Titan Acquires 67% Stake In UAE-Based Damas Jewellery For $283 Million

The country's leading branded jewellery maker Titan will acquire a majority 67% stake in UAE-based Damas Jewellery in an all-cash deal, a move which helps the Tata group-managed firm to expand business in GCC countries.

Titan's wholly-owned subsidiary Titan Holdings International FZCO on Monday signed a definitive agreement with Mannai Corporation for the purchase of its 67% shareholding in Damas LLC (UAE), the current holding company for Damas jewellery business in GCC countries.

"The consideration for the proposed transaction is arrived on the basis of the enterprise value of AED 1,038 million (nearly Rs 2,438.56 crore)," said a joint statement.

Founded in 1907, Damas Jewellery has a network presence of 146 stores across six GCC countries. It had a revenue of AED 1,461 million (around Rs 3,450.2 crore) in Fiscal 2024.

"The purpose of acquisition is to acquire the entire jewellery business, including the brand ‘Damas’ held by Mannai Corporation in GCC countries through Damas LLC (UAE)," it said.

Titan expects the proposed transaction to be completed before Jan. 31, 2026, subject to regulatory clearances.

"As per the Proposed Transaction, Titan Holdings will acquire 67% shareholding subject to conditions precedent specified in the Definitive Agreement and relevant regulatory approvals, as may be required, in the applicable jurisdictions," it said.

However, after four years, by the end of 2029, Mannai shall have the right to sell and Titan Holdings shall have the right to acquire the balance 33% beholding in the holding company, subject to conditions agreed upon.' This deal is 'strategically significant' for Titan's jewellery business as it will facilitate the expansion across the six GCC countries - UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, said Titan.

"The region is exhibiting robust economic growth, creating a demand for differentiated, high-quality offerings rooted in Arabian aesthetic and appealing to sophisticated clientele seeking unique, culturally resonant designs," it said.

Commenting on the development, Titan Managing Director C K Venkataraman said after successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery play is moving to the next stage.

"With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities. Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience," he said.

Damas jewellery's rich brand legacy and strong presence in the GCC region align perfectly with Titan's vision.

"This acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan’s overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain," it said.

Mannai Corporation Group chief executive officer Alekh Grewal said: "Mannai will continue to own a minority stake in Damas for the next four years as the growth plans for Damas are taken forward. It is intended that the proceeds of the sale transaction will be deployed by Mannai to strengthen its resources in support of further expansion of its core trade and IT services businesses in addition to reducing the Group Debt." Mannai Corporation is a publicly listed company headquartered in Qatar, with activities mainly focused on the Business to Business segment based on trade and IT services.

Damas, headquartered in Dubai, became a subsidiary of Mannai in 2012, and the time has come for investment in the next phase of its expansion in the region, said Grewal.

Titan Company is a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO). It had commenced its operations in 1987 under the name Titan Watches and later in 1994, Titan diversified into Jewellery (Tanishq) and subsequently into EyeCare.

In Fiscal 2025, Titan's revenue from operations was at Rs 57,339 crore, in which its jewellery division contributed Rs 46,571 crore, which is over 81%.