Latest news with #Damas
Business Standard
2 days ago
- Business
- Business Standard
Titan Company rises after inking deal to acquire Damas Jewellery to expand GCC presence
Titan Company added 1.40% to Rs 3481.20 after the company announced that it has entered into an agreement for acquiring 67% shareholding in Damas LLC (UAE), the current holding company for Damas jewellery business in GCC countries. In a regulatory filing made post market hours yesterday, the company informed that Titan, through its wholly owned subsidiary Titan Holdings International FZCO (Titan Holdings), has entered into an agreement for the sale and purchase of shares, to acquire 67% stake in Damas LLC (UAE), the current holding company for Damas jewellery business in GCC countries from Mannai Corporation. The current Graff Monobrand Franchisee business of Damas LLC will be discontinued before completion of the proposed transaction. The consideration for the proposed transaction is arrived on the basis of the enterprise value of AED 1,038 million. On the completion of this acquisition. Titan Holdings would hold 67% of the equity share capital and voting rights in Damas LLC and a path to acquire the balance 33% stake from Mannai after 31 December 2029, subject to conditions agreed upon in the definitive document. The proposed transaction is strategically significant for Titans jewellery business as it will facilitate the expansion across the 6 GCC countries of UAE, Saudi Arabia, Qatar, Oman. Kuwaij and Bahrain. 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. Dubai-based Damas Jewellery stands as Middle Easts premier jewellery retailer. With a network presence of 146 stores across the 6 GCC countries, Damas today, houses a rich and curated portfolio of in-house collections alongside prestigious international labels. C.K. Venkataraman, managing director of Titan, 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. The brands 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." Titan Company is a joint venture between the Tata Group and the Tamilnadu Industrial Development Corporation (TIDCO). The company diversified into Jewellery (Tanishq) and subsequently into the eye care segment. The companys consolidated net profit jumped 12.97% to Rs 871 crore in Q4 FY25 as compared with Rs 771 crore in Q4 FY24. Revenue from operations increased 23.76% year-on-year to Rs 13,897 crore in Q4 FY25.
Arabian Post
2 days ago
- Business
- Arabian Post
Titan Expands Middle East Reach with Damas Deal
Arabian Post Staff -Dubai Titan Company has struck a deal to acquire a 67% stake in Dubai-headquartered luxury jeweller Damas from Qatar-based Mannai Corporation in a transaction valued at 1.04 billion dirhams, or approximately $283.2 million. The move is poised to significantly strengthen Titan's footprint in the Gulf region, positioning the Tata Group company among the largest subcontinent-origin jewellery players operating in the Middle East. The acquisition agreement, announced on Monday, marks a pivotal expansion for Titan beyond its current presence in the UAE, where it has operated under the Tanishq brand since October 2020. The transaction is expected to close by 31 January 2026, subject to regulatory approvals and customary closing conditions. Titan will also retain an option to purchase the remaining 33% equity in Damas after 31 December 2029, effectively laying the groundwork for full ownership over time. ADVERTISEMENT The deal will give Titan direct access to Damas' well-established network of 146 outlets across the six Gulf Cooperation Council nations — United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. With only seven Titan-operated Tanishq stores currently open in the region, the acquisition presents a strategic leap in scale, market share, and regional brand visibility for the Bengaluru-based jeweller. Damas, founded in 1907, is one of the most recognisable names in the Middle East's luxury jewellery market. It has developed a reputation for catering to the region's taste for high-end gold and diamond jewellery, and is known for its broad in-house product range and partnerships with international luxury brands. Mannai Corporation, which has owned Damas since 2012, has been looking to streamline its portfolio, prompting the divestment. For Titan, the acquisition offers both a fast-track into the premium Gulf retail market and an opportunity to accelerate synergies across procurement, branding, and customer experience. The company is expected to retain Damas' brand identity and existing management structure, allowing the Dubai-based business to continue leveraging its established reputation while benefitting from Titan's supply chain and operational expertise. The Middle East has been a target market for Titan's international ambitions, driven by the strong presence of the South Asian diaspora and a deep-rooted cultural affinity for gold. The GCC region's jewellery market is estimated to be worth over $10 billion, with gold accounting for a large share of consumer demand. Analysts view Titan's acquisition of Damas as a strategically sound move in an environment where cross-border consolidation is becoming increasingly common in luxury retail. Titan has grown to become one of the most dominant jewellery retailers in South Asia through its flagship brand Tanishq, which is positioned as an accessible luxury label offering a blend of traditional and contemporary designs. The company also operates sub-brands such as Mia and Zoya, each catering to specific consumer segments. Over the past decade, Titan has expanded into new domestic categories and entered select global markets, but the Damas deal marks its most ambitious international push yet. ADVERTISEMENT The acquisition is being viewed by market observers as a significant play within the broader Tata Group strategy of boosting global brand equity across consumer-facing businesses. Following the group's international expansions in hospitality, automotive, and technology, Titan's move consolidates Tata's multi-sectoral presence in the Gulf and taps into a region with rising demand for premium lifestyle offerings. Financial analysts have underscored the deal's strategic value, citing Damas' established customer base and premium positioning, which could drive faster break-even timelines than greenfield expansion. Furthermore, the GCC's favourable demographic trends and consistent gold demand have added to investor optimism around the deal's long-term prospects. Despite geopolitical uncertainty and fluctuations in gold prices, jewellery retail in the Gulf continues to enjoy high volumes due to cultural norms and steady tourist inflows, especially in the UAE. Titan's increased footprint through Damas will place it in a better position to cater not just to residents but also international shoppers across the region's major commercial and tourist hubs. Titan has confirmed that the acquisition will be funded through internal accruals and debt, with no equity dilution expected in the near term. The company's board has approved the investment, and the transaction is aligned with its long-term capital allocation strategy. Executives at Titan have expressed confidence in Damas' future growth trajectory and have indicated that the company will invest further in marketing, store refurbishment, and digital initiatives to modernise the customer journey. Damas' product portfolio, which includes bridal sets, heritage pieces, and limited-edition designs, will remain intact as Titan aims to preserve the local flavour while infusing global best practices.
