D’damas India Jewellery to Open 80 Retail Stores By December 2011
Also Expanding retail space by March...D’damas India Jewellery, a joint venture between Gitanjali Group and Dubai-based Damas, will be opening 80 retail stores by December 2011.
Although branded jewelry accounts for less than 10 percent of the market, they are expected to grow 40 percent annually, according to consulting firm McKinsey.
R.K. Menon, COO of D’damas, stated, “More people can afford to buy branded jewelry and this is fueling the industry’s growth. We are looking to develop products into retail brands to capture this growth.”
Menon added that the expansion will be funded by internal accruals, with each store getting an investment of about $100,000 (Rs 3 to 5 crore). D’damas will be adding a total of 17,000 square feet of retail space by March 2011.
By: Denise Romano of RAPAPORT
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