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Web Release
06-08-2025
- Business
- Web Release
Tanishq with Damas to redefine GCC Jewellery retail market
Titan Company Limited, part of the Tata Group and parent company of Tanishq, is prepared to lead the retail jewellery market in the GCC with its recent acquisition of a 67 percent stake in Damas Jewellery, the century-old Dubai-headquartered luxury jewellery retailer. Through this acquisition, Titan Company Limited is making a bold move to deepen its footprint in the Gulf region. In a statement, Titan emphasised that this partnership brings together two of the most trusted names in jewellery retail, Tanishq and Damas, under one umbrella, marking a pivotal moment in the company's international expansion strategy and setting the stage for a redefined jewellery experience in the GCC's organised retail landscape. 'This is more than just a transaction, it's the coming together of two iconic names built on trust, design, and a deep understanding of what jewellery means to people,' This acquisition significantly strengthens Tanishq's regional footprint and unlocks new potential in one of the world's fastest-growing jewellery markets. Yet beyond scale, it's the consumer-facing transformation that makes this move remarkable,' said Mr. CK Venkataraman, Managing Director of Titan Company Limited.' Titan aims to serve the two largest customer groups in the region – Indians (and other South Asians) through Tanishq and the Arabs through Damas. This dual-brand presence is designed to offer customers the best of jewellery designs, fantastic shopping experience with the trust and assurance of Tata's Titan. The acquisition was executed earlier through Titan's wholly owned subsidiary, Titan Holdings International FZCO, with 146 Damas stores across the UAE, Qatar, Kuwait, Bahrain, and Oman, it firmly positions Titan at the forefront in the GCC jewellery market. 'While Damas will continue to operate under its brand identity, the collaboration will introduce enhanced collections, operational synergies, and a seamless retail experience for our consumers', he added. Mr. Alekh Grewal. Group Chief Executive Officer of Mannai Corporation, 'Damas has always stood for elegance, tradition, and craftsmanship. With Titan's backing, we gain access to global retail expertise and a future-ready vision. This partnership will allow us to invest further in our people, innovate across our portfolio, and serve our customers with even greater depth and distinction.' 'This acquisition is a bold step in our global growth journey. It enables us to expand Tanishq's footprint across the Gulf and introduce our expertise in jewellery retail to a broader audience. With Damas, we see a powerful opportunity to serve both the large Indian and South Asian diaspora, as well as the established Arab and global clientele that Damas has long catered to. Together, we aim to set new benchmarks in quality, trust, and customer experience across the region,' Mr. Venkataraman concluded. This move underscores Tanishq by Titan's unwavering commitment to the Middle East and its ambition to shape the region's jewellery narrative with a blend of heritage, innovation, and trust.
The Hindu
21-07-2025
- Business
- The Hindu
Titan to acquire 67% stake in UAE-based Damas jewellery
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 ₹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 ₹3,450.2 crore) in FY'24. "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 January 31, 2026, subject to regulatory clearances. "As per the Proposed Transaction, Titan Holdings will acquire 67 per cent 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 per cent shareholding 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 CEO 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 FY'25, Titan's revenue from operations was at Rs 57,339 crore, in which its jewellery division contributed ₹46,571 crore, which is over 81%.
News18
21-07-2025
- Business
- News18
Titan to acquire 67pc stake in UAE-based Damas jewellery
Agency: New Delhi, Jul 21 (PTI) The country's leading branded jewellery maker Titan will acquire a majority 67 per cent 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 per cent 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 FY'24. '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 January 31, 2026, subject to regulatory clearances. 'As per the Proposed Transaction, Titan Holdings will acquire 67 per cent 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 per cent shareholding 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 CEO 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 FY'25, 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 per cent. PTI KRH MR view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Business Upturn
21-07-2025
- Business
- Business Upturn
Titan to acquire 67% stake in Damas Jewellery to expand its presence in GCC markets
Titan Company Limited, a Tata Group company, announced on July 21, 2025, that it will acquire a majority stake in the Middle East's premier jewellery retailer, Damas Jewellery, strengthening its global jewellery play and presence in the 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. Ahmedabad Plane Crash