Mint
2 days ago
- Business
- Mint
Titan share price gains on proposed acquisition in the Gulf countries
Stock Market Today: Titan share price gained in the morning trades on Tuesday on the proposed acquisition in the Gulf countries. While the announcement will enhance global presence, the analysts await a significant turnaround and acceleration in store expansion to help rerate the stock. Titan on Monday after the market hours announced that it proposes an acquisition in the Gulf countries. Titan has proposed the acquisition of a 67% shareholding in the Damas jewellery business by the company through its Wholly Owned Subsidiary. Titan Holdings International FZCO., ("Titan Holdings"), a wholly owned subsidiary of the Company, has signed a Definitive Agreement with Damas International Limited, UAE, a wholly owned subsidiary of Mannai Corporation QPSC, Qatar ("Mannai"), to purchase a 67% stake in Damas LLC (UAE), the current holding company for Damas jewelry business in GCC countries. The proposed transaction involves acquiring 67% of the target firm at an enterprise value of AED 1,038 million. The net consideration is subject to typical debt, cash, and other adjustments.
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Business Standard
2 days ago
- Business
- Business Standard
Will Titan's 67% acquisition of Damas boost profitability in GCC region?
Titan share price: Titan shares were in focus today after the company announced that Titan Holdings International FZCO, its wholly owned subsidiary, has entered into a Definitive Agreement with Damas International Limited, a UAE-based wholly owned subsidiary of Mannai Corporation QPSC, Qatar. On the bourses, Titan share price popped about 0.75 per cent to an intraday high of ₹3,459.35 per share. At 9:50 AM, Titan share price was trading at day's high levels, up 0.75 per cent at ₹3,459. In comparison, BSE Sensex was up 0.20 per cent at 82,368.38 levels. The agreement with Damas International pertains to the proposed acquisition of a 67 per cent stake in Damas LLC (UAE), the current holding company for the Damas jewellery business across the GCC region. C K Venkataraman, managing director of Titan, 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. 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," Venkataraman added. As part of the transaction, Titan Holdings will acquire the 67 per cent shareholding, subject to the fulfillment of conditions precedent outlined in the agreement, along with necessary regulatory approvals in applicable jurisdictions. 'The valuation for acquisition of 67 per cent of the target entity for the Proposed Transaction is arrived at on the basis of an Enterprise Value (EV) of AED 1,038 million. The net consideration would be subject to customary adjustments for debt/cash/ other adjustments,' Titan said, in a statement. Additionally, after December 31, 2029, Mannai will have the right to sell, and Titan Holdings will have the right to acquire the remaining 33 per cent stake in Damas LLC. This future transaction will be governed by terms and conditions set forth in the definitive agreement. 'The Proposed Transaction is strategically significant for Titan's jewellery business as it will facilitate the expansion across the 6 GCC countries of UAE, Saudi Arabia, Qatar, Oman. Kuwaij and Bahrain. 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,' Titan added. JM Financial on Titan-Damas Deal Analysts at JM Financial noted that Titan's acquisition of a 67 per cent stake in Damas LLC marks a major strategic move, granting the company access to the Damas jewellery business (excluding the Graff Monobrand franchise). The deal values Damas at an enterprise value of AED 1,038 million, or 0.7x EV/sales for CY24. The brokerage highlighted several positives from the transaction. It positions Titan among the top 3-4 players in the world's fourth-largest jewellery market, provides access to 146 premium retail locations in the UAE, and presents an opportunity to boost profitability in the GCC region through synergies across talent, retail networks, and supply chains. JM Financial, however, is not incorporating the acquisition into its financial estimates yet, pending more granular details such as profit and loss, balance sheet, and cash flow data. However, the brokerage maintains a 'Buy' rating on Titan with a target price of ₹3,725, valuing it at 57x Mar'27 EPS. Meanwhile, Morgan Stanley reportedly has maintained its 'Overweight' stance on Titan, with a target price of ₹3,876 per share.
Time of India
3 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
