Titan to acquire 67% stake in Damas Jewellery to expand its presence in GCC markets
According to the filing, Titan's wholly owned subsidiary, Titan Holdings International FZCO, signed a definitive agreement to acquire 67% shareholding in Damas LLC (UAE) — the current holding company for the Damas jewellery business in GCC countries — from Mannai Corporation QPSC of Qatar. The deal values Damas at an enterprise value of AED 1,038 million (approximately ₹2,350 crore at current rates). The transaction will be financed through a mix of debt, internal accruals, and cash balances.
The transaction is expected to close by January 31, 2026, subject to customary regulatory and anti-trust approvals. Titan also has the right to acquire the remaining 33% stake in Damas after December 31, 2029, under agreed conditions. Strategic significance
The acquisition is seen as a significant step in Titan's journey of becoming a global jewellery player. Titan already has its Tanishq brand in the GCC region and the U.S., primarily targeting the Indian diaspora. The Damas acquisition enables Titan to broaden its appeal beyond the diaspora to other nationalities and customer segments in the GCC markets.
Commenting on the development, C.K. Venkataraman, Managing Director of Titan, said:
'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. The 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.' About Damas Jewellery
Founded in 1907 and headquartered in Dubai, UAE, Damas is a leading jewellery retailer in the Middle East with a network of 146 stores across six GCC countries — UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. In FY2024, Damas reported revenue of AED 1,461 million, up from AED 1,332 million in FY2023 and AED 1,140 million in FY2022.
Damas is known for combining traditional Arabian heritage designs with contemporary trends, appealing to affluent regional customers and expatriates. Deal terms and future outlook Stake acquisition: 67% now, with an option to acquire the remaining 33% after 2029.
Consideration: Cash, based on an enterprise value of AED 1,038 million (subject to customary adjustments).
Closing timeline: Expected by January 2026.
Purpose: To tap into robust economic growth in the GCC and meet the demand for differentiated, high-quality, culturally resonant jewellery. Mannai Corporation's perspective
Alekh Grewal, Group CEO of Mannai, stated:
'We are delighted that Titan is taking the opportunity to invest in the future of Damas. Both Titan and Damas share the same values in terms of passion for beautiful jewellery, innovative design and dedicated customer service. The proceeds of the sale will be deployed by Mannai to strengthen its core trade and IT services businesses and reduce debt.'
This acquisition aligns with Titan's long-term strategy of growing its jewellery segment globally, leveraging Damas's strong brand and distribution network in the GCC.
Disclaimer: The above information is based on Titan's stock exchange filings and press release, and is for informational purposes only. It does not constitute financial advice. Please consult a financial advisor before making investment decisions. Neither the author nor the publisher is responsible for any investment actions taken based on this article.
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