The Group is an international integrated jewellery and watch retailer operating in about 14 countries with around 424 stores, and the leading jewellery and watch retailer in the Middle East, based on number of stores. The Group’s network of retail outlets includes subsidiaries predominantly in the Middle East, India and Italy, Jointly controlled entities and Associates in countries across the Middle East, Europe, North Africa and other regions. The Group’s stores offer the Group’s own branded products as well as products sold under leading global and regional luxury brands.
The Group sells jewellery and watches through three main distinctive store formats, each of which is tailored to a specific type of customer.
· Les Exclusives stores, which cater to high net worth consumers through products that include some of the world’s most exclusive luxury brands, for jewellery and watches, and some of the Group’s own brands;
· Semi-Exclusives stores, which cater principally to upper-middle income consumers such as tourists and expatriate professionals and office workers, through products that include well known international jewellery brands of wider appeal, in addition to regional brands and the Group’s own labels; and
· Damas 22K stores which cater mostly to middle income and working class immigrant populations, primarily of South Asian origin, and primarily offer jewellery under the Group’s own brands and regional brands.
In addition to the three principal store formats, the Group has other stores, such as watch stores and Mono-brand stores, as well as Damas Kids for children and parents, duty-free shops, a point of sale in the Saks Fifth Avenue department store at Bur Juman shopping centre in Dubai and other individually branded small stores such as Marhaba Jewellery and Farhan Jewellers etc. These include:
· Watch stores, which include Damas Watches and Time Art stores offering internationally branded watches in the medium price range; and
· Mono-brand stores, each dedicated to a single international brand, located throughout the UAE, including Tiffany & Co, Paspaley, Graff, Parmigiani, Links of London, Roberto Coin, Roberta Porrati and Folli Follie.
History
The Group has its origins in the activities of Mr Mohammed Tawfique Abdullah, the grandfather of the Founding Shareholders. Mr Abdullah began designing, crafting and selling gold jewellery to retailers in Syria in the early 1900s. In 1955, the family business moved to the UAE when Mr Tawfique Abdullah’s son, Mr Mohammed Taher Abdullah, moved to Dubai and opened a goldsmith’s shop under the name Al Abdullah Jewellery Traders LLC (“AAJT”). The first retail outlet of AAJT was opened in 1959 and the gold wholesale operations began in 1970. In the late 1970s, Mr Taher Abdullah and his three sons, Tawfique, Tamjid and Tawhid, first developed the Damas brand in order to promote and market AAJT’s products. By the end of 1985, the Group had expanded into several retail stores, 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 three store format.
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 expanded to Egypt, Libya, Sudan, Italy and India.
Damas’ key operational milestones
1907
Goldsmith operations began in Syria by Mr Mohammed Tawfique Abdullah, father of the founder.
1959
First retail outlet branded as Damas opened by Mr Mohammed Taher Abdullah in Dubai.
1970
Damas began wholesale gold operations in Dubai.
1985
Damas retail stores started selling international brands.
1988
Damas began the launch of its own brands.
1995
Damas established the Diamond Division to manage the sourcing of loose stones and finished jewellery.
2000
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.
2004
Damas purchased Stefan Hafner, a high-end Italian jewellery business.
2005
Damas raised AED 521 million through a private placement. Damas’ operations further expanded into Saudi Arabia, Jordan, Egypt, Libya, Sudan, Italy, India and Japan through investment in jointly controlled entities and associates.
2006
Damas established a 30,000 sq. m. manufacturing unit in the Dubai Multi Commodities Centre.
2007
Damas raised US$ 255 million through a syndicated loan.
2008
On July 8, Damas was listed on NASDAQ Dubai following a successful regional and international initial public offering (IPO) to the institutional investors.
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