Titan Company buys majority stake in Dubai's jewellery chain Damas for $283 mn

Mint

2 days ago

New Delhi: Watch and jewellery retailer Titan Company Ltd, through its wholly owned subsidiary Titan Holdings International, on Monday announced the acquisition of a majority stake in Dubai-based jeweller Damas Llc (UAE) for $283 million or 1.04 billion dirham.
Titan, via its fully owned arm, has entered an agreement to acquire a 67% stake in Damas's current holding company for its jewellery business in Gulf Cooperation Council (GCC) countries from publicly listed Mannai Corp, headquartered in Qatar, according to a regulatory filing by Titan.
The purpose of the acquisition is to acquire the entire jewellery business, including the brand Damas, held by Mannai in the GCC countries.
As of 31 March, Tanishq operates 13 stores in GCC countries and two Mia by Tanishq outlets.
This move aims to expand Titan's footprint in the Middle East, joining a league of other homegrown gold and diamond retailers with a presence in the Gulf.
Damas Jewellery, founded in 1907, has a network of 146 stores across the six GCC countries—the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. Damas houses a curated portfolio of in-house collections alongside high-end international jewellery labels.
Damas reported a consolidated turnover of $394.47 million in FY24, according to regulatory filings made by Titan Co.
Typically, Indian jewellery brands have expanded in these markets, drawn by demand from the Indian diaspora that continue to value jewellery purchases. Titan will, however, use the acquisition to focus on other nationalities and ethnicities.
Titan Holdings will hold 67% of the equity share capital and voting rights in Damas and a path to acquire the balance 33% stake from Mannai after 31 December 2029, subject to conditions. The current Graff Monobrand franchise business of Damas will be discontinued before completion of the transaction, per a filing with the exchanges.
Titan Co. already operates its Tanishq jewellery brand in the Miidle East, with stores in Dubai and Abu Dhabi.
Last fiscal, both Tanishq and Zoya expanded their global presence, opening stores in North America and GCC region primarily catering to the Indian diaspora. Its diamond brand Caratlane also opened its first international store in New Jersey, USA in FY25.
'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,' C.K. Venkataraman, managing director of Titan, said.
"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," he added.
Analysts said the move could potentially offer the company a playbook to expand in international markets beyond its own brands. The deal makes a lot of 'sense' said Harminder Sahni, managing director, and partner at Wazir Advisors.
This could work as a model where they build more assets in the jewellery business overseas, he said. 'The Tata Group has the bandwidth and integration capabilities for such a move. The move is also interesting because it stresses on expanding beyond the existing and core consumer base of the Indian diaspora,' he added. The Tata Group already operates a consumer goods business via Tata Consumer Products in overseas markets.
The GCC 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, the company said in its statement announcing the acquisition.
To be sure, jewellers from south India have a well-established presence in the Middle East, with brands like Malabar Gold & Diamonds, Joyalukkas, Kalyan Jewellers having a significant presence in these markets.
Mannai Corporation has business interests in 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, Alekh Grewal, group chief executive officer, Mannai Corporation.
'Mannai will continue to own a minority stake in Damas for the next 4 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,' he said.
Titan Company sells jewellery (Tanishq), watches, eyecare products, fragrances, accessories and Indian dress wear (Taneira) and women bags (IRTH).
In FY25, the company's jewellery sales surpassed ₹ 50,000 crore for the first time, reflecting a 20% jump in yearly revenues. It reported ₹ 60,456 crore in revenue from operations (consolidated) for the full year, up 18% y-o-y.
Titan operated 3,312 stores as of 31 March 2025.