Over the next five years, Titan Company, the parent company of the well-known jewelry brand Tanishq and the new majority shareholder in the luxury retailer Damas, located in Dubai, intends to establish up to 75 more stores around the Gulf Cooperation Council (GCC).
It is anticipated that this development would create about 675 new employment in the area. At the moment, Titan owns and runs 15 Tanishq shops and more than 100 Damas outlets across the GCC.
Over the next five years, we anticipate building 40–50 additional Damas stores, with a particular emphasis on Saudi Arabia, which is underrepresented, according to Titan Company managing director CK Venkataraman. We now operate 15 Tanishq shops across the GCC, with plans to expand to 40.
Venkataraman emphasized how crucial it is to comprehend Saudi Arabia’s particular staffing needs, as only citizens are permitted to work in retail positions. We’ll be better positioned to recruit skilled staff familiar with the jewelry sector thanks to Damas’ local expertise,” he said. “The Saudi Arabian market is fascinating. There is potential for both Tanishq and Damas to expand because cities like Jeddah have a sizable Arab customer base, whilst areas like Dammam are more Indian-oriented.
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