Titan to buy 67% in Dubai's Damas jeweller for ₹1.6k cr
MUMBAI: Titan, which owns the Tanishq brand, will buy 67% in jewellery retailer Damas from Qatar-listed Mannai Corporation for AED 695 million ($189 million or Rs 1,630 crore), establishing itself as one of the prominent Indian jewellers in West Asia.
Mannai and Egyptian investment bank EFG Hermes acquired Damas, previously listed on Nasdaq Dubai, for $445 million in 2012. Mannai, owned by Qatar's AI Thani royal family, acquired EFG's 19% stake in Damas in 2014.
Titan, a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation, has the option to purchase the remaining 33% stake in Damas from Mannai after Dec 31, 2029, subject to specific conditions.
The 67% stake valuation is based on Damas' enterprise value of AED 1,038 million ($283 million or Rs 2,440 crore), including debt, according to Titan, whose name combines "Ti" from Tata Industries and "Tan" from Tamil Nadu.
This acquisition ranks as Titan's second-largest, following the purchase of Indian jewellery retailer CaratLane for Rs 5,038 crore ($584 million) between 2016 and 2024.
Dubai-based Damas, established in 1907, operates 146 stores across six GCC countries: UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
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The agreement with Mannai excludes the franchisee business of British jewellery brand Graff, said Titan, ranked second in market value at Rs 3 lakh crore within the Tata Group, after TCS at Rs 11.4 lakh crore.
146 stores across 6 Gulf countries
Despite the significant Indian diaspora in West Asia traditionally favouring gold investments, Titan plans to utilise Damas to expand its reach to diverse nationalities and ethnic groups.
"Titan's acquisition of Damas is more than expansion - it's a bold attempt to rewrite the rules of luxury retail in the GCC," said Thomas Kuruvilla, Arthur D Little's managing partner for Middle East & India.
"By moving beyond the Indian diaspora and acquiring a culturally iconic Arab brand, Titan is challenging entrenched European players on their turf. But this shift from familiarity to ambition is risky. Can Titan scale Damas without diluting its authenticity? This move could either be a masterstroke in globalisation - or a cautionary tale in cultural overreach," said Kuruvilla.
Indian jewellers with presence in the GCC include Kalyan Jewellers, Joyalukkas, and Malabar Gold & Diamonds.
Titan began selling Tanishq jewellery in the GCC in 1993, according to its website, experiencing varied success. In 2020, it launched its Dubai Tanishq store and now maintains 15 outlets in the GCC.
"After successfully establishing Tanishq in the GCC and the US, our ambition for a global jewellery play is moving to the next stage. With the Damas acquisition, Titan is stepping out from its diaspora focus into other nationalities and ethnicities," said Titan's MD C K Venkataraman. "The acquisition not only creates a significant new global opportunity for Titan, but also enhances its overall position in the jewellery market in the GCC.
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Mannai will use the proceeds to support expansion of its core trade and IT services businesses while reducing debt, CEO Alekh Grewal said.
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