Damas acquires 100pc stake in Kuwait unit
Dubai, May 26, 2011
Damas, the leading jewellery and watch retailer in the Middle East, has acquired the remaining 10 per cent share capital of its existing joint venture operation in Damas Kuwait.
The move increases Damas’ stake in Damas Kuwait to 100 per cent, bringing the Kuwait operation, which includes 23 stores across the country, within the full control of Damas.
“This acquisition is part of our ongoing strategy to strengthen our control in key markets,” said Anan Fakhreddin, chief executive officer, Damas International Limited.
“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 maximise our results.”
“This acquisition will enable Damas to offer a broader range of products in the Kuwait market, which in turn will strengthen our brand.”
Damas Jewellery had earlier acquired 49 per cent stake in its existing joint venture operation in Saudi Arabia, increasing its stake to 98 per cent.-TradeArabia News Service