India's Titan Acquires 67% of Damas Jewellery to Expand GCC Reach
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!
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