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Damas Jewellery Aquires Damas Kuwait

Launches Jewelry Design Contest

May 26, 2011 10:51 AM   By Ricci Dipshan
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RAPAPORT... Damas  Jewellery, a subsidiary of Damas International Limited,  announced its intent to acquire the remaining 10 percent of shares in its existing joint venture Damas Kuwait, bringing the UAE based retailer within full control of the company and their 23 stores in Kuwait.   The announcement comes only weeks after Damas Jewellery acquired 49 percent of shares in Damas KSA in Saudi Arabia, bringing its total stake in that company to 98 percent. 

“This acquisition is part of our on-going strategy to strengthen our control in key markets,” said Anan Fakhreddin, chief executive of Damas.  “The Kuwaiti market is a core market for Damas as it offers a lot of potential for our business, and we believe that full ownership is the best retail formula to maximize our results,” he added.

“This acquisition will enable Damas to offer a broader range of products in the Kuwait market, which in turn will strengthen our brand. This reflects our ongoing commitment to focus fully on our core operations after the close of our financial restructuring and it becoming effective,” Fakhreddin added.

Damas  Jewellery also announced its plans to launch a jewelry design contest for the UAE’s emerging fashion designers.  The contest is only open to the eight fashion designers who recently participated at the ''I heart fashion'' charity show in Dubai.

“We at Damas believe that creativity is the cornerstone of success, which is why we applaud all initiatives that push the boundaries and encourage creativity on personal, business and community levels,” said Damas marketing director, Dhanji Dedhia. “We initiated this competition to celebrate the launch our new jewelry designs across the region, which are called 'New Trends,' as we believe that these very inspiring young designers have the potential to design something really special for our fashion conscious consumers.”

“The designers will be asked to design an exclusive pendant which will be extremely eye-catching, and the winner of our competition will be awarded a beautiful diamond necklace from us,” Dedhia added.
Tags: Anan Fakhreddin, Damas, Damas International Limited, Damas Jewellery LLC, Damas KSA, Damas Kuwait, Dhanji Dedhia, Most Creative Designer, New Trends, Reema Al Banna, Reemami, Ricci Dipshan, said Damas Marketing Director
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