Titan Company completes 67% stake acquisition in Damas jewellery business in GCC countries

Completion of the transaction was formally communicated to BSE Limited and National Stock Exchange of India Limited in compliance with listing regulations

Mumbai: Titan Company Limited has successfully completed the acquisition of 67% stake in the Damas jewellery business across Gulf Cooperation Council (GCC) countries through its UAE subsidiary Titan Holdings International FZCO. The transaction establishes Signature Jewellery Holding Ltd as the holding company for the Damas jewellery business. The remaining 33% stake is held by MC International Limited, a wholly owned subsidiary of Mannai Corporation QPSC, Qatar, creating a strategic partnership structure.

Completion of the transaction was formally announced through a regulatory filing under Regulation 30 of Securities and Exchange Board of India (SEBI) rules. It was communicated to BSE Limited and National Stock Exchange of India Limited in compliance with listing regulations.

Marking a major milestone in the company’s Middle East expansion strategy, this acquisition builds Titan’s controlling presence in the GCC jewellery market through the established Damas brand. It leverages Titan’s international subsidiary framework to facilitate overseas expansion while maintaining operational efficiency in the regional market. It also diversifies Titan’s geographical revenue base. Damas Jewellery, with its established brand presence and extensive network, offers synergistic opportunities for Titan, potentially unlocking new markets and customer segments. The integration of Damas is expected to be a key focus for the management in the coming fiscal year.

Damas has 146 stores across the six GCC countries: the United Arab Emirates (UAE), Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.

Meanwhile, Titan Company Ltd has delivered an exceptional third quarter for fiscal year 2026, exceeding market expectations with a 61% surge in consolidated profit after tax, reaching Rs 1,684 crore. This profit expansion was underpinned by a substantial 40% rise in consolidated total income, which climbed to Rs 24,592 crore. The company’s performance benefited from robust consumer demand, particularly during the festive season, which heavily favours its core jewellery offerings.

The jewellery division remained the primary driver of Titan’s impressive financial results, contributing Rs 22,517 crore in revenue for the quarter, a 42% increase year-on-year. This segment’s performance was bolstered by strong domestic demand, with the India business revenue climbing 41% to Rs 21,458 crore. Notably, international jewellery income surged by an impressive 83%, reaching Rs 1,058 crore, signalling growing global traction.

Retail Jeweller ME News