Since taking on the top job in 2010, Anan Fakhreddin, the CEO of Damas, has guided the company out of crisis and back to prominence, re-establishing it as one of the region’s leading luxury brands.
In 2014, Damas (profile) concluded a two-year period of restructuring after being acquired by Qatar’s Mannai Corporation for $445 million in 2012. The acquisition was made in partnership with Egyptian investment bank EFG-Hermes, which sold its 19% stake to Mannai for $150 million in 2014.
“We had our ups and downs, but the company has always been very strong,” says Fakhreddin. “The starting point was that Damas is an excellent company, and a very good brand. We are 100-plus years old, and we enjoy the market leadership position.”
Read full interview in Arabian Business.