Is Titan Company Set to Acquire 67% Stake in Damas for $283 Million?
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Synopsis
Titan Company is making headlines with its ambitious acquisition of a 67% stake in Damas, a leading luxury jewellery retailer in Dubai. This strategic move aims to elevate Titan's presence in the lucrative GCC market, targeting a sophisticated clientele with a taste for exquisite jewellery.
Key Takeaways
- Titan Company plans to acquire 67% of Damas for AED 1,038 million.
- This acquisition aims to expand Titan's foothold in the GCC market.
- Damas operates 146 stores throughout the GCC region.
- The deal is contingent upon necessary approvals.
- Titan seeks to diversify its customer base beyond the diaspora.
New Delhi, July 21 (NationPress) Titan Company revealed on Monday its plans to acquire a 67 percent stake in Dubai-based luxury jewellery retailer Damas for an enterprise value of AED 1,038 million (over $283 million). This move is part of Titan's strategy to enhance its presence in the Gulf Cooperation Council (GCC) countries, which include the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
The Indian conglomerate, through its wholly-owned subsidiary Titan Holdings International, has signed an agreement to purchase shares for a 67 percent stake in Damas LLC, the parent company of Damas' jewellery operations in the GCC, from Mannai Corporation, as disclosed in its stock exchange filing.
According to the filing, “The total consideration for the proposed acquisition is based on the enterprise value of AED 1,038 million. Upon completion of this acquisition, Titan Holdings will possess 67 percent of the equity share capital and voting rights in Damas LLC. Furthermore, a pathway for acquiring the remaining 33 percent stake from Mannai after December 31, 2029 has been established, subject to specific conditions in the definitive document.”
The transaction's completion is contingent upon receiving necessary approvals.
The GCC region is witnessing strong economic growth, leading to an increasing demand for unique, high-quality offerings that resonate with Arabian aesthetics and cater to discerning customers looking for culturally significant designs.
Founded in 1907 and headquartered in Dubai, Damas Jewellery is recognized as the premier jewellery retailer in the Middle East, boasting a network of 146 stores across the six GCC countries.
“Following the successful establishment of Tanishq in the GCC and the USA, our goal for a global jewellery presence is advancing to the next phase. The acquisition of Damas signifies Titan Company's transition from focusing solely on the diaspora to embracing diverse nationalities and ethnicities,” stated C.K. Venkataraman, Managing Director of Titan.
Damas became a subsidiary of Mannai in 2012, and now represents an opportunity for investment in its next expansion stage in the region.
“We are thrilled that Titan is seizing the chance to invest in the future of Damas. Both Titan and Damas embody shared values around a passion for exquisite jewellery, innovative design, and exceptional customer service,” remarked Alekh Grewal, Group Chief Executive Officer of Mannai Corporation.
Point of View
Titan Company's acquisition of Damas is a strategic move that underscores the potential of the GCC jewellery market. This partnership not only reflects Titan's commitment to growth but also enhances the cultural and economic ties between India and the Middle East, fostering a mutually beneficial relationship in the luxury goods sector.
NationPress
08/09/2025
Frequently Asked Questions
What is the value of Titan's acquisition of Damas?
Titan Company plans to acquire a 67% stake in Damas for an enterprise value of AED 1,038 million (over $283 million).
What is Titan's strategy in acquiring Damas?
The acquisition aims to expand Titan's presence in the GCC region, targeting markets like UAE, Saudi Arabia, and Qatar.
When was Damas founded?
Damas was founded in 1907 and is headquartered in Dubai.
How many stores does Damas have in the GCC?
Damas has a network of 146 stores across the six GCC countries.
What are the future plans for the remaining stake in Damas?
Titan has a pathway to acquire the remaining 33% stake from Mannai after December 31, 2029, subject to certain conditions.
