Latest news with #ThomasKuruvilla
Time of India
4 days ago
- Business
- Time of India
Titan to buy 67% in Dubai's Damas jeweller for ₹1.6k cr
Tanishq owner Titan company buys Damas 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 15 Most Beautiful Women in the World Undo 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. " Mannai will use the proceeds to support expansion of its core trade and IT services businesses while reducing debt, CEO Alekh Grewal said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Gulf Today
08-04-2025
- Business
- Gulf Today
85% of UAE CEOs see global economy to improve in next 3-5 years: Survey
CEOs in the UAE are demonstrating exceptional confidence in the global outlook, according to Arthur D. Little's 2025 CEO Insights Survey. A striking 85% of UAE CEOs expect the global economy to improve over the next three to five years, placing them among the most optimistic in the world and marking a significant increase from 61% in 2024. This heightened confidence is reinforced by a strong focus on sustainability and innovation, based on the findings of the survey. In parallel with their economic outlook, UAE CEOs are placing growing importance on reskilling as a strategic priority. The survey shows that 60% report a strong need to reskill their workforce, significantly higher than the global average of 49%. UAE companies are also setting bold targets for operational performance. UAE companies anticipate 8.8% annual productivity improvement over the next three years—outpacing the global average—and are allocating 1.8% of revenue toward initiatives that enhance efficiency and performance. Environmental, Social, and Governance (ESG) priorities are also gaining momentum. Thirty per cent of UAE CEOs now give ESG higher priority than other strategic initiatives, more than doubling the global figure of 12%. Unlike in previous years, ESG is no longer viewed solely as a compliance requirement, but as a competitive differentiator and growth driver. Many UAE leaders are aligning ESG with operational strategy, prioritizing long-term impact, and integrating it across departments to create business value. 'UAE CEOs have translated confidence into bold action. Their sharp focus on workforce development, ESG leadership, and operational excellence is not just about keeping pace - it is about setting the pace,' said Thomas Kuruvilla, Managing Partner at Arthur D. Little Middle East & India. 'In an environment marked by constant transformation, UAE companies are taking decisive steps to redefine what sustainable, tech-enabled leadership looks like. This is not short-term positioning but rather a long-term strategy for regional and global competitiveness.' Alongside these initiatives, UAE CEOs are demonstrating a high level of strategic agility. Eighty-three percent have already revised or plan to revise their strategies in response to geopolitical changes or growth-related shifts, compared to just 59% globally. Francesco Marsella, Managing Partner and Global Leader of the Growth and Transformation Practices at Arthur D. Little, comments: 'The third edition of our global study shows that CEOs are ready for the unexpected, with mindsets that see change as an opportunity rather than a threat. CEOs feel well-positioned to not just cope with geopolitical and technology uncertainty, but to thrive and grow.' The Arthur D. Little 2025 CEO Insights Survey includes the views of 309 global CEOs from companies with revenues exceeding $1 billion, across major industries and markets. WAM
Hi Dubai
08-04-2025
- Business
- Hi Dubai
85% of UAE CEOs Anticipate Global Economic Growth Within 3–5 Years, Reveals Survey
CEOs in the UAE are showing remarkable optimism about the global economy, according to Arthur D. Little's 2025 CEO Insights Survey. A striking 85% expect improvement over the next three to five years—up from 61% in 2024—making them among the most confident business leaders worldwide. This outlook is paired with decisive action. UAE executives are prioritising sustainability, workforce development, and operational excellence at levels that outpace global peers. Notably, 60% of UAE CEOs cite reskilling as a key strategic priority—well above the global average of 49%—highlighting a proactive approach to talent transformation. UAE companies also anticipate an average 8.8% annual productivity boost over the next three years, and are dedicating 1.8% of revenues to initiatives aimed at improving efficiency—again exceeding global benchmarks. Environmental, Social, and Governance (ESG) factors are no longer seen as compliance checkboxes. Thirty percent of UAE CEOs now prioritise ESG over other strategic initiatives, more than double the global figure. Increasingly, ESG is being integrated into core business strategy to unlock long-term value and competitive edge. Strategic agility is another hallmark of UAE leadership. In response to geopolitical shifts and evolving growth dynamics, 83% of UAE CEOs have revised or plan to revise their business strategies—compared to just 59% globally. 'UAE CEOs have translated confidence into bold action,' said Thomas Kuruvilla, Managing Partner at Arthur D. Little Middle East & India. 'This is not short-term positioning but a long-term strategy for regional and global competitiveness.' Francesco Marsella, Global Leader for Growth and Transformation at Arthur D. Little, added, 'CEOs now see change as an opportunity. They're not just adapting—they're shaping the future.' News Source: Emirates News Agency
Zawya
08-04-2025
- Business
- Zawya
85% of UAE CEOs expect global economy to improve in next 3-5 years, reflecting record optimism in 2025
