UAE: India's Titan to open 75 Tanishq, Damas stores across GCC, create 675 jobs

Khaleej Times

3 days ago

Titan Company, the parent firm of renowned jewellery brand Tanishq and the new majority stakeholder in Dubai-based luxury retailer Damas, plans to open up to 75 additional outlets across the Gulf Cooperation Council (GCC) over the next five years.
This expansion is expected to generate approximately 675 new jobs in the region. Currently, Titan owns and operates over 100 Damas outlets and 15 Tanishq stores throughout the GCC.
'We foresee opening 40-50 more Damas stores over the next five years, with significant focus on Saudi Arabia, which is underrepresented,' said CK Venkataraman, managing director of Titan Company. "For Tanishq, we have 15 stores in the GCC and plan to scale up to 40. Until now, our focus has primarily been on the UAE, so there's a limited presence outside the Emirates. Our next targets are Kuwait, Bahrain, Qatar, and Saudi Arabia."
Venkataraman emphasised the importance of understanding the unique staffing requirements in Saudi Arabia, where only nationals can be employed in retail roles.
'With Damas' local expertise, we'll be better positioned to recruit skilled staff familiar with the jewellery sector,' he noted. 'Saudi Arabia is an exciting market. Cities like Jeddah have a strong Arab consumer base, while places like Dammam are more Indian-oriented – allowing room for both Tanishq and Damas to grow.'
Job creation by Titan
This announcement marks Titan's first media briefing in the UAE since acquiring a 67 per cent stake in the century-old Damas brand from Mannai Corporation for Dh1 billion on July 21. The Indian conglomerate, Tata Group, owns Titan.
The acquisition is expected to be finalised by January 31, 2026. Titan will also have the option to purchase the remaining 33 per cent stake after December 31, 2029. Damas currently employs just over 1,000 people. In contrast, Tanishq operates on a franchise model.
'If we open 25 new Tanishq outlets, and each employs around 15 people, that would result in about 375 jobs. Damas stores, which operate on a smaller format with 5–6 employees each, could add another 300 jobs if we open 50 more locations,' he said.
This brings the total estimated job creation across both brands to 675 positions over five years.
Venkataraman also confirmed that no job cuts are planned at Damas following the merger. 'We're here to grow the business. This is not a distressed acquisition. Layoffs are not part of the strategy,' he stated, adding that Damas will continue operating under its existing brand identity.
'With Titan's support, we gain access to global retail expertise and a forward-looking vision,' said Alekh Grewal, Group CEO of Mannai Corporation. 'This partnership allows us to invest in our people, innovate our offerings, and enhance customer experience across the board.'