opening Ceremony on 31st,Januray 2013
Headquartered in Dubai, United Arab Emirates, Damas is the Middle East’s leading international jewellery and watch retailer. Founded in 1907, the company today operates around 296 stores distributed across 12 countries, most of which are located in the GCC region. The company has grown from a UAE-based retailer into a global brand name, and is also the retailer for a large portfolio of renowned global luxury brands.
Damas sells jewellery and watches through four main store formats, which are uniquely positioned to address different consumer segment needs.
Specifically, the Les Exclusives Stores offer high-end luxury products; Semi-Exclusives Stores offer stylish and sophisticated products for the discerning consumer; and the Damas 22K and 18K Stores offer trendy, fashionable and stylish products and brands at competitive prices.
In addition to the four principal store formats, Damas also operates other outlets such as exclusive watch stores and Mono-brand boutiques.
The Group has its origins in Syria in the early 1900s. In 1955, the business moved to the UAE and the first retail outlet was opened in 1959. By the end of 1985, the Damas Group had expanded with several retail stores throughout the UAE and in 1988, the Group launched its first branded jewellery line under the Harmony brand.
In the 1990s, the Group adopted an early version of its current marketing and merchandising strategy to develop its brands and products based on customer segmentation according to demographic profile, including its current store format structure.
By 2000, the Group had established retail operations in Qatar, Bahrain, Oman and Jordan. In 2002, the Group expanded its operations to Kuwait and Saudi Arabia, and by 2004, the Group had further strengthened its presence within and beyond the Middle East.
Damas’ key operational milestones
Goldsmith operations began in Syria.
First retail outlet branded as Damas is opened.
Damas began wholesale gold operations in Dubai.
Damas retail stores started selling international brands.
Damas began the launch of its own brands.
Damas established the Diamond Division to manage the sourcing of loose stones and finished jewellery.
Damas’ business was expanded to countries including Qatar, Oman, Lebanon, Kuwait and Bahrain through investment in jointly controlled entities. The first Les Exclusives boutique was opened in the UAE.
Damas purchased Stefan Hafner, a high-end Italian jewellery business.
Damas raised AED 521 million through a private placement. Damas’ operations further expanded within the Middle East and globally through investment in jointly controlled entities and associates.
Damas established a 30,000 sqm. manufacturing unit in the Dubai Multi Commodities Centre.
Damas raised USD 255 million through a syndicated loan.
On July 8, Damas was listed on NASDAQ Dubai following a successful regional and international initial public offering (IPO) to the institutional investors.