DUBAI: CEOs in the UAE are demonstrating exceptional confidence in the global outlook, according to Arthur D. Little's 2025 CEO Insights Survey. A striking 85% of UAE CEOs expect the global economy to improve over the next three to five years, placing them among the most optimistic in the world and marking a significant increase from 61% in 2024. This heightened confidence is reinforced by a strong focus on sustainability and innovation, based on the findings of the survey. In parallel with their economic outlook, UAE CEOs are placing growing importance on reskilling as a strategic priority. The survey shows that 60% report a strong need to reskill their workforce, significantly higher than the global average of 49%. UAE companies are also setting bold targets for operational performance. UAE companies anticipate 8.8% annual productivity improvement over the next three years—outpacing the global average—and are allocating 1.8% of revenue toward initiatives that enhance efficiency and performance. Environmental, Social, and Governance (ESG) priorities are also gaining momentum. Thirty percent of UAE CEOs now give ESG higher priority than other strategic initiatives, more than doubling the global figure of 12%. Unlike in previous years, ESG is no longer viewed solely as a compliance requirement, but as a competitive differentiator and growth driver. Many UAE leaders are aligning ESG with operational strategy, prioritizing long-term impact, and integrating it across departments to create business value. 'UAE CEOs have translated confidence into bold action. Their sharp focus on workforce development, ESG leadership, and operational excellence is not just about keeping pace - it is about setting the pace,' said Thomas Kuruvilla, Managing Partner at Arthur D. Little Middle East & India. "In an environment marked by constant transformation, UAE companies are taking decisive steps to redefine what sustainable, tech-enabled leadership looks like. This is not short-term positioning but rather a long-term strategy for regional and global competitiveness." Alongside these initiatives, UAE CEOs are demonstrating a high level of strategic agility. Eighty-three percent have already revised or plan to revise their strategies in response to geopolitical changes or growth-related shifts, compared to just 59% globally. Francesco Marsella, Managing Partner and Global Leader of the Growth and Transformation Practices at Arthur D. Little, comments: 'The third edition of our global study shows that CEOs are ready for the unexpected, with mindsets that see change as an opportunity rather than a threat. CEOs feel well-positioned to not just cope with geopolitical and technology uncertainty, but to thrive and grow.' The Arthur D. Little 2025 CEO Insights Survey includes the views of 309 global CEOs from companies with revenues exceeding $1 billion, across major industries and markets
Al Etihad
07-04-2025
- Business
- Al Etihad
85% of UAE CEOs expect global economy to improve in next 3-5 years, reflecting record optimism in 2025
7 Apr 2025 20:03 DUBAI (WAM) CEOs in the UAE are demonstrating exceptional confidence in the global outlook, according to Arthur D. Little's 2025 CEO Insights Survey. A striking 85% of UAE CEOs expect the global economy to improve over the next three to five years, placing them among the most optimistic in the world and marking a significant increase from 61% in heightened confidence is reinforced by a strong focus on sustainability and innovation, based on the findings of the survey. In parallel with their economic outlook, UAE CEOs are placing growing importance on reskilling as a strategic survey shows that 60% report a strong need to reskill their workforce, significantly higher than the global average of 49%.UAE companies are also setting bold targets for operational performance. UAE companies anticipate 8.8% annual productivity improvement over the next three years—outpacing the global average—and are allocating 1.8% of revenue toward initiatives that enhance efficiency and Social, and Governance (ESG) priorities are also gaining momentum. Thirty percent of UAE CEOs now give ESG higher priority than other strategic initiatives, more than doubling the global figure of 12%. Unlike in previous years, ESG is no longer viewed solely as a compliance requirement, but as a competitive differentiator and growth driver. Many UAE leaders are aligning ESG with operational strategy, prioritizing long-term impact, and integrating it across departments to create business value.'UAE CEOs have translated confidence into bold action. Their sharp focus on workforce development, ESG leadership, and operational excellence is not just about keeping pace - it is about setting the pace,' said Thomas Kuruvilla, Managing Partner at Arthur D. Little Middle East & India. "In an environment marked by constant transformation, UAE companies are taking decisive steps to redefine what sustainable, tech-enabled leadership looks like. This is not short-term positioning but rather a long-term strategy for regional and global competitiveness."Alongside these initiatives, UAE CEOs are demonstrating a high level of strategic agility. Eighty-three percent have already revised or plan to revise their strategies in response to geopolitical changes or growth-related shifts, compared to just 59% Marsella, Managing Partner and Global Leader of the Growth and Transformation Practices at Arthur D. Little, comments: 'The third edition of our global study shows that CEOs are ready for the unexpected, with mindsets that see change as an opportunity rather than a threat. CEOs feel well-positioned to not just cope with geopolitical and technology uncertainty, but to thrive and grow.' The Arthur D. Little 2025 CEO Insights Survey includes the views of 309 global CEOs from companies with revenues exceeding $1 billion, across major industries and markets.
