Latest news with #DamasJewellery
India.com
4 days ago
- Business
- India.com
Months after Ratan Tata's death, Tata Group makes big move, acquires 117-year-old company for Rs 24000000000; big worry for Mukesh Ambani due to...
(File) In a major move to further strengthen its grip on the luxury jewelry sector, Titan, the watchmaking and fashion products arm of the Titan Group, has acquired a controlling stake in Dubai-based jewellery brand Damas LLC (UAE). According to the details, Titan Holdings International FZCO has acquired a 67% stake in the 117-year-old brand from Mannai Corporation QPSC. How much Titan paid for the company? As per reports, Tata Group-owned Titan acquired Damas Jewellery for 1,038 million dirhams (about Rs 2,357.25 crore), one of the reasons behind the high-priced deal being the global popularity of the Dubai-based brand. Founded in 1907, Damas Jewellery, is a highly-popular jewelry brand in Middle Eastern countries like Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. The brand has 146 stores across the Middle East, and is known for its high-quality gems and jewelry, as well as impeccable craftsmanship. Why Tata Group's deal is a concern for Mukesh Ambani-led Reliance? The Tata Group's landmark deal is expected to bolster its already popular designer jewelry brand Tanishq, which is already launched in several countries outside India, including Middle East and the United States. Titan is looking to build upon the success of Tanishq, and acquire a major share in the global jewellery market, and the Damas acquisition is giant step in that direction. Additionally, the deal could potentially catapult Titan far ahead of its competitors in India, including Mukesh Ambani-owned Reliance Gold, Malabar Gold and Kalyan Jewelers,
Forbes
22-07-2025
- Business
- Forbes
Tata-Backed Titan To Buy Dubai Jeweler For $282 Million
Gold jewelry displayed inside a Titan Co. Tanishq jewelry store during the festival of Dhanteras in ... More Mumbai, India, on Tuesday, Nov. 2, 2021. Photographer: Dhiraj Singh/Bloomberg A unit of Titan Company—an Indian jewelry retailer backed by the Tata Group—has agreed to buy a 67% stake of Dubai-based Damas Jewellery for 1.038 billion dirhams ($282 million). Titan Holdings International will buy the Damas stake from Qatar-based Mannai fund the acquisition through a combination of debt and internal cash, according to a statement released on Monday. It plans to purchase the rest of the Dubai-based jeweller by the end of 2029. 'With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities,' C.K. Venkataraman, managing director of Titan said in the statement. After scaling up its retail network across the countries in the Gulf Cooperation Council (GCC) and the U.S., Titan aims to expand globally, he added. Upon completion of the transaction, which is subject to regulatory approvals, Titan will gain access to 146 Damas stores across Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates—markets which the company expects robust demand for jewelry. Titan entered the GCC market in 2020 with the opening of its first Tanishq store in Dubai. Founded in 1987, Titan is a joint venture between the Tata Group and the Tamilnadu Industrial Development Corp., an Indian state-owned agency. In addition to jewelry, Titan also sells watches, eyewear, fragrances, women's bags, and Indian dresswear through stores in more than 400 cities across India. Tata Group is India's oldest conglomerate that the late Ratan Tata (who passed away in October) transformed into an industrial powerhouse with interests in airlines, automotive, financial services, media, telecommunications, technology and steel manufacturing. Under his two-decade leadership, he made global acquisitions including that of British steelmaker Corus Group in 2007 and luxury carmaker Jaguar Land Rover the following year.
UAE Moments
22-07-2025
- Business
- UAE Moments
India's Titan Acquires 67% of Damas Jewellery to Expand GCC Reach
Titan Company, part of India's Tata Group, is stepping up its jewellery game big time! On July 21, Titan announced it's buying a 67% stake in Damas Jewellery — a brand that's basically a household name in the Middle East. The deal is worth around AED 1.04 billion, and it's being handled by Titan's international arm, Titan Holdings International FZCO. They're buying the shares from Mannai Corporation of Qatar, and they expect everything to be wrapped up by January 2026 (pending the usual approvals, of course). What's in It for Titan? Titan already has its Tanishq brand out here in the GCC and the US, but it mostly caters to the Indian community. With Damas on board, Titan gets to level up and tap into a much broader customer base, including locals and other expats across the region. Managing Director C.K. Venkataraman said this deal takes Titan beyond just diaspora jewellery and into the GCC mainstream. He called Damas a "prestigious brand" known for quality and innovation — and clearly, they're excited about the talent, stores, and supply chain that come with it. Quick Deal Breakdown Stake acquired: 67% now Remaining 33%: Titan can buy after December 2029 Value: AED 1.038 billion Closing: By January 31, 2026 Payment: Cash + internal resources + debt Meet Damas: The GCC's Go-To Jeweller Founded way back in 1907, Damas has 146 stores across UAE, Saudi, Qatar, Oman, Kuwait, and Bahrain. Its style? A blend of Arabian heritage meets modern flair — basically, a hit with both locals and high-end expats. Revenue-wise, it's doing just fine: AED 1.46 billion in FY2024, growing year after year. Mannai's Take Mannai Corporation, the seller, is also happy with the deal. Their CEO, Alekh Grewal, said the proceeds will help them double down on their core businesses and clear up some debt. So, win-win!
India.com
22-07-2025
- Business
- India.com
Months after Ratan Tata's death, Tata's branded jewellery maker Titan decides to pay Rs 2,439 crore to acquire...
Ratan Tata- File image In a significant development months after the death of late billionaire Ratan Tata, Tata Group's jewellery maker Titan is expected to acquire a majority 67 per cent stake in UAE-based Damas Jewellery. In an all-cash deal, the country's leading branded jewellery maker signed the deal aiming at expanding business in GCC countries. As per a report by news agency PTI, 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. What should you know about Damas Jewellery? 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. Why Titan is acquiring stake in Damas Jewellery? 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. 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. 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.' (With inputs from agencies)
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%.
