Damas India plans over 100 stores by 2008

To pump in Rs100 crore by March 2007.

Damas Jewellery LLC, a UAE-based company, with over 285 stores across 16 countries, will aggressively focus on its operations in India.

Damas, celebrating its centennial year, plans to add 21 showrooms across India by the end of this financial year and plans to open over 100 stores in India by December 2008.

The company will pump Rs 100 crore in Indian operations by March 2007. Presently the company, Damas India, has 10 outlets in India including one inAhmedabad.

The future expansion will see four more stores being added in Gujarat, which will include one more store in Ahmedabad and one each in Rajkot, Surat and Vadodara.

Talking to Business Standard, Anaggh Desai, CEO, Damas India, said, "The company plans to aggressively focus on Indian and Saudi Arabian markets this year. The company has already opened ten outlets in India and and we plan to add about 21 operational showrooms by the end of the current financial year."

"By December 2008 Damas intends to have more than 100 outlets operational In India and garner a substantial market share by then. Damas growth plan in India includes introducing a large array of its in-house brands and the latest jewellery designs and watches," Desai said.

"The future expansion will see opening another store in Ahmedabad, one each in Baroda, Rajkot and Surat during 2007-08."

Talking about the company's investment plans in India Desai said, "By March 2007 we plan to pump in Rs.100 crore in stock investment in India as a whole."

Established in 1907, Damas claims to be one of the largest jewellery retail outlets in the world having a network of more than 285 stores across four continents The year 2007 will mark the centennial year celebrations of Damas and will feature simultaneous festivities through the year across these countries.

Talking about the company's recently added kids range of jewellery Desai said, "It is faring quite well. Actually there was a 15 per cent increase on the previous months sale during the week of valentine. Approximate sales figures collated peg it at nearly 15 lakh across 8 stores, where the collection is displayed."

Talking about the market size and potential of children's jewellery in India, he said, "Branded jewellery market in India for kids at the moment is at a nascent stage, however, the potential is large. Today the Kid's Jewellery market stands at 10 per cent of the branded jewellery market, translating into Rs. 210 crore."

"The potential in kids jewellery is enormous. This segment is growing at a whopping 30 per cent year on year. However, the potential is not yet fully tapped, a couple of pioneer brand companies have taken the lead. It?s a new segment in the Indian market."

The range includes chains, earrings, pendants and bracelets with designs of butterflies, smiley faces and dolphins caste in gold. Damas Kids has Alice range of pendants, bracelets with kid's designs like roller skates, sliced orange figurines, toy trains and ducklings. While the Damas Baby collection offers bracelets depicting the world's most favourite game football.

The company has a tie-up with Shopper's Stop on shop-in-shop basis, with a minimum of 300 sq ft space and a JV with Flemingo, for duty free stores at airports in three airports.