Titan seals deal to acquire 67% stake in Damas, gets access to its 146 stores in the GCC

The legal process for the deal, valued at about Rs 2,305 crore, is expected to be completed by January 31, 2026, with Titan holding an option to acquire the remaining 33% by 2029-end

Dubai: Titan Company Ltd, the Tata Group‑backed branded jewellery firm, will formally acquire a 67% stake in UAE‑based Damas Jewellery in an all‑cash transaction valued at US $283.2 million (approximately Rs 2,305 crore or AED 1,038 million), the company has announced.

The definitive agreement was signed by Titan’s wholly‑owned subsidiary Titan Holdings International FZCO and Mannai Corporation, the Qatari conglomerate that owns Damas LLC, the holding company for Damas Jewellery across the Gulf Cooperation Council (GCC) region. Completion of the acquisition process is targeted on or before January 31, 2026, subject to customary regulatory approvals.

Under the agreement, Mannaiwill continue to hold the remaining 33% stake until 2029-end, at which point Titan has the right—but not obligation—to acquire the balance, and Mannai may opt to sell under agreed conditions. Damas had posted revenue of AED 1,461 million (approximately Rs 3,450 crore) in FY2024.

Titan, which entered the UAE market in October 2020 with its Tanishq brand (it currently has seven stores in the region), will significantly extend its footprint through this acquisition, gaining access to Damas’s established retail network and brand equity across Gulf markets.

According to Titan Managing Director C. K. Venkataraman, the Damas deal advances the next phase of the company’s global expansion strategy—from serving the Indian diaspora to addressing consumers of diverse ethnicities in the GCC markets. He described Damas as “a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience”.

Mannai Corporation Group CEO Alekh Grewal said the proceeds from this sale will be deployed to support growth in its core trade and IT services businesses and to reduce group debt. Mannai will remain invested in Damas’s future for the next four years as expansion initiatives continue.

Standard Chartered acted as financial advisor to Titan on the transaction. Post-acquisition, Titan will control Damas’s operations and brand in GCC markets, and the standalone Graff mono‑brand franchise will be discontinued prior to closing.

Titan generated Rs 57,339 crore in total revenue in FY 2025, with its jewellery division contributing over Rs 46,571 crore—more than 81% of its total turnover, as per media reports. The Damas acquisition is expected to usher in multiple operational synergies across talent, retail reach and supply‑chain integration.

Damas Jewellery, based in Dubai since 1907, operates 146 stores across GCC countries: UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, combining in‑house collections with global luxury labels. It specializes in gold, diamond and gemstone jewellery. Mannai Corp, which acquired Damas in April 2012, has been looking to divest the jewellery retailer for the past two years.

Established in 1984, Titan’s total consolidated retail network stands at an estimatedstrength of 3,312 stores across all segments, with around 900 jewellery stores in India alone, and 14 international jewellery stores across the UAE, Qatar, Singapore and the USA.

Retail Jeweller ME News