Financial Daily from THE HINDU group of publications
Monday, Oct 03, 2005
Financial Daily from THE HINDU group of publications Monday, Oct 03, 2005 |
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Marketing
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Strategy Dubai's Damas to set up shop in Bangalore Our Bureau
Bangalore , Oct. 2 DAMAS, the Dubai-based international jewellers, will set up its first retail outlet in India, which is to be opened in Bangalore on October 7. The garden city has been chosen by the Dubai-based jewellery retailing major, as it holds huge market potential for lifestyle products, particularly branded ones. Damas, a manufacturer and distributor of diamond and gold jewellery, will initially bring ten high-end brands from its stable of over 100. The `Damas Exclusives' store in India will also market jewellery with D'Damas brand (manufactured by the joint venture D'Damas.) Initially, 20 outlets in eight cities would be opened in India, said Ms Shaheeda Abdul Kader, Managing Director, Mast Jewellery Distributors Pvt Ltd, which will retail Damas collections in India. Hyderabad will be the next destination, followed by Mumbai. She added that India has a huge potential with a large population of young women triggering demand for branded jewellery. The 98-year-old Damas plans investment of over Rs 300 crore during the next three years, including a share of it coming from its local joint venture partner Gitanjali Group, said Mr Mehul Choksi, Managing Director of the group.
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