CEO Predictions 2014: Anan Fakhreddin, CEO, Damas

To take advantage of Dubai’s massive potential, Damas restructured its business in 2013, ensuring its growth strategy was closely aligned to that of the city.

We announced our new company vision focusing on luxury and we reviewed our product lines to suit customer tastes. Our focus for 2014 will be to evolve from being a famous jewellery brand in Dubai towards becoming a famous international jewellery brand from Dubai. We have developed an expansion plan to meet this demand, whilst broadening our global consumer base.

Benefitting from some of the continuing trends in the UAE’s luxury goods market, we changed our retail segmentation to a simpler two store format, allowing more opportunity to focus on cultivating deeper relationships with our high end customers. This will enhance the Damas shopping experience and cater to ever changing consumer interests.

The Damas retail outlets will offer some of the most prestigious international brands globally, while the ‘Damas Collections’ retail outlets will showcase a variety of innovative in-house styles. Both store formats will offer gold jewellery, diamonds and pearls in an array of high-end designs, in line with the company’s new vision.

We are also investing in our people by ensuring our employees receive training from the Gemological Institute of America. This will help prepare them to handle precious gemstones, diamonds and other luxury jewellery.

The company will also introduce a sophisticated customer relationship management system to strengthen our current rapport with clients. To this end we are continuing to advance our position as an industry leader, strengthening customer service and opening new stores to reflect global consumer demand.

Despite the continuing global economic turbulence and political instability in many markets, the international luxury goods industry remained largely positive in 2013. On the back of these global trends, the Middle East became the tenth largest luxury goods market in the world in 2013.

Due to Dubai’s status as the region’s preeminent hub for trade, commerce and tourism, major luxury brands have also begun setting up operations in the city to benefit from these trends.

In 2014, the Middle East’s luxury goods consumption is set for sustained growth. Dubai commands around 30 per cent of the luxury goods industry for the region. The city’s large and growing Arab and Asian population, with their traditional affinity for high-end gold and diamond jewellery, has driven an increasing appetite for leading luxury brands.

Dubai has also become the destination of choice for international events and its recent successful bid win to host the Expo 2020 will significantly help drive consumption of these high-end luxury products.

When Damas opened in 1907, it was a small goldsmith. Now Damas is a determined multinational, competing against some of the most prestigious luxury companies globally. We have an ambitious vision to fulfil for 2014 and evolving into a truly global player will result in significant opportunities.

With more than 160 nationalities living in Dubai and 12 million visitors arriving annually, we will remain committed to tailoring our products and services to a very cosmopolitan and constantly changing demographic.