the Saudi operation within the full control of Damas.

Background Information

Damas

The journey of Damas began in 1907. It has grown from a UAE based company into a global fashion and jewellery network spanning the Middle East, South Asia, Europe and North Africa. The Damas Group has over 424 stores in 14 countries around the world as of 30th April 2010.

Damas houses internationally acclaimed jewellery and watch brands such as Tiffany & Co., Mikimoto, Daniel K, Faberge, Carrera y Carrera, Paspaley, Pasquale Bruni, Roberto Coin, Fope, Chronoswiss, Parmigiani, Perrelet, Quinting, Montega, Frederique Constant, Chanel, Roger Dubuis, Vacheron Constantin, Girard-Peregaux, Jaquet Droz, Chaumet, Sarcar, Hysek among many others.