West Asia conflict forces Titan to pause rollout of Damas store expansion plan in Gulf market

Titan plans to retain Damas as a separate brand in the Gulf region, catering to the local segment rather than folding it into Tanishq

Dubai: The West Asia conflict has affected Titan’s expansion plans in the Gulf, with the company pausing the rollout of its Gulf subsidiary Damas Jewellery stores in the region, according to media reports. The decision will delay Titan’s push into the $4 billion Gulf jewellery market.

Titan acquired a 67% stake in Damas Jewellery in 2025, marking the closure of a $283 million deal. It had plans to roll out about 15-20 new stores across theGulf Cooperation Council (GCC) this quarter, which has now been paused. Theregion covers the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.

Fresh inventory orders have reportedly come to a halt, as slower store expansion has stalled exports to Dubai. The plan is now likely to be delayed by two to three months, or longer, depending on how the conflict evolves.

In the company’s post-acquisition call last year, chief financial officer Ashok Sonthalia had said the business expected to remain earnings-dilutive until 2027, and turn positive only from 2028, making any delay consequential.

When Titan completed acquisition of a 67% stake in Dubai-based Damas Jewellery in December 2025, it gave Titan majority control and made Damas a subsidiary, with its financials being consolidated from January 1, 2026.

Titan plans to retain Damas as a separate brand in the Gulf region, catering to the local segment rather than folding it into Tanishq. Any store conversions will be selective and based on catchment suitability, with no large-scale rebranding planned.

With the acquisition, Titan’s store network in the region expanded to 161 outlets, including 146 Damas stores, alongside its existing Tanishq and Mia presence, capturing about 75% market share. This put it ahead of other Indian brands in the market such as Malabar Gold & Diamonds, Kalyan Jewellers and Joyalukkas.

Of the 146 Damas stores, 70 are in the UAE, 40 in Saudi Arabia, 15 in Qatar, seven in Kuwait and four in Bahrain.

Retail Jeweller ME News