Damas Jewellery eyes new GCC stores, international expansion following restructuring

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.

Indian market

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.

“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.

Courtesy: Arabian Business