Titan to Buy 67% of Damas Jewellery, Eyes GCC Luxury Growth

Titan Company Limited (NSE: TITAN), through its wholly owned subsidiary Titan Holdings International FZCO, has signed a definitive agreement to acquire a 67% stake in Damas LLC, a leading jewellery retailer in the GCC region, from Mannai Corporation.

The enterprise value for the deal is pegged at AED 1,038 million. Before the completion of this transaction, Damas’ Graff Monobrand Franchisee business will be discontinued.

Upon completion, Titan Holdings will hold 67% of Damas’ equity share capital and voting rights, with an option to acquire the remaining 33% stake after December 31, 2029, subject to agreed conditions.

The company stated that the acquisition will be financed through a combination of debt, cash reserves, and internal accruals, pending customary regulatory approvals and closing conditions.

Strategic Expansion Across the GCC

This acquisition marks a pivotal step for Titan’s jewellery business, enabling significant expansion across six GCC countries, the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. The region’s robust economic growth and rising demand for premium, culturally inspired jewellery make it a prime market for Titan. Through Damas, Titan will gain a strong foothold in a thriving sector, tapping into affluent and expatriate customers seeking authenticity and craftsmanship.

Damas: A Century-Old Legacy in Jewellery

Founded in 1907 and headquartered in Dubai, Damas Jewellery is the Middle East’s leading jewellery retailer, boasting a network of 146 stores across the GCC. Its portfolio features in-house collections alongside prestigious global brands, blending intricate designs inspired by Arabian heritage, from Arabic architecture to the Arabic alphabet, with modern trends. Over the years, Damas has become synonymous with trust, design excellence, and cultural resonance, appealing to a sophisticated clientele.

C.K. Venkataraman, Managing Director of Titan, stated, “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 further added, “The brand's rich legacy and strong presence in the GCC region align perfectly with our vision to deliver exceptional value to customers through iconic, consumer-focused businesses. 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.”

“We are happy to welcome Damas into the Titan family. We look forward to building on Damas' rich heritage while driving the brand's sustainable growth journey together with Mannai Corporation,” said the Managing Director.

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Conclusion

Titan’s acquisition of a majority stake in Damas positions it to capitalise on the GCC’s booming luxury market while deepening its international presence. By leveraging Damas’ brand legacy and extensive retail network, Titan aims to accelerate growth and bring culturally rich, high-quality jewellery to a broader audience across the Middle East.

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