Damas to close its Italian subsidiary

Damas International, headquartered in Dubai is planning on closing down its Italian subsidiary, DIT Group SPA. The Italian subsidiary had not enjoyed business, and contributed less than 2 percent to the group’s total revenues in fiscal 2009, reports say. It has been facing losses.

DIT Group SPA trades under the trademarks - Stefan Hafner, loSi, Porrati and Nouvelle Bague. The jewellery division of Damas holds 87.23 percent stake in DIT’s share capital. The decision to close the Italian subsidiary came at a time when Damas' chief executive officer (CEO) Tawhid Abdulla resigned. The board at Damas has appointed Damas’ deputy CEO Hisham Ashour as a replacement to Abdulla. Ashour has assumed office since October 11, 2009